ThZeal - The Zeal

Contents

4	Letter to Shareholders
5	Performance Summary
8	Portfolio Management Team
9	Portfolio Summary
11	Investment Portfolio
17	Statement of Assets and Liabilities
19	Statement of Operations
20	Statements of Changes in Net Assets
21	Financial Highlights
25	Notes to Financial Statements
35	Information About Your Fund’s Expenses
37	Liquidity Risk Management
38	Advisory Agreement Board Considerations and Fee Evaluation
43	Account Management Resources

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

DWS ESG International Core Equity Fund

Stocks may decline in value. Incorporation of environmental, social and governance (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. 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.

Environmental, social and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments: Environmental (how a company performs as a steward of nature); Social (how a company manages relationships with employees, suppliers, customers and communities); Governance (company’s leadership, executive pay, shareholder rights, etc).

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

DWS ESG International Core Equity Fund

Letter to Shareholders

Dear Shareholder:

This past year can be described as one where there were major structural disruptions and challenges impacting financial markets: record high inflation; end of ultra-loose monetary policy; impact of slower growth in China; ongoing political attacks on global trade; demographic change profoundly affecting more and more countries; and finally, the Ukraine conflict, future course of which continues to be highly unpredictable.

It is therefore apparent that there will be no lack of challenges for investors in 2023. With the additional looming recession concerns in the U.S. and Europe, we believe the prospects for equity returns will be challenging in 2023. Further, aggressive tightening by the Federal Reserve and international monetary authorities has increased pressure on banks, their ability to lend, and also negatively impacted the performance of fixed income securities. Inflation continues to remain above monetary authority targets, however there is early evidence that rate hikes by the Federal Reserve are beginning to take effect and cool the pace of rising prices.

Consequently, we believe that it is important for investors to diversify their investments given the level of volatility in markets. Balanced portfolios can help mitigate the negative impact of unexpected economic, geopolitical, and market events. While investment objectives are unique to each investor, we do believe there may be benefits to owning corporate and government bonds given potential for yield as well as holding equities for their ability to counter the negative effects of persistent inflation.

In our view, these factors of market volatility, unpredictable economic events, and complex geo-political forces strongly underscore the value add of active portfolio management. The partnership between our portfolio managers and our CIO Office — which synthesizes the views of more than 900 DWS economists, analysts and investment professionals around the world — makes an important difference in making strategic and tactical decisions for the DWS Funds. Thank you for your trust. For ongoing updates to our market and economic outlook, please visit the “Insights” section of dws.com.

Best regards,

Hepsen Uzcan

President, DWS Funds

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

DWS ESG International Core Equity Fund

Performance SummaryFebruary 28, 2023 (Unaudited)

Class A	6-Month‡	1-Year	5-Year	Life of Fund*
Average Annual Total Returns as of 2/28/23
Unadjusted for Sales Charge	12.89%	–5.19%	2.01%	3.75%
Adjusted for the Maximum Sales Charge (max 5.75% load)	6.39%	–10.64%	0.81%	3.01%
MSCI EAFE Index†	12.58%	–3.14%	2.64%	4.18%
Average Annual Total Returns as of 12/31/22 (most recent calendar quarter end)
Unadjusted for Sales Charge		–16.83%	0.57%	3.11%
Adjusted for the Maximum Sales Charge (max 5.75% load)		–21.61%	–0.62%	2.36%
MSCI EAFE Index†		–14.45%	1.54%	3.54%

Class C	6-Month‡	1-Year	5-Year	Life of Fund*
Average Annual Total Returns as of 2/28/23
Unadjusted for Sales Charge	12.44%	–5.97%	1.25%	2.97%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)	11.44%	–5.97%	1.25%	2.97%
MSCI EAFE Index†	12.58%	–3.14%	2.64%	4.18%
Average Annual Total Returns as of 12/31/22 (most recent calendar quarter end)
Unadjusted for Sales Charge		–17.48%	–0.18%	2.34%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)		–17.48%	–0.18%	2.34%
MSCI EAFE Index†		–14.45%	1.54%	3.54%

Class S	6-Month‡	1-Year	5-Year	Life of Fund*
Average Annual Total Returns as of 2/28/23
No Sales Charges	12.99%	–5.05%	2.23%	3.93%
MSCI EAFE Index†	12.58%	–3.14%	2.64%	4.18%
Average Annual Total Returns as of 12/31/22 (most recent calendar quarter end)
No Sales Charges		–16.62%	0.78%	3.30%
MSCI EAFE Index†		–14.45%	1.54%	3.54%

DWS ESG International Core Equity Fund

Institutional Class	6-Month‡	1-Year	5-Year	Life of Fund*
Average Annual Total Returns as of 2/28/23
No Sales Charges	12.99%	–4.99%	2.28%	4.01%
MSCI EAFE Index†	12.58%	–3.14%	2.64%	4.18%
Average Annual Total Returns as of 12/31/22 (most recent calendar quarter end)
No Sales Charges		–16.59%	0.83%	3.38%
MSCI EAFE Index†		–14.45%	1.54%	3.54%

Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the Fund’s most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated December 1, 2022 are 3.35%, 4.08%, 3.11%, and 3.05% for Class A, Class C, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Prior to October 1, 2019, the Fund had a sub-advisor and a different investment management team that operated with a different investment strategy. Performance would have been different if the Fund’s current investment strategy had been in effect.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

DWS ESG International Core Equity Fund

Growth of an Assumed $10,000 Investment

(Adjusted for Maximum Sales Charge)

Yearly periods ended February 28

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 investment of $9,425.

The growth of $10,000 is cumulative.

Performance of other share classes will vary based on the sales charges and the fee structure of those classes.

*	The Fund commenced operations on November 11, 2014.
†	The Morgan Stanley Capital International (MSCI) Europe, Australasia and the 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
2/28/23	$12.30	$12.08	$12.33	$12.37
8/31/22	$11.11	$10.88	$11.16	$11.19
Distribution Information as of 2/28/23
Income Dividends, Six Months	$.24	$.14	$.26	$.27

DWS ESG International Core Equity Fund

Portfolio Management Team

Pankaj Bhatnagar, PhD, Head of Investment Strategy Equity

Portfolio Manager of the Fund. Began managing the Fund in 2019.

—Joined DWS in 2000 with seven years of industry experience; previously, served in Quantitative Strategy roles at Nomura Securities, Credit Suisse and Salomon Brothers.

—Head of Core Equity and Head of Systematic and Quantitative Management: Americas.

—Degree in Civil Engineering, Indian Institute of Technology; MBA, Kent State University; PhD in Finance, University of North Carolina at Chapel Hill.

Arno V. Puskar, Senior Portfolio Manager Equity

Portfolio Manager of the Fund. Began managing the Fund in 2019.

—Joined DWS in 1987.

—Portfolio Manager for US Equities and Quantitative Analyst: New York.

—BS in Industrial Engineering from Lehigh University; MBA from Pepperdine University.

DWS ESG International Core Equity Fund

Portfolio Summary(Unaudited)

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	2/28/23	8/31/22
Common Stocks	93%	96%
Cash Equivalents	6%	1%
Exchange-Traded Funds	1%	3%
	100%	100%

Sector Diversification (As a % of Investment Portfolio excluding Exchange-Traded Funds, Securities Lending Collateral and Cash Equivalents)	2/28/23	8/31/22
Financials	19%	17%
Industrials	15%	15%
Health Care	13%	13%
Consumer Discretionary	12%	11%
Consumer Staples	10%	12%
Information Technology	9%	8%
Materials	7%	7%
Energy	5%	5%
Communication Services	5%	5%
Utilities	3%	4%
Real Estate	2%	3%
	100%	100%

Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents)	2/28/23	8/31/22
Japan	23%	22%
United Kingdom	13%	13%
France	12%	11%
Switzerland	12%	11%
Australia	8%	8%
Germany	6%	6%
Netherlands	6%	5%
Sweden	4%	3%
Denmark	4%	4%
Spain	2%	3%
Finland	2%	2%
Norway	2%	2%
Hong Kong	1%	3%
Other	5%	7%
	100%	100%

DWS ESG International Core Equity Fund

Ten Largest Equity Holdings at February 28, 2023 (24.4% of Net Assets)	Country	Percent
1Novo Nordisk AS	Denmark	3.3%
Developer of pharmaceutical products
2Nestle SA	Switzerland	3.2%
Multinational company that markets a wide range of food products
3LVMH Moet Hennessy Louis Vuitton SE	France	2.8%
Diversified luxury goods group
4ASML Holding NV	Netherlands	2.7%
Developer of semiconductor manufacturing equipment
5Shell PLC	United Kingdom	2.6%
Explores, produces, and refines petroleum
6BNP Paribas SA	France	2.1%
Provider of banking services
7Sumitomo Mitsui Financial Group, Inc.	Japan	2.0%
Provider of commercial banking and a variety of financial services
8Diageo PLC	United Kingdom	2.0%
Produces, distills and markets alcoholic beverages
9Prudential PLC	United Kingdom	1.9%
Provider of a broad range of financial services
10Mitsubishi UFJ Financial Group, Inc.	Japan	1.8%
Provider of commercial banking and a variety of financial services

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 11. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 43 for contact information.

DWS ESG International Core Equity Fund

Investment Portfolioas of February 28, 2023 (Unaudited)

	Shares		Value ($)
Common Stocks 92.5%
Australia 7.6%
ANZ Group Holdings Ltd.		2,311	38,311
Aurizon Holdings Ltd.		17,850	39,752
BHP Group Ltd.		2,400	73,282
Brambles Ltd.		5,891	51,024
Endeavour Group Ltd.		13,902	63,813
Macquarie Group Ltd.		339	43,170
Newcrest Mining Ltd.		4,281	65,270
Treasury Wine Estates Ltd.		10,525	99,183
Woodside Energy Group Ltd.		1,505	36,114
Woolworths Group Ltd.		2,989	74,243
(Cost $626,407)			584,162
Belgium 1.0%
KBC Group NV (Cost $72,852)		1,043	77,902
Denmark 3.3%
Novo Nordisk AS “B” (Cost $77,047)		1,790	253,592
Finland 1.9%
Kone Oyj “B”		1,101	57,123
Neste Oyj		1,831	88,217
(Cost $105,467)			145,340
France 11.0%
Aeroports de Paris*		226	32,740
BNP Paribas SA		2,295	158,672
Capgemini SE		468	87,819
Danone SA		1,252	70,413
Kering SA		187	109,468
LVMH Moet Hennessy Louis Vuitton SE		257	213,643
Renault SA*		1,118	49,948
Valeo		2,200	45,590
Worldline SA 144A*		1,841	76,747
(Cost $617,881)			845,040
Germany 5.7%
Allianz SE (Registered)		553	129,768
BASF SE		1,729	88,318
Bayerische Motoren Werke AG		476	49,116
Deutsche Boerse AG		629	109,661

The accompanying notes are an integral part of the financial statements.

DWS ESG International Core Equity Fund

	Shares		Value ($)
Merck KGaA		202	38,241
Puma SE		372	23,650
(Cost $336,045)			438,754
Hong Kong 1.2%
HKT Trust & HKT Ltd. (Units)		60,000	77,920
SITC International Holdings Co., Ltd.		8,000	16,725
(Cost $110,522)			94,645
Ireland 1.2%
Kingspan Group PLC (Cost $80,130)		1,380	89,822
Italy 1.4%
Moncler SpA (Cost $23,135)		1,726	105,235
Japan 21.5%
AGC, Inc.		2,000	74,014
ANA Holdings, Inc.*		1,200	24,337
Astellas Pharma, Inc.		4,200	59,161
Canon, Inc.		1,800	38,831
Chugai Pharmaceutical Co., Ltd.		4,300	107,284
CyberAgent, Inc.		7,700	65,840
Daiwa House Industry Co., Ltd.		1,400	32,307
East Japan Railway Co.		400	20,292
Hitachi Construction Machinery Co., Ltd.		1,400	31,319
Hulic Co., Ltd.		3,400	27,079
Inpex Corp.		4,000	41,560
Japan Post Bank Co., Ltd. (a)		11,700	101,200
KDDI Corp.		2,500	73,165
Mitsubishi Corp.		1,900	64,650
Mitsubishi UFJ Financial Group, Inc.		20,100	142,373
Mitsui & Co., Ltd.		4,800	134,817
Murata Manufacturing Co., Ltd.		700	37,598
Nippon Building Fund, Inc. (REIT)		5	21,128
Nippon Steel Corp.		3,600	80,392
Nippon Telegraph & Telephone Corp.		1,200	34,782
Nomura Real Estate Holdings, Inc.		1,100	24,514
Obayashi Corp.		3,900	28,869
Shimizu Corp.		6,000	32,412
SoftBank Corp.		2,700	30,497
Sumitomo Mitsui Financial Group, Inc.		3,600	157,900
Takeda Pharmaceutical Co., Ltd.		3,000	92,669
Terumo Corp.		1,600	43,045
Tokyo Electron Ltd.		100	34,353
(Cost $1,613,910)			1,656,388

The accompanying notes are an integral part of the financial statements.

DWS ESG International Core Equity Fund

	Shares		Value ($)
Luxembourg 0.3%
Aroundtown SA (Cost $50,435)		9,053	23,430
Netherlands 5.4%
ASML Holding NV		334	206,174
Koninklijke DSM NV		640	79,018
Koninklijke Philips NV		1,910	31,124
Stellantis NV		5,830	102,001
(Cost $308,395)			418,317
Norway 1.7%
DNB Bank ASA (Cost $110,744)		6,505	129,986
Singapore 0.4%
Singapore Telecommunications Ltd. (Cost $30,367)		15,400	27,078
Spain 2.0%
Grifols SA*		4,019	48,965
Iberdrola SA		9,420	108,098
(Cost $168,327)			157,063
Sweden 3.6%
Assa Abloy AB “B”		2,926	71,177
Getinge AB “B”		2,299	49,411
Hexagon AB “B”		6,743	74,638
Skanska AB “B”		1,464	26,606
Svenska Handelsbanken AB “A”		4,941	52,441
(Cost $255,028)			274,273
Switzerland 10.9%
ABB Ltd. (Registered)		2,041	67,798
Kuehne & Nagel International AG (Registered)		332	84,547
Lonza Group AG (Registered)		189	112,172
Nestle SA (Registered)		2,204	247,920
Novartis AG (Registered)		1,061	89,062
Sika AG (Registered)		411	114,852
STMicroelectronics NV		1,046	50,203
Straumann Holding AG (Registered)		180	23,786
Swiss Prime Site AG (Registered)		550	46,359
(Cost $615,464)			836,699
United Kingdom 12.4%
Compass Group PLC		5,188	119,958
Diageo PLC		3,568	151,502
M&G PLC		28,349	73,029
National Grid PLC		6,960	87,490

The accompanying notes are an integral part of the financial statements.

DWS ESG International Core Equity Fund

	Shares		Value ($)
Prudential PLC		9,759	148,723
RELX PLC		3,982	120,029
Shell PLC		6,519	197,398
SSE PLC		1,456	30,534
Vodafone Group PLC		17,223	20,608
(Cost $809,538)			949,271
Total Common Stocks (Cost $6,011,694)			7,106,997
Exchange-Traded Funds 0.9%
iShares Trust iShares ESG Aware MSCI EAFE ETF (Cost $74,446)		1,052	73,240
Securities Lending Collateral 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 4.39% (b) (c) (Cost $105,174)		105,174	105,174
Cash Equivalents 5.6%
DWS Central Cash Management Government Fund, 4.51% (b) (Cost $431,427)		431,427	431,427

	% of Net Assets	Value ($)
Total Investment Portfolio (Cost $6,622,741)	100.4	7,716,838
Other Assets and Liabilities, Net	(0.4)	(30,117)
Net Assets	100.0	7,686,721

The accompanying notes are an integral part of the financial statements.

DWS ESG International Core Equity Fund

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 are as follows:

Value ($) at 8/31/2022	Pur- chases Cost ($)	Sales Proceeds ($)	Net Real- ized Gain/ (Loss) ($)	Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($)	Income ($)	Capital Gain Distri- butions ($)	Number of Shares at 2/28/2023	Value ($) at 2/28/2023
Securities Lending Collateral 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 4.39% (b) (c)
180,346	—	75,172 (d)	—	—	379	—	105,174	105,174
Cash Equivalents 5.6%
DWS Central Cash Management Government Fund, 4.51% (b)
43,405	976,992	588,970	—	—	3,030	—	431,427	431,427
223,751	976,992	664,142	—	—	3,409	—	536,601	536,601

*	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 28, 2023 amounted to $100,187, which is 1.3% 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 28, 2023.

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

The accompanying notes are an integral part of the financial statements.

DWS ESG International Core Equity Fund

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of February 28, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1	Level 2	Level 3	Total
Common Stocks
Australia	$ —	$ 584,162	$—	$ 584,162
Belgium	—	77,902	—	77,902
Denmark	—	253,592	—	253,592
Finland	—	145,340	—	145,340
France	—	845,040	—	845,040
Germany	—	438,754	—	438,754
Hong Kong	—	94,645	—	94,645
Ireland	—	89,822	—	89,822
Italy	—	105,235	—	105,235
Japan	—	1,656,388	—	1,656,388
Luxembourg	—	23,430	—	23,430
Netherlands	—	418,317	—	418,317
Norway	—	129,986	—	129,986
Singapore	—	27,078	—	27,078
Spain	—	157,063	—	157,063
Sweden	—	274,273	—	274,273
Switzerland	—	836,699	—	836,699
United Kingdom	—	949,271	—	949,271
Exchange-Traded Funds	73,240	—	—	73,240
Short-Term Investments (a)	536,601	—	—	536,601
Total	$609,841	$7,106,997	$—	$7,716,838

(a)	See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

DWS ESG International Core Equity Fund

Statement of Assets and Liabilities

as of February 28, 2023 (Unaudited)

Assets
Investments in non-affiliated securities, at value (cost $6,086,140) — including $100,187 of securities loaned	$ 7,180,237
Investment in DWS Government & Agency Securities Portfolio (cost $105,174)*	105,174
Investment in DWS Central Cash Management Government Fund (cost $431,427)	431,427
Foreign currency, at value (cost $18,713)	18,595
Receivable for Fund shares sold	750
Dividends receivable	12,105
Interest receivable	1,410
Foreign taxes recoverable	55,974
Due from Advisor	15,669
Other assets	32,630
Total assets	7,853,971
Liabilities
Payable upon return of securities loaned	105,174
Accrued Directors' fees	725
Other accrued expenses and payables	61,351
Total liabilities	167,250
Net assets, at value	$7,686,721
Net Assets Consist of
Distributable earnings (loss)	(9,566,848)
Paid-in capital	17,253,569
Net assets, at value	$7,686,721

Represents collateral on securities loaned.

The accompanying notes are an integral part of the financial statements.

DWS ESG International Core Equity Fund

Statement of Assets and Liabilities as of February 28, 2023 (Unaudited) (continued)

Net Asset Value
Class A
Net Asset Value and redemption price per share ($3,381,498 ÷ 274,985 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)	$ 12.30
Maximum offering price per share (100 ÷ 94.25 of $12.30)	$ 13.05
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($669,499 ÷ 55,402 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)	$ 12.08
Class S
Net Asset Value, offering and redemption price per share ($2,004,119 ÷ 162,533 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)	$ 12.33
Institutional Class
Net Asset Value, offering and redemption price per share ($1,631,605 ÷ 131,916 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)	$ 12.37

The accompanying notes are an integral part of the financial statements.

