<SEC-DOCUMENT>0000088053-16-001722.txt : 20160303
<SEC-HEADER>0000088053-16-001722.hdr.sgml : 20160303
<ACCEPTANCE-DATETIME>20160303165235
ACCESSION NUMBER:		0000088053-16-001722
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20151231
FILED AS OF DATE:		20160303
DATE AS OF CHANGE:		20160303
EFFECTIVENESS DATE:		20160303

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEW GERMANY FUND INC
		CENTRAL INDEX KEY:			0000858706
		IRS NUMBER:				133555471
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05983
		FILM NUMBER:		161481983

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LENOX FUND INC
		DATE OF NAME CHANGE:	19900115
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>sr123115ngf.htm
<DESCRIPTION>THE NEW GERMANY FUND, INC.
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">WASHINGTON, D. C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM N-CSR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Investment Company Act file number: 811-05983</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><U>The New Germany Fund, Inc.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">(Exact Name of Registrant
as Specified in Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">345 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>New York, NY 10154-0004</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of Principal Executive Offices) (Zip
Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&#8217;s Telephone Number, including
Area Code: <U>(212) 250-3220</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Paul Schubert</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">60 Wall Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>New York, NY 10005</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name and Address of Agent for Service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; padding-right: 5.4pt; padding-left: 5.4pt">Date of fiscal year end:</TD>
    <TD STYLE="width: 74%; padding-right: 5.4pt; padding-left: 5.4pt">12/31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date of reporting period:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">12/31/2015</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><B>ITEM 1.</B></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt"><B>REPORT TO STOCKHOLDERS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>



<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_025.jpg" ALT="ngf_covermask0" STYLE="height: 25px; width: 107px"></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="color: #00128D">December
31, 2015</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 24pt; color: #00128D"><B>Annual
Report</B></FONT><BR>
<FONT STYLE="font-size: 24pt; color: #00128D"><B>to Shareholders</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>The
New Germany Fund, Inc.</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="color: #00128D">Ticker
Symbol: GF</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_026.jpg" ALT="ngf_newgermlogo0" STYLE="height: 75px; width: 403px"></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Contents</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>3</B></FONT><FONT STYLE="font-size: 12pt">
        Letter to the Shareholders </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>7</B></FONT><FONT STYLE="font-size: 12pt">
        Outlook Interview with the Portfolio Manager </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>8</B></FONT><FONT STYLE="font-size: 12pt">
        Performance Summary </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>9</B></FONT><FONT STYLE="font-size: 12pt">
        Schedule of Investments </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>14</B></FONT><FONT STYLE="font-size: 12pt">
        Statement of Assets and Liabilities </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>15</B></FONT><FONT STYLE="font-size: 12pt">
        Statement of Operations </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>16</B></FONT><FONT STYLE="font-size: 12pt">
        Statement of Changes in Net Assets </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>17</B></FONT><FONT STYLE="font-size: 12pt">
        Financial Highlights </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>18</B></FONT><FONT STYLE="font-size: 12pt">
        Notes to Financial Statements </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>26</B></FONT><FONT STYLE="font-size: 12pt">
        Report of Independent Registered Public Accounting Firm </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>27</B></FONT><FONT STYLE="font-size: 12pt">
        Tax Information </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>27</B></FONT><FONT STYLE="font-size: 12pt">
        Shares Repurchased and Issued </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>29</B></FONT><FONT STYLE="font-size: 12pt">
        Voluntary Cash Purchase Program and Dividend Reinvestment Plan </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>34</B></FONT><FONT STYLE="font-size: 12pt">
        Approval of Continuance of Investment Advisory Agreement </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>39</B></FONT><FONT STYLE="font-size: 12pt">
        Directors and Officers of&nbsp;the&nbsp;Fund </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>43</B></FONT><FONT STYLE="font-size: 12pt">
        Amended and Restated Bylaws </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>44</B></FONT><FONT STYLE="font-size: 12pt">
        Additional Information </FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund seeks long-term capital appreciation primarily
through investment in middle-market German equities.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Investments in funds
involve risks, including the loss of principal.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The shares of most closed-end
funds, including the Fund, are not continuously offered. Once issued, shares of closed-end funds are bought and sold in the open
market. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the Fund's shares is determined
by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares
will trade at, below, or above net asset value.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">This Fund is diversified,
but primarily focuses its investments in Germany, thereby increasing its vulnerability to developments in that country. Investing
in foreign securities presents certain risks, such as currency fluctuations, political and economic changes and market risks. Any
fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The European Union, the
United States and other countries have imposed sanctions on Russia as a result of the Russian military intervention in Ukraine.
These sanctions have adversely affected Russian individuals, issuers and the Russian economy, and Russia, in turn, has imposed
sanctions targeