UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
Investment Company Act file number: 811-04670
Deutsche DWS Global/International Fund, Inc.
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 10/31 |
Date of reporting period: | 4/30/2023 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
2 |
| |
DWS Emerging Markets Fixed Income Fund
|
DWS
Emerging Markets Fixed Income Fund |
| |
3 |
Class A |
6-Month‡ |
1-Year |
5-Year |
10-Year |
Average Annual Total Returns as of 4/30/23 | ||||
Unadjusted for Sales Charge |
11.05% |
–5.54% |
–2.11% |
–1.18% |
Adjusted for the Maximum Sales Charge (max 4.50% load) |
6.05% |
–9.79% |
–3.01% |
–1.63% |
JP Morgan EMBI Global Diversified
Index† |
10.54% |
–0.89% |
–0.20% |
1.77% |
Average Annual Total Returns as of 3/31/23 (most recent calendar quarter end)
| ||||
Unadjusted for Sales Charge |
|
–8.02% |
–2.18% |
–0.86% |
Adjusted for the Maximum Sales Charge (max 4.50% load) |
|
–12.16% |
–3.07% |
–1.31% |
JP Morgan EMBI Global Diversified
Index† |
|
–6.92% |
–0.60% |
2.01% |
Class C |
6-Month‡ |
1-Year |
5-Year |
10-Year |
Average Annual Total Returns as of 4/30/23 | ||||
Unadjusted for Sales Charge |
10.79% |
–6.09% |
–2.83% |
–1.91% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) |
9.79% |
–6.09% |
–2.83% |
–1.91% |
JP Morgan EMBI Global Diversified
Index† |
10.54% |
–0.89% |
–0.20% |
1.77% |
Average Annual Total Returns as of 3/31/23 (most recent calendar quarter end)
| ||||
Unadjusted for Sales Charge |
|
–8.68% |
–2.89% |
–1.60% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) |
|
–8.68% |
–2.89% |
–1.60% |
JP Morgan EMBI Global Diversified
Index† |
|
–6.92% |
–0.60% |
2.01% |
Class S |
6-Month‡ |
1-Year |
5-Year |
10-Year |
Average Annual Total Returns as of 4/30/23 | ||||
No Sales Charges |
11.38% |
–5.17% |
–1.85% |
–0.93% |
JP Morgan EMBI Global Diversified
Index† |
10.54% |
–0.89% |
–0.20% |
1.77% |
Average Annual Total Returns as of 3/31/23 (most recent calendar quarter end)
| ||||
No Sales Charges |
|
–7.80% |
–1.95% |
–0.63% |
JP Morgan EMBI Global Diversified
Index† |
|
–6.92% |
–0.60% |
2.01% |
4 |
| |
DWS Emerging Markets Fixed Income Fund
|
Institutional Class |
6-Month‡ |
1-Year |
5-Year |
10-Year |
Average Annual Total Returns as of 4/30/23 | ||||
No Sales Charges |
11.20% |
–5.32% |
–1.87% |
–0.88% |
JP Morgan EMBI Global Diversified
Index† |
10.54% |
–0.89% |
–0.20% |
1.77% |
Average Annual Total Returns as of 3/31/23 (most recent calendar quarter end)
| ||||
No Sales Charges |
|
–7.69% |
–1.91% |
–0.56% |
JP Morgan EMBI Global Diversified
Index† |
|
–6.92% |
–0.60% |
2.01% |
DWS
Emerging Markets Fixed Income Fund |
| |
5 |
† |
The JP Morgan EMBI Global Diversified Index tracks total returns for U.S.-dollar denominated debt instruments issued by emerging market sovereign entities, including Brady bonds, loans and Eurobonds, and quasi-sovereign entities. The index limits exposure to any one country. |
‡ |
Total returns shown for periods less than one year are not annualized. |
6 |
| |
DWS Emerging Markets Fixed Income Fund
|
|
Class A |
Class C |
Class S |
Institutional Class |
Net Asset Value | ||||
4/30/23 |
$6.54 |
$6.55 |
$6.53 |
$6.53 |
10/31/22 |
$6.07 |
$6.08 |
$6.06 |
$6.06 |
Distribution Information as of 4/30/23 | ||||
Income Dividends, Six Months |
$.21 |
$.19 |
$.22 |
$.22 |
Latest Quarterly Income Dividend |
$.1059 |
$.0938 |
$.1100 |
$.1098 |
SEC 30-day Yield‡‡ |
8.84% |
8.49% |
9.52% |
9.52% |
Current Annualized Distribution Rate‡‡ |
6.48% |
5.73% |
6.74% |
6.73% |
‡‡
|
The SEC yield is net investment income per share earned over the month ended April 30, 2023, shown as an annualized percentage of the maximum offering price per share on the last day of the period. The SEC yield is computed in accordance with a standardized method prescribed by the Securities and Exchange Commission. The SEC yields would have been 8.34%, 7.70%, 9.10% and 9.30% for Class A, Class C, Class S and Institutional Class shares, respectively, had certain expenses not been reduced. The current annualized distribution rate is the latest quarterly dividend shown as an annualized percentage of net asset value on April 30, 2023. Distribution rate simply measures the level of dividends and is not a complete measure of performance. The current annualized distribution rates would have been 5.98%, 4.94%, 6.32% and 6.51% for Class A, Class C, Class S and Institutional Class shares, respectively, had certain expenses not been reduced. Yields and distribution rates are historical, not guaranteed and will fluctuate. |
DWS
Emerging Markets Fixed Income Fund |
| |
7 |
8 |
| |
DWS Emerging Markets Fixed Income Fund
|
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) |
4/30/23 |
10/31/22 |
Corporate Bonds |
29% |
26% |
Energy |
11% |
10% |
Financials |
8% |
9% |
Utilities |
6% |
6% |
Real Estate |
2% |
1% |
Industrials |
2% |
0% |
Sovereign Bonds |
70% |
73% |
Cash Equivalents |
1% |
1% |
|
100% |
100% |
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) |
4/30/23 |
10/31/22 |
Turkey |
9% |
12% |
South Africa |
7% |
5% |
Mexico |
6% |
7% |
Supranational |
5% |
6% |
Colombia |
5% |
5% |
Nigeria |
5% |
4% |
Ivory Coast |
5% |
5% |
Egypt |
4% |
5% |
Angola |
4% |
4% |
Dominican Republic |
4% |
4% |
Romania |
4% |
2% |
Kenya |
3% |
3% |
Namibia |
3% |
5% |
Ghana |
3% |
3% |
Uzbekistan |
3% |
2% |
Kazakhstan |
3% |
3% |
Tajikistan |
3% |
2% |
Senegal |
3% |
3% |
China |
2% |
1% |
Ecuador |
2% |
2% |
Panama |
2% |
2% |
Bahrain |
1% |
2% |
Oman |
— |
2% |
Malaysia |
— |
2% |
Other |
14% |
9% |
|
100% |
100% |
DWS
Emerging Markets Fixed Income Fund |
| |
9 |
Quality (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) |
4/30/23 |
10/31/22 |
A |
1% |
— |
BBB |
28% |
25% |
BB |
27% |
26% |
B |
31% |
39% |
CCC |
4% |
5% |
CC |
5% |
2% |
C |
1% |
0% |
Not Rated |
3% |
3% |
|
100% |
100% |
Interest Rate Sensitivity |
4/30/23 |
10/31/22 |
Effective Maturity |
5.9 years |
5.8 years |
Effective Duration |
4.6 years |
4.3 years |
10 |
| |
DWS Emerging Markets Fixed Income Fund
|
|
Principal
Amount ($) |
Value ($) | |
Bonds 97.2% |
| ||
Angola 3.7% |
| ||
Republic of Angola: |
|
|
|
REG S, 8.0%, 11/26/2029 |
|
1,000,000 |
840,000 |
REG S, 8.25%, 5/9/2028 |
|
1,000,000 |
874,440 |
(Cost $1,483,960) |
|
|
1,714,440 |
Argentina 1.3% |
| ||
Republic of Argentina: |
|
|
|
1.0%, 7/9/2029 |
|
25,677 |
6,033 |
1.5%–5.0%, 7/9/2046 (a) |
|
2,690,000 |
611,239 |
(Cost $1,303,681) |
|
|
617,272 |
Bahrain 1.1% |
| ||
The Oil & Gas Holding Co. B.S.C., 144A, 7.5%, 10/25/2027 (Cost $476,641) |
|
500,000 |
511,530 |
Belarus 1.4% |
| ||
Belarus Development Bank, 144A, 6.75%, 5/2/2024* |
|
500,000 |
206,260 |
Republic of Belarus, 144A, 5.875%, 2/24/2026* |
|
1,000,000 |
448,400 |
(Cost $1,484,223) |
|
|
654,660 |
Burundi 1.0% |
| ||
The Eastern & Southern African Trade & Development Bank, REG S, 4.125%, 6/30/2028 (Cost $497,294) |
|
600,000 |
487,140 |
China 2.3% |
| ||
Country Garden Holdings Co., Ltd.: |
|
|
|
REG S, 5.125%, 1/14/2027 |
|
500,000 |
228,339 |
REG S, 7.25%, 4/8/2026 |
|
1,000,000 |
517,632 |
Kaisa Group Holdings Ltd., REG S, 11.95%, 11/12/2023* (b) |
|
800,000 |
76,784 |
Shimao Group Holdings Ltd.: |
|
|
|
REG S, 4.75%, 7/3/2022* (b) |
|
900,000 |
112,500 |
REG S, 5.6%, 7/15/2026* (b) |
|
500,000 |
61,688 |
REG S, 6.125%, 2/21/2024* (b) |
|
700,000 |
85,703 |
(Cost $4,368,315) |
|
|
1,082,646 |
Colombia 5.3% |
| ||
Colombia Government International Bond, 4.5%, 3/15/2029 |
|
1,300,000 |
1,129,074 |
Ecopetrol SA, 6.875%, 4/29/2030 |
|
1,500,000 |
1,355,222 |
(Cost $2,820,906) |
|
|
2,484,296 |
DWS
Emerging Markets Fixed Income Fund |
| |
11 |
|
Principal
Amount ($) |
Value ($) | |
Costa Rica 0.9% |
| ||
Costa Rica Government International Bond, REG S, 6.125%, 2/19/2031 (Cost $397,200) |
|
400,000 |
402,026 |
Dominican Republic 3.6% |
| ||
Dominican Republic International Bond: |
|
|
|
REG S, 4.5%, 1/30/2030 |
|
1,000,000 |
883,920 |
REG S, 6.0%, 7/19/2028 |
|
800,000 |
788,644 |
(Cost $1,726,042) |
|
|
1,672,564 |
Ecuador 2.2% |
| ||
Ecuador Government International Bond: |
|
|
|
144A, Zero Coupon, 7/31/2030 |
|
79,448 |
24,240 |
1.5%–6.9%, 7/31/2040 (a) |
|
1,817,800 |
590,785 |
2.5%–6.9%, 7/31/2035 (a) |
|
693,420 |
253,571 |
5.5%–6.9%, 7/31/2030 (a) |
|
264,600 |
139,591 |
(Cost $1,869,863) |
|
|
1,008,187 |
Egypt 3.8% |
| ||
Egypt Government International Bond: |
|
|
|
REG S, 7.5%, 1/31/2027 |
|
1,300,000 |
867,906 |
REG S, 7.6%, 3/1/2029 |
|
1,500,000 |
915,690 |
(Cost $2,971,860) |
|
|
1,783,596 |
Ethiopia 0.6% |
| ||
Federal Republic of Ethiopia, REG S, 6.625%, 12/11/2024 (Cost $395,776) |
|
400,000 |
278,064 |
Ghana 2.9% |
| ||
Republic of Ghana: |
|
|
|
144A, 8.125%, 1/18/2026* |
|
1,800,000 |
720,000 |
REG S, 8.625%, 4/7/2034* |
|
900,000 |
332,298 |
REG S, 8.75%, 3/11/2061* |
|
800,000 |
278,000 |
(Cost $2,464,005) |
|
|
1,330,298 |
Hungary 1.3% |
| ||
Hungary Government International Bond, REG S, 3.125%, 9/21/2051 (Cost $656,328) |
|
1,000,000 |
618,014 |
Ivory Coast 4.7% |
| ||
Ivory Coast Government International Bond, 144A, 6.375%, 3/3/2028 (Cost $2,278,390) |
|
2,300,000 |
2,196,500 |
Jordan 1.0% |
| ||
Jordan Government International Bond, REG S, 5.85%, 7/7/2030 (Cost $446,672) |
|
500,000 |
448,750 |
12 |
| |
DWS Emerging Markets Fixed Income Fund
|
|
Principal
Amount ($) |
Value ($) | |
Kazakhstan 2.7% |
| ||
Development Bank of Kazakhstan JSC, REG S, 2.95%, 5/6/2031 |
|
1,000,000 |
790,000 |
KazMunayGas National Co. JSC, REG S, 4.75%, 4/19/2027 |
|
500,000 |
474,498 |
(Cost $1,542,902) |
|
|
1,264,498 |
Kenya 3.3% |
| ||
Republic of Kenya: |
|
|
|
144A, 7.25%, 2/28/2028 |
|
1,000,000 |
767,988 |
REG S, 8.0%, 5/22/2032 |
|
1,000,000 |
748,050 |
(Cost $1,761,371) |
|
|
1,516,038 |
Mexico 6.3% |
| ||
Comision Federal De Electricidad, 144A, 4.688%, 5/15/2029 |
|
800,000 |
722,000 |
Petroleos Mexicanos: |
|
|
|
5.35%, 2/12/2028 |
|
1,000,000 |
830,560 |
6.5%, 3/13/2027 |
|
1,530,000 |
1,373,448 |
(Cost $3,317,114) |
|
|
2,926,008 |
Morocco 1.0% |
| ||
Morocco Government International Bond, REG S, 3.0%, 12/15/2032 (Cost $475,128) |
|
600,000 |
484,524 |
Namibia 3.0% |
| ||
Republic of Namibia: |
|
|
|
144A, 5.25%, 10/29/2025 |
|
1,200,000 |
1,137,739 |
REG S, 5.25%, 10/29/2025 |
|
300,000 |
284,435 |
(Cost $1,511,908) |
|
|
1,422,174 |
Nigeria 5.0% |
| ||
Africa Finance Corp., REG S, 3.75%, 10/30/2029 |
|
500,000 |
409,600 |
Republic of Nigeria: |
|
|
|
144A, 6.5%, 11/28/2027 |
|
1,860,000 |
1,478,700 |
144A, 7.143%, 2/23/2030 |
|
570,000 |
425,528 |
(Cost $2,828,052) |
|
|
2,313,828 |
Pakistan 0.8% |
| ||
Islamic Republic of Pakistan, 144A, 6.875%, 12/5/2027 (Cost $1,000,000) |
|
1,000,000 |
350,820 |
Panama 1.9% |
| ||
Panama Government International Bond, 3.16%, 1/23/2030 (Cost $950,917) |
|
1,000,000 |
882,645 |
Romania 3.6% |
| ||
Romanian Government International Bond, REG S, 3.0%, 2/14/2031 (Cost $1,720,780) |
|
2,000,000 |
1,668,200 |
DWS
Emerging Markets Fixed Income Fund |
| |
13 |
|
Principal
Amount ($) |
Value ($) | |
Russia 0.2% |
| ||
Vnesheconombank, 144A, 6.8%, 11/22/2025* (Cost $1,437,256) |
|
1,400,000 |
77,084 |
Rwanda 0.6% |
| ||
Rwanda International Government Bond, REG S, 5.5%, 8/9/2031 (Cost $309,173) |
|
400,000 |
287,091 |
Senegal 2.5% |
| ||
Republic of Senegal, REG S, 6.25%, 5/23/2033 (Cost $1,536,949) |
|
1,500,000 |
1,177,620 |
South Africa 6.5% |
| ||
Eskom Holdings SOC Ltd., REG S, 6.35%, 8/10/2028 |
|
2,300,000 |
2,162,000 |
Transnet SOC Ltd., REG S, 8.25%, 2/6/2028 |
|
900,000 |
890,640 |
(Cost $3,334,183) |
|
|
3,052,640 |
Sri Lanka 0.6% |
| ||
Republic of Sri Lanka, 144A, 6.2%, 5/11/2027* (b) (Cost $874,458) |
|
900,000 |
295,121 |
Supranational 5.4% |
| ||
Banque Ouest Africaine de Developpement: |
|
|
|
REG S, 4.7%, 10/22/2031 |
|
1,400,000 |
1,143,520 |
144A, 5.0%, 7/27/2027 |
|
1,500,000 |
1,389,000 |
(Cost $2,976,438) |
|
|
2,532,520 |
Tajikistan 2.6% |
| ||
Republic of Tajikistan, 144A, 7.125%, 9/14/2027 (Cost $1,575,000) |
|
1,575,000 |
1,217,003 |
Tunisia 1.1% |
| ||
Banque Centrale de Tunisie International Bond, 144A, 5.75%, 1/30/2025 (Cost $981,449) |
|
1,000,000 |
511,706 |
Turkey 8.6% |
| ||
Republic of Turkey: |
|
|
|
5.25%, 3/13/2030 |
|
1,400,000 |
1,151,332 |
6.0%, 3/25/2027 |
|
750,000 |
688,764 |
TC Ziraat Bankasi AS, REG S, 5.375%, 3/2/2026 |
|
1,200,000 |
1,076,664 |
Turkiye Vakiflar Bankasi TAO, REG S, 6.5%, 1/8/2026 |
|
1,200,000 |
1,114,051 |
(Cost $4,309,830) |
|
|
4,030,811 |
Ukraine 0.8% |
| ||
NAK Naftogaz Ukraine via Kondor Finance PLC, REG S, 7.625%, 11/8/2026* |
|
500,000 |
105,980 |
14 |
| |
DWS Emerging Markets Fixed Income Fund
|
|
Principal
Amount ($) |
Value ($) | |
State Agency of Roads of Ukraine, REG S, 6.25%, 6/24/2030* |
|
1,000,000 |
160,140 |
Ukraine Railways Via Rail Capital Markets PLC, REG S, 8.25%, 7/9/2026* |
|
500,000 |
95,000 |
(Cost $1,971,696) |
|
|
361,120 |
Uzbekistan 2.7% |
| ||
Republic of Uzbekistan International Bond: |
|
|
|
REG S, 3.7%, 11/25/2030 |
|
1,000,000 |
816,250 |
REG S, 5.375%, 2/20/2029 |
|
500,000 |
461,875 |
(Cost $1,412,129) |
|
|
1,278,125 |
Venezuela 0.2% |
| ||
Petroleos de Venezuela SA: |
|
|
|
144A, 6.0%, 5/16/2024* (b) |
|
1,750,000 |
56,875 |
144A, 9.0%, 11/17/2021* (b) |
|
1,480,000 |
55,500 |
(Cost $1,222,980) |
|
|
112,375 |
Zambia 0.7% |
| ||
Republic of Zambia, 144A, 8.5%, 4/14/2024* (b) (Cost $707,920) |
|
700,000 |
327,460 |
Total Bonds (Cost $63,398,789) |
|
|
45,379,394 |
|
Shares |
Value ($) | |
Cash Equivalents 0.9% |
| ||
DWS Central Cash Management Government Fund, 4.81% (c) (Cost $406,498) |
|
406,498 |
406,498 |
|
|
% of
Net Assets |
Value ($) |
Total Investment Portfolio (Cost $63,805,287) |
|
98.1 |
45,785,892 |
Other Assets and Liabilities, Net |
|
1.9 |
902,245 |
Net Assets |
|
100.0 |
46,688,137 |
DWS
Emerging Markets Fixed Income Fund |
| |
15 |
Value ($)
at 10/31/2022 |
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
4/30/2023 |
Value ($)
at 4/30/2023 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 4.74% (c) (d) | ||||||||
940,000 |
— |
940,000 (e) |
— |
— |
2,053 |
— |
— |
— |
Cash Equivalents 0.9% | ||||||||
DWS Central Cash Management Government Fund, 4.81% (c) | ||||||||
237,017 |
3,682,814 |
3,513,333 |
— |
— |
12,472 |
— |
406,498 |
406,498 |
1,177,017 |
3,682,814 |
4,453,333 |
— |
— |
14,525 |
— |
406,498 |
406,498 |
* |
Non-income producing security. |
(a) |
Security is a “step-up” bond where the coupon increases or steps-up at a predetermined date. The range of rates shown is the current coupon rate through the final coupon rate, date shown is the final maturity date. |
(b) |
Defaulted security or security for which income has been deemed uncollectible. |
(c) |
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) |
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) |
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended April 30, 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. |
B.S.C.: Bahrain Shareholding Company |
JSC: Joint Stock Company |
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
SOC:
State Owned Company |
16 |
| |
DWS Emerging Markets Fixed Income Fund
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Bonds (a) |
$— |
$45,379,394 |
$— |
$45,379,394 |
Short-Term Investments |
406,498 |
— |
— |
406,498 |
Total |
$406,498 |
$45,379,394 |
$— |
$45,785,892 |
(a) |
See
Investment Portfolio for additional detailed categorizations. |
DWS
Emerging Markets Fixed Income Fund |
| |
17 |
Assets |
|
Investments in non-affiliated securities, at value (cost $63,398,789) |
$45,379,394 |
Investment in DWS Central Cash Management Government Fund (cost $406,498) |
406,498 |
Cash |
25 |
Foreign currency, at value (cost $205,965) |
193,005 |
Interest receivable |
783,039 |
Other assets |
33,095 |
Total assets |
46,795,056 |
Liabilities |
|
Payable for Fund shares redeemed |
22,007 |
Accrued management fee |
9,291 |
Accrued Directors' fees |
1,450 |
Other accrued expenses and payables |
74,171 |
Total liabilities |
106,919 |
Net assets, at value |
$46,688,137 |
Net Assets Consist of |
|
Distributable earnings (loss) |
(54,367,081 ) |
Paid-in capital |
101,055,218 |
Net assets, at value |
$46,688,137 |
18 |
| |
DWS Emerging Markets Fixed Income Fund
|
Net Asset Value |
|
Class A |
|
Net Asset Value and redemption price per share
($1,311,238 ÷ 200,519 shares of capital stock outstanding,
$.01 par value, 50,000,000 shares authorized) |
$6.54 |
Maximum offering price per share (100 ÷ 95.50 of $6.54) |
$6.85 |
Class C |
|
Net Asset Value, offering and redemption price
(subject to contingent deferred sales charge) per share
($50,978 ÷ 7,781 shares of capital stock outstanding, $.01 par value,
20,000,000 shares authorized) |
$6.55 |
Class S |
|
Net Asset Value, offering and redemption price per share
($29,768,426 ÷ 4,557,686 shares of capital stock outstanding,
$.01 par value, 100,000,000 shares authorized) |
$6.53 |
Institutional Class |
|
Net Asset Value, offering and redemption price per share
($15,557,495 ÷ 2,383,646 shares of capital stock outstanding,
$.01 par value, 100,000,000 shares authorized) |
$6.53 |
DWS
Emerging Markets Fixed Income Fund |
| |
19 |
Investment Income |
|
Income: |
|
Interest |
$1,570,657 |
Income distributions — DWS Central Cash Management Government Fund |
12,472 |
Securities lending income, net of borrower rebates |
2,053 |
Total income |
1,585,182 |
Expenses: |
|
Management fee |
139,867 |
Administration fee |
22,995 |
Services to shareholders |
37,775 |
Distribution and service fees |
1,990 |
Custodian fee |
5,143 |
Audit fee |
30,994 |
Legal fees |
9,853 |
Tax fees |
3,939 |
Reports to shareholders |
13,925 |
Registration fees |
26,773 |
Directors' fees and expenses |
2,058 |
Other |
6,831 |
Total expenses before expense reductions |
302,143 |
Expense reductions |
(89,101 ) |
Total expenses after expense reductions |
213,042 |
Net investment income |
1,372,140 |
Realized and Unrealized Gain (Loss) |
|
Net realized gain (loss) from: |
|
Investments |
(777,310 ) |
Foreign currency |
(66 ) |
|
(777,376 ) |
Change in net unrealized appreciation (depreciation) on: |
|
Investments |
4,342,718 |
Foreign currency |
21,382 |
|
4,364,100 |
Net gain (loss) |
3,586,724 |
Net increase (decrease) in net assets resulting from operations |
$4,958,864 |
20 |
| |
DWS Emerging Markets Fixed Income Fund
|
|
Six Months Ended April 30, 2023 |
Year Ended October 31, |
Increase (Decrease) in Net Assets |
(Unaudited) |
2022 |
Operations: |
|
|
Net investment income |
$1,372,140 |
$3,389,207 |
Net realized gain (loss) |
(777,376 ) |
(4,330,225 ) |
Change in net unrealized appreciation (depreciation) |
4,364,100 |
(20,963,112 ) |
Net increase (decrease) in net assets resulting from operations |
4,958,864 |
(21,904,130 ) |
Distributions to shareholders: |
|
|
Class A |
(45,029 ) |
(113,410 ) |
Class C |
(1,470 ) |
(5,564 ) |
Class S |
(1,002,651 ) |
(2,081,384 ) |
Institutional Class |
(510,305 ) |
(1,308,749 ) |
Total distributions |
(1,559,455 ) |
(3,509,107 ) |
Fund share transactions: |
|
|
Proceeds from shares sold |
287,824 |
4,116,320 |
Reinvestment of distributions |
1,472,251 |
3,336,511 |
Payments for shares redeemed |
(1,880,502 ) |
(17,067,541 ) |
Net increase (decrease) in net assets from Fund share transactions |
(120,427 ) |
(9,614,710 ) |
Increase (decrease) in net assets |
3,278,982 |
(35,027,947 ) |
Net assets at beginning of period |
43,409,155 |
78,437,102 |
Net assets at end of period |
$46,688,137 |
$43,409,155 |
DWS
Emerging Markets Fixed Income Fund |
| |
21 |
DWS Emerging Markets Fixed Income Fund — Class A | ||||||
|
Six Months Ended 4/30/23 |
Years Ended October 31, | ||||
|
(Unaudited) |
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | ||||||
Net asset value, beginning of period |
$6.07 |
$9.22 |
$8.90 |
$9.32 |
$8.73 |
$9.66 |
Income (loss) from investment operations: |
|
|
|
|
|
|
Net investment incomea |
.18 |
.41 |
.43 |
.44 |
.44 |
.45 |
Net realized and unrealized gain (loss) |
.50 |
(3.13 ) |
.29 |
(.47 ) |
.52 |
(1.02 ) |
Total from investment operations |
.68 |
(2.72 ) |
.72 |
(.03 ) |
.96 |
(.57 ) |
Less distributions from: |
|
|
|
|
|
|
Net investment income |
(.21 ) |
(.43 ) |
(.40 ) |
(.39 ) |
(.37 ) |
(.36 ) |
Net asset value, end of period |
$6.54 |
$6.07 |
$9.22 |
$8.90 |
$9.32 |
$8.73 |
Total Return (%)b,c |
11.05
* |
(30.21 ) |
8.10 |
(.13 ) |
11.15 |
(6.00 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) |
1 |
1 |
3 |
3 |
3 |
4 |
Ratio of expenses before expense reductions (%) |
1.68
** |
1.52 |
1.40 |
1.43 |
1.46 |
1.51 |
Ratio of expenses after expense reductions (%) |
1.14
** |
1.13 |
1.15 |
1.13 |
1.11 |
1.02 |
Ratio of net investment income (%) |
5.54
** |
5.34 |
4.51 |
4.92 |
4.86 |
4.92 |
Portfolio turnover rate (%) |
13
* |
27 |
36 |
18 |
13 |
115 |
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 |
22 |
| |
DWS Emerging Markets Fixed Income Fund
|
DWS Emerging Markets Fixed Income Fund — Class C | ||||||
|
Six Months Ended 4/30/23 |
Years Ended October 31, | ||||
|
(Unaudited) |
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | ||||||
Net asset value, beginning of period |
$6.08 |
$9.25 |
$8.92 |
$9.34 |
$8.75 |
$9.68 |
Income (loss) from investment operations: |
|
|
|
|
|
|
Net investment incomea |
.16 |
.35 |
.36 |
.38 |
.37 |
.38 |
Net realized and unrealized gain (loss) |
.50 |
(3.15 ) |
.30 |
(.48 ) |
.52 |
(1.02 ) |
Total from investment operations |
.66 |
(2.80 ) |
.66 |
(.10 ) |
.89 |
(.64 ) |
Less distributions from: |
|
|
|
|
|
|
Net investment income |
(.19 ) |
(.37 ) |
(.33 ) |
(.32 ) |
(.30 ) |
(.29 ) |
Net asset value, end of period |
$6.55 |
$6.08 |
$9.25 |
$8.92 |
$9.34 |
$8.75 |
Total Return (%)b,c |
10.79
* |
(30.85 ) |
7.39 |
(.86 ) |
10.29 |
(6.68 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) |
.05 |
.05 |
.2 |
.4 |
1 |
1 |
Ratio of expenses before expense reductions (%) |
2.71
** |
2.36 |
2.25 |
2.21 |
2.27 |
2.24 |
Ratio of expenses after expense reductions (%) |
1.89
** |
1.88 |
1.90 |
1.88 |
1.85 |
1.77 |
Ratio of net investment income (%) |
4.80
** |
4.58 |
3.76 |
4.18 |
4.11 |
4.09 |
Portfolio turnover rate (%) |
13
* |
27 |
36 |
18 |
13 |
115 |
a |
Based on average shares outstanding during the period. |
b |
Total return does not reflect the effect of any sales charges. |
c |
Total return would have been lower had certain expenses not been reduced. |
* |
Not annualized |
** |
Annualized |
DWS
Emerging Markets Fixed Income Fund |
| |
23 |
DWS Emerging Markets Fixed Income Fund — Class S | ||||||
|
Six Months Ended 4/30/23 |
Years Ended October 31, | ||||
|
(Unaudited) |
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | ||||||
Net asset value, beginning of period |
$6.06 |
$9.22 |
$8.89 |
$9.31 |
$8.72 |
$9.65 |
Income (loss) from investment operations: |
|
|
|
|
|
|
Net investment incomea |
.19 |
.42 |
.45 |
.46 |
.46 |
.47 |
Net realized and unrealized gain (loss) |
.50 |
(3.13 ) |
.31 |
(.47 ) |
.52 |
(1.02 ) |
Total from investment operations |
.69 |
(2.71 ) |
.76 |
(.01 ) |
.98 |
(.55 ) |
Less distributions from: |
|
|
|
|
|
|
Net investment income |
(.22 ) |
(.45 ) |
(.43 ) |
(.41 ) |
(.39 ) |
(.38 ) |
Net asset value, end of period |
$6.53 |
$6.06 |
$9.22 |
$8.89 |
$9.31 |
$8.72 |
Total Return (%)b |
11.38
* |
(30.14 ) |
8.50 |
.11 |
11.38 |
(5.80 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) |
30 |
28 |
45 |
45 |
50 |
50 |
Ratio of expenses before expense reductions (%) |
1.32
** |
1.22 |
1.12 |
1.14 |
1.17 |
1.21 |
Ratio of expenses after expense reductions (%) |
.89
** |
.88 |
.90 |
.88 |
.87 |
.82 |
Ratio of net investment income (%) |
5.80
** |
5.61 |
4.76 |
5.17 |
5.11 |
5.09 |
Portfolio turnover rate (%) |
13
* |
27 |
36 |
18 |
13 |
115 |
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 |
24 |
| |
DWS Emerging Markets Fixed Income Fund
|
DWS Emerging Markets Fixed Income Fund — Institutional Class | ||||||
|
Six Months Ended 4/30/23 |
Years Ended October 31, | ||||
|
(Unaudited) |
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | ||||||
Net asset value, beginning of period |
$6.06 |
$9.21 |
$8.89 |
$9.31 |
$8.72 |
$9.65 |
Income (loss) from investment operations: |
|
|
|
|
|
|
Net investment incomea |
.19 |
.43 |
.45 |
.46 |
.47 |
.47 |
Net realized and unrealized gain (loss) |
.50 |
(3.14 ) |
.29 |
(.47 ) |
.51 |
(1.01 ) |
Total from investment operations |
.69 |
(2.71 ) |
.74 |
(.01 ) |
.98 |
(.54 ) |
Less distributions from: |
|
|
|
|
|
|
Net investment income |
(.22 ) |
(.44 ) |
(.42 ) |
(.41 ) |
(.39 ) |
(.39 ) |
Net asset value, end of period |
$6.53 |
$6.06 |
$9.21 |
$8.89 |
$9.31 |
$8.72 |
Total Return (%)b |
11.20
* |
(30.07 ) |
8.38 |
.12 |
11.44 |
(5.74 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) |
16 |
14 |
30 |
28 |
23 |
20 |
Ratio of expenses before expense reductions (%) |
1.14
** |
1.04 |
.96 |
.99 |
1.03 |
1.07 |
Ratio of expenses after expense reductions (%) |
.89
** |
.88 |
.90 |
.88 |
.86 |
.77 |
Ratio of net investment income (%) |
5.80
** |
5.59 |
4.76 |
5.13 |
5.12 |
5.16 |
Portfolio turnover rate (%) |
13
* |
27 |
36 |
18 |
13 |
115 |
a |
Based on average shares outstanding during the period. |
b |
Total return would have been lower had certain expenses not been reduced. |
* |
Not annualized |
** |
Annualized |
DWS
Emerging Markets Fixed Income Fund |
| |
25 |
26 |
| |
DWS Emerging Markets Fixed Income Fund
|
DWS
Emerging Markets Fixed Income Fund |
| |
27 |
28 |
| |
DWS Emerging Markets Fixed Income Fund
|
DWS
Emerging Markets Fixed Income Fund |
| |
29 |
30 |
| |
DWS Emerging Markets Fixed Income Fund
|
Class A |
1.13% |
Class C |
1.88% |
Class S |
.88% |
Institutional Class |
.88% |
Class A |
|
1.16% |
Class C |
|
1.91% |
Class S |
|
.91% |
Institutional Class |
|
.91% |
DWS
Emerging Markets Fixed Income Fund |
| |
31 |
Class A |
$3,872 |
Class C |
219 |
Class S |
65,917 |
Institutional Class |
19,093 |
|
$89,101 |
Services to Shareholders |
Total
Aggregated |
Unpaid at
April 30, 2023 |
Class A |
$1,236 |
$401 |
Class C |
110 |
38 |
Class S |
19,670 |
6,582 |
Institutional Class |
101 |
35 |
|
$21,117 |
$7,056 |
32 |
| |
DWS Emerging Markets Fixed Income Fund
|
Sub-Recordkeeping |
Total
Aggregated |
Class A |
$965 |
Class C |
45 |
Class S |
9,479 |
Institutional Class |
251 |
|
$10,740 |
Distribution Fee |
Total
Aggregated |
Unpaid at
April 30, 2023 |
Class C |
$200 |
$31 |
Service Fee |
Total
Aggregated |
Unpaid at
April 30, 2023 |
Annualized
Rate |
Class A |
$1,724 |
$1,209 |
.24% |
Class C |
66 |
66 |
.25% |
|
$1,790 |
$1,275 |
|
DWS
Emerging Markets Fixed Income Fund |
| |
33 |
34 |
| |
DWS Emerging Markets Fixed Income Fund
|
DWS
Emerging Markets Fixed Income Fund |
| |
35 |
|
Six Months Ended
April 30, 2023 |
Year Ended
October 31, 2022 | ||
|
Shares |
Dollars |
Shares |
Dollars |
Shares sold | ||||
Class A |
5,392 |
$36,092 |
319,805 |
$2,273,730 |
Class C |
79 |
530 |
97 |
759 |
Class S |
25,357 |
169,084 |
87,174 |
675,057 |
Institutional Class |
12,613 |
82,118 |
158,179 |
1,166,774 |
|
|
$287,824 |
|
$4,116,320 |
Shares issued to shareholders in reinvestment of distributions | ||||
Class A |
6,632 |
$43,903 |
15,046 |
$110,208 |
Class C |
222 |
1,470 |
752 |
5,564 |
Class S |
138,793 |
916,573 |
263,068 |
1,911,990 |
Institutional Class |
77,296 |
510,305 |
177,979 |
1,308,749 |
|
|
$1,472,251 |
|
$3,336,511 |
Shares redeemed | ||||
Class A |
(50,125 ) |
$(331,478 ) |
(394,369 ) |
$(2,841,985 ) |
Class C |