DWS ESG International Core Equity Fund

Statement of Operations

for the six months ended February 28, 2023 (Unaudited)

Investment Income
Income:
Dividends (net of foreign taxes withheld of $4,336)	$ 51,110
Income distributions — DWS Central Cash Management Government Fund	3,030
Securities lending income, net of borrower rebates	379
Total income	54,519
Expenses:
Management fee	17,008
Administration fee	3,419
Services to shareholders	5,511
Distribution and service fees	6,806
Custodian fee	2,444
Audit fee	30,545
Legal fees	17,385
Tax fees	3,940
Reports to shareholders	14,872
Registration fees	27,619
Directors' fees and expenses	1,213
Other	10,521
Total expenses before expense reductions	141,283
Expense reductions	(112,641)
Total expenses after expense reductions	28,642
Net investment income	25,877
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments	(73,421)
Foreign currency	(1,004)
	(74,425)
Change in net unrealized appreciation (depreciation) on:
Investments	878,370
Foreign currency	3,603
	881,973
Net gain (loss)	807,548
Net increase (decrease) in net assets resulting from operations	$ 833,425

The accompanying notes are an integral part of the financial statements.

DWS ESG International Core Equity Fund

Statements of Changes in Net Assets

	Six Months Ended February 28, 2023	Year Ended August 31,
Increase (Decrease) in Net Assets	(Unaudited)	2022
Operations:
Net investment income	$ 25,877	$ 149,350
Net realized gain (loss)	(74,425)	290,669
Change in net unrealized appreciation (depreciation)	881,973	(2,610,006)
Net increase (decrease) in net assets resulting from operations	833,425	(2,169,987)
Distributions to shareholders:
Class A	(61,303)	(42,320)
Class C	(8,113)	(2,874)
Class S	(40,595)	(26,663)
Institutional Class	(34,983)	(33,156)
Total distributions	(144,994)	(105,013)
Fund share transactions:
Proceeds from shares sold	591,868	767,126
Reinvestment of distributions	144,036	103,754
Payments for shares redeemed	(938,685)	(1,513,166)
Net increase (decrease) in net assets from Fund share transactions	(202,781)	(642,286)
Increase (decrease) in net assets	485,650	(2,917,286)
Net assets at beginning of period	7,201,071	10,118,357
Net assets at end of period	$7,686,721	$7,201,071

The accompanying notes are an integral part of the financial statements.

DWS ESG International Core Equity Fund

Financial Highlights

DWS ESG International Core Equity Fund — Class A
	Six Months Ended 2/28/23	Years Ended August 31,
	(Unaudited)	2022	2021	2020	2019	2018
Selected Per Share Data
Net asset value, beginning of period	$11.11	$14.53	$11.50	$11.13	$12.19	$11.74
Income (loss) from investment operations:
Net investment incomea	.04	.22	.13	.07	.16	.18
Net realized and unrealized gain (loss)	1.39	(3.49)	3.05	.63	(1.02)	.27
Total from investment operations	1.43	(3.27)	3.18	.70	(.86)	.45
Less distributions from:
Net investment income	(.24)	(.15)	(.15)	(.33)	(.20)	—
Net asset value, end of period	$12.30	$11.11	$14.53	$11.50	$11.13	$12.19
Total Return (%)b,c	12.89*	(22.67)	27.86	6.24	(6.75)	3.83
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	3	3	4	3	4	9
Ratio of expenses before expense reductions (%)	4.05**	3.55	3.04	2.47	1.82	1.52
Ratio of expenses after expense reductions (%)	.85**	1.22	1.25	1.13	1.13	1.12
Ratio of net investment income (%)	.68**	1.66	1.00	.65	1.44	1.47
Portfolio turnover rate (%)	2*	27	38	68	100	93

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

The accompanying notes are an integral part of the financial statements.

DWS ESG International Core Equity Fund

DWS ESG International Core Equity Fund — Class C
	Six Months Ended 2/28/23	Years Ended August 31,
	(Unaudited)	2022	2021	2020	2019	2018
Selected Per Share Data
Net asset value, beginning of period	$10.88	$14.22	$11.26	$10.89	$11.93	$11.57
Income (loss) from investment operations:
Net investment income (loss)a	(.00)*	.11	.02	(.01)	.06	.07
Net realized and unrealized gain (loss)	1.34	(3.41)	2.99	.62	(.97)	.29
Total from investment operations	1.34	(3.30)	3.01	.61	(.91)	.36
Less distributions from:
Net investment income	(.14)	(.04)	(.05)	(.24)	(.13)	—
Net asset value, end of period	$12.08	$10.88	$14.22	$11.26	$10.89	$11.93
Total Return (%)b,c	12.44**	(23.31)	26.93	5.51	(7.48)	3.11
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	1	1	1	1	2	4
Ratio of expenses before expense reductions (%)	4.80***	4.28	3.78	3.19	2.57	2.30
Ratio of expenses after expense reductions (%)	1.60***	1.97	1.98	1.88	1.88	1.87
Ratio of net investment income (loss) (%)	(.04)***	.88	.18	(.12)	.53	.58
Portfolio turnover rate (%)	2**	27	38	68	100	93

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.
*	Amount is less than $.005.
**	Not annualized
***	Annualized

The accompanying notes are an integral part of the financial statements.

DWS ESG International Core Equity Fund

DWS ESG International Core Equity Fund — Class S
	Six Months Ended 2/28/23	Years Ended August 31,
	(Unaudited)	2022	2021	2020	2019	2018
Selected Per Share Data
Net asset value, beginning of period	$11.16	$14.59	$11.55	$11.18	$12.24	$11.76
Income (loss) from investment operations:
Net investment incomea	.05	.25	.13	.06	.10	.25
Net realized and unrealized gain (loss)	1.38	(3.50)	3.09	.67	(.94)	.23
Total from investment operations	1.43	(3.25)	3.22	.73	(.84)	.48
Less distributions from:
Net investment income	(.26)	(.18)	(.18)	(.36)	(.22)	—
Net asset value, end of period	$12.33	$11.16	$14.59	$11.55	$11.18	$12.24
Total Return (%)b	12.99*	(22.55)	28.10	6.54	(6.60)	4.08
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	2	2	2	3	8	32
Ratio of expenses before expense reductions (%)	3.84**	3.31	2.84	2.23	1.63	1.35
Ratio of expenses after expense reductions (%)	.65**	1.02	1.04	.92	.93	.92
Ratio of net investment income (%)	.87**	1.90	.99	.53	.89	2.00
Portfolio turnover rate (%)	2*	27	38	68	100	93

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

The accompanying notes are an integral part of the financial statements.

DWS ESG International Core Equity Fund

DWS ESG International Core Equity Fund — Institutional Class
	Six Months Ended 2/28/23	Years Ended August 31,
	(Unaudited)	2022	2021	2020	2019	2018
Selected Per Share Data
Net asset value, beginning of period	$11.19	$14.63	$11.59	$11.21	$12.28	$11.79
Income (loss) from investment operations:
Net investment incomea	.06	.25	.16	.05	.25	.18
Net realized and unrealized gain (loss)	1.39	(3.50)	3.07	.70	(1.09)	.31
Total from investment operations	1.45	(3.25)	3.23	.75	(.84)	.49
Less distributions from:
Net investment income	(.27)	(.19)	(.19)	(.37)	(.23)	—
Net asset value, end of period	$12.37	$11.19	$14.63	$11.59	$11.21	$12.28
Total Return (%)b	12.99*	(22.50)	28.16	6.58	(6.52)	4.16
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	2	2	3	3	19	10
Ratio of expenses before expense reductions (%)	3.79**	3.25	2.76	2.16	1.49	1.23
Ratio of expenses after expense reductions (%)	.60**	.98	.99	.87	.88	.87
Ratio of net investment income (%)	.99**	1.86	1.22	.40	2.28	1.49
Portfolio turnover rate (%)	2*	27	38	68	100	93

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

The accompanying notes are an integral part of the financial statements.

DWS ESG International Core Equity Fund

Notes to Financial Statements (Unaudited)

Organization and Significant Accounting Policies

DWS ESG International Core Equity Fund (the “Fund” ) is a diversified series of Deutsche DWS Global/International Fund, Inc. (the “Corporation” ), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act” ), as an open-end management investment company organized as a Maryland corporation.

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares automatically convert to Class A shares in the same fund after 8 years, provided that the Fund or the financial intermediary through which the shareholder purchased the Class C shares has records verifying that the Class C shares have been held for at least 8 years. Class S shares are not subject to initial or contingent deferred sales charges and are available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund’s transfer agent. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” ) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of their financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

DWS ESG International Core Equity Fund

The Fund’s Board has designated DWS Investment Management Americas, Inc. (the “Advisor” ) as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee” ) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Equity securities and exchange-traded funds (“ETFs” ) are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Equity securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange, a fair valuation model may be used. This fair valuation model takes into account comparisons to the valuation of American Depository Receipts (ADRs), exchange-traded funds, futures contracts and certain indices and these securities are categorized as Level 2.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or

DWS ESG International Core Equity Fund

pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.

Securities Lending. Brown Brothers Harriman & Co., as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash and/or U.S. Treasury Securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended February 28, 2023, the Fund invested the cash collateral into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of February 28, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

DWS ESG International Core Equity Fund

As of February 28, 2023, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.

At August 31, 2022, the Fund had net tax basis capital loss carryforwards of approximately $10,505,000 of short-term losses, which may be applied against realized net taxable capital gains indefinitely.