(581 ) |
(3,967 ) |
(12,307 ) |
(92,973 ) |
Class S |
(222,380 ) |
(1,495,518 ) |
(649,000 ) |
(5,014,376 ) |
Institutional Class |
(7,419 ) |
(49,539 ) |
(1,314,385 ) |
(9,118,207 ) |
|
|
$(1,880,502
) |
|
$(17,067,541
) |
Net increase (decrease) | ||||
Class A |
(38,101 ) |
$(251,483 ) |
(59,518 ) |
$(458,047 ) |
Class C |
(280 ) |
(1,967 ) |
(11,458 ) |
(86,650 ) |
Class S |
(58,230 ) |
(409,861 ) |
(298,758 ) |
(2,427,329 ) |
Institutional Class |
82,490 |
542,884 |
(978,227 ) |
(6,642,684 ) |
|
|
$(120,427
) |
|
$(9,614,710
) |
36 |
| |
DWS Emerging Markets Fixed Income Fund
|
DWS
Emerging Markets Fixed Income Fund |
| |
37 |
Actual Fund Return |
Class A |
Class C |
Class S |
Institutional
Class |
Beginning Account Value 11/1/22 |
$1,000.00 |
$1,000.00 |
$1,000.00 |
$1,000.00 |
Ending Account Value 4/30/23 |
$1,110.50 |
$1,107.90 |
$1,113.80 |
$1,112.00 |
Expenses Paid per $1,000* |
$5.97 |
$9.88 |
$4.66 |
$4.66 |
Hypothetical 5% Fund Return |
Class A |
Class C |
Class S |
Institutional
Class |
Beginning Account Value 11/1/22 |
$1,000.00 |
$1,000.00 |
$1,000.00 |
$1,000.00 |
Ending Account Value 4/30/23 |
$1,019.14 |
$1,015.42 |
$1,020.38 |
$1,020.38 |
Expenses Paid per $1,000* |
$5.71 |
$9.44 |
$4.46 |
$4.46 |
* |
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 Emerging Markets Fixed Income Fund |
1.14% |
1.89% |
.89% |
.89% |
38 |
| |
DWS Emerging Markets Fixed Income Fund
|
DWS
Emerging Markets Fixed Income Fund |
| |
39 |
40 |
| |
DWS Emerging Markets Fixed Income Fund
|
DWS
Emerging Markets Fixed Income Fund |
| |
41 |
42 |
| |
DWS Emerging Markets Fixed Income Fund
|
DWS
Emerging Markets Fixed Income Fund |
| |
43 |
44 |
| |
DWS Emerging Markets Fixed Income Fund
|
For More
Information |
The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, C and S also have the ability to purchase, exchange or redeem shares using this system. |
For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337 | |
Web Site |
dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. |
Obtain prospectuses and applications, news about DWS funds,
insight from DWS economists and investment specialists and access
to DWS fund account information. | |
Written
Correspondence |
DWS
PO Box 219151 Kansas City, MO 64121-9151 |
Proxy Voting |
The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site —
dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site
— sec.gov. To
obtain a written copy of the Fund’s policies and procedures without charge, upon
request, call us toll free at (800) 728-3337. |
Portfolio Holdings |
Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com and is available free of charge by contacting your financial intermediary or, if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information. |
Principal
Underwriter |
If you have questions, comments or complaints, contact: DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148 |
DWS
Emerging Markets Fixed Income Fund |
| |
45 |
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 |
SZEAX |
SZECX |
SCEMX |
SZEIX |
CUSIP Number |
25156A 502 |
25156A 783 |
25156A 726 |
25156A 841 |
Fund Number |
476 |
776 |
2076 |
1476 |
46 |
| |
DWS Emerging Markets Fixed Income Fund
|
(b) Not applicable | ||
ITEM 2. | CODE OF ETHICS | |
Not applicable. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT | |
Not applicable | ||
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
Not applicable | ||
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | 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. |
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 Emerging Markets Fixed Income Fund, a series of Deutsche DWS Global/International Fund, Inc. |
By: |
/s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 6/29/2023 |
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 President |
Date: | 6/29/2023 |
By: |
/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 6/29/2023 |