At February 28, 2023, the aggregate cost of investments for federal income tax purposes was $6,720,255. The net unrealized appreciation for all investments based on tax cost was $996,583. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $1,543,893 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $547,310.

The Fund has reviewed the tax positions for the open tax years as of August 31, 2022 and has determined that no provision for income tax

DWS ESG International Core Equity Fund

and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Distributions from net investment income of the Fund are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in foreign denominated investments, investments in passive foreign investment companies and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

Expenses. Expenses of the Corporation arising in connection with a specific fund are allocated to that Fund. Other Corporation expenses which cannot be directly attributed to a fund are apportioned among the funds in the Corporation based upon the relative net assets or other appropriate measures.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

DWS ESG International Core Equity Fund

Purchases and Sales of Securities

During the six months ended February 28, 2023, purchases and sales of investment securities (excluding short-term investments) aggregated $153,912 and $919,364, respectively.

Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group” ), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Prior to October 1, 2022, under the Investment Management Agreement with the Advisor, the Fund paid a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly at the annual rate (exclusive of any applicable waivers/reimbursements) of 0.65%.

Effective October 1, 2022, under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly at the annual rate (exclusive of any applicable waivers/reimbursements) of 0.45%.

For the period from September 1, 2022 through November 30, 2023, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

Class A			.85%
Class C			1.60%
Class S			.65%
Institutional Class			.60%

DWS ESG International Core Equity Fund

For the six months ended February 28, 2023, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$ 48,716
Class C	10,377
Class S	28,606
Institutional Class	24,942
	$ 112,641

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee (“Administration Fee” ) of 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended February 28, 2023, the Administration Fee was $3,419, of which $583 is unpaid.

Service Provider Fees. DWS Service Company (“DSC” ), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. (“SS&C” ) (name changed from DST Systems, Inc. effective January 1, 2023), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended February 28, 2023, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated	Unpaid at February 28, 2023
Class A	$ 379	$ 126
Class C	71	27
Class S	744	230
Institutional Class	86	33
	$ 1,280	$ 416

In addition, for the six months ended February 28, 2023, the amounts charged to the Fund for recordkeeping and other administrative services

DWS ESG International Core Equity Fund

provided by unaffiliated third parties, included in the Statement of Operations under “Services to shareholders,” were as follows:

Sub-Recordkeeping	Total Aggregated
Class A	$ 1,874
Class C	349
Class S	782
Institutional Class	810
	$ 3,815

Distribution and Service Fees. Under the Fund’s Class C 12b-1 Plan, DWS Distributors, Inc. (“DDI” ), an affiliate of the Advisor, receives a fee (“Distribution Fee” ) of 0.75% of the average daily net assets of Class C shares. In accordance with the Fund’s Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C shares. For the six months ended February 28, 2023, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated	Unpaid at February 28, 2023
Class C	$ 2,433	$ 389

In addition, DDI provides information and administrative services for a fee (“Service Fee” ) to Class A and C shareholders at an annual rate of up to 0.25% of the average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the six months ended February 28, 2023, the Service Fee was as follows:

Service Fee	Total Aggregated	Unpaid at February 28, 2023	Annualized Rate
Class A	$ 3,564	$ 1,473	.23%
Class C	809	272	.25%
	$ 4,373	$ 1,745

Underwriting Agreement and Contingent Deferred Sales Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended February 28, 2023 aggregated $25.

In addition, DDI receives any contingent deferred sales charge (“CDSC” ) from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the six months ended February 28, 2023, there

DWS ESG International Core Equity Fund

was no CDSC for Class C Shares. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended February 28, 2023, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $1,160, of which $170 is unpaid.

Directors' Fees and Expenses. The Fund paid retainer fees to each Director not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.

Line of Credit

The Fund and other affiliated funds (the “Participants” ) share in a $375 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at February 28, 2023.

DWS ESG International Core Equity Fund

Fund Share Transactions

The following table summarizes share and dollar activity in the Fund:

	Six Months Ended February 28, 2023		Year Ended August 31, 2022
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	24,194	$ 290,278	24,515	$ 338,729
Class C	1,125	13,830	2,215	26,571
Class S	5,204	65,337	23,480	294,148
Institutional Class	18,235	222,423	7,754	107,678
		$ 591,868		$ 767,126
Shares issued to shareholders in reinvestment of distributions
Class A	5,225	$ 60,345	2,900	$ 41,061
Class C	714	8,113	206	2,874
Class S	3,506	40,595	1,879	26,663
Institutional Class	3,013	34,983	2,330	33,156
		$ 144,036		$ 103,754
Shares redeemed
Class A	(26,987)	$ (298,857)	(29,447)	$ (366,455)
Class C	(10,159)	(112,862)	(15,082)	(196,621)
Class S	(2,046)	(23,367)	(25,430)	(345,762)
Institutional Class	(44,733)	(503,599)	(43,826)	(604,328)
		$ (938,685)		$ (1,513,166)
Net increase (decrease)
Class A	2,432	$ 51,766	(2,032)	$ 13,335
Class C	(8,320)	(90,919)	(12,661)	(167,176)
Class S	6,664	82,565	(71)	(24,951)
Institutional Class	(23,485)	(246,193)	(33,742)	(463,494)
		$ (202,781)		$ (642,286)

DWS ESG International Core Equity Fund

Information About Your Fund’s Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads) and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses

with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done

so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (September 1, 2022 to February 28, 2023).

The tables illustrate your Fund’s expenses in two ways:

—

Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.

—

Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the

relative total expense of owning different funds. Subject to certain exceptions, an account maintenance fee of $20.00 assessed once per calendar year for Classes A, C and S shares may apply for accounts with balances less than $10,000. This fee is not included in these tables. If it was, the estimate of expenses paid for Classes A, C and S shares during the period would be higher, and account value during the period would be lower, by this amount.

DWS ESG International Core Equity Fund

Expenses and Value of a $1,000 Investment

for the six months ended February 28, 2023 (Unaudited)

Actual Fund Return	Class A	Class C	Class S	Institutional Class
Beginning Account Value 9/1/22	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value 2/28/23	$1,128.90	$1,124.40	$1,129.90	$1,129.90
Expenses Paid per $1,000*	$4.49	$8.43	$3.43	$3.17
Hypothetical 5% Fund Return	Class A	Class C	Class S	Institutional Class
Beginning Account Value 9/1/22	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value 2/28/23	$1,020.58	$1,016.86	$1,021.57	$1,021.82
Expenses Paid per $1,000*	$4.26	$8.00	$3.26	$3.01

*	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 181 (the number of days in the most recent six-month period), then divided by 365.

Annualized Expense Ratios	Class A	Class C	Class S	Institutional Class
DWS ESG International Core Equity Fund	.85%	1.60%	.65%	.60%

For more information, please refer to the Fund’s prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.

DWS ESG International Core Equity Fund

Liquidity Risk Management

In accordance with Rule 22e-4 (the “Liquidity Rule” ) under the Investment Company Act of 1940 (the “1940 Act” ), your Fund has adopted a liquidity risk management program (the “Program” ), and the Board has designated DWS Investment Management Americas, Inc. (“DIMA” ) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). DIMA has designated a committee (the “Committee” ) composed of personnel from multiple departments within DIMA and its affiliates that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

In February 2023, as required by the Program and the Liquidity Rule, DIMA provided the Board with an annual written report (the “Report” ) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2021 through November 30, 2022 (the “Reporting Period” ). During the Reporting Period, your Fund was predominately invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, DIMA stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. DIMA also reported that there were no material changes made to the Program during the Reporting Period.

DWS ESG International Core Equity Fund

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Directors (hereinafter referred to as the “Board” or “Directors” ) approved the renewal of DWS ESG International Core Equity Fund’s (the “Fund” ) investment management agreement (the “Agreement” ) with DWS Investment Management Americas, Inc. (“DIMA” ) in September 2022.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

—

During the entire process, all of the Fund’s Directors were independent of DIMA and its affiliates (the “Independent Directors” ).

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Directors (the “Fee Consultant” ).

—

The Board also received extensive information throughout the year regarding performance of the Fund.

—

The Independent Directors regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Directors were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

—

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA has managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group” ). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018,

DWS ESG International Core Equity Fund

approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar” ), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2021, the Fund’s performance (Class A shares) was in the 2nd quartile, 2nd quartile and 3rd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one- and three-year periods and has underperformed its benchmark in the five-year period ended December 31, 2021.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge” ) and the Fee Consultant regarding investment

DWS ESG International Core Equity Fund

management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2021). The Board noted that, effective October 1, 2022, in connection with the 2022 contract renewal process, DIMA agreed to reduce the Fund’s contractual management fee by 0.20%. The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be lower than the median of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2021, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) (“Broadridge Universe Expenses” ). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds” ), noting that DIMA indicated that it does not provide services to any other comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds” ) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available

DWS ESG International Core Equity Fund

information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. In this regard, the Board observed that while the Fund’s current investment management fee schedule does not include breakpoints, the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or “fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Directors and counsel present. It is possible that individual Independent Directors

DWS ESG International Core Equity Fund

Account Management Resources

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	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.
Web Site	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 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

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

DWS ESG International Core Equity Fund

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.

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.


	(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.	SCHEDULE OF 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.

Registrant:	DWS ESG International Core Equity Fund, a series of Deutsche DWS Global/International Fund, Inc.


By:	/s/Hepsen Uzcan Hepsen Uzcan President

Date:	4/28/2023

By:	/s/Hepsen Uzcan Hepsen Uzcan President

Date:	4/28/2023



By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer

Date:	4/28/2023

Date of fiscal year end:	8/31

Date of reporting period:	2/28/2023

ITEM 1.	REPORT TO STOCKHOLDERS

	(a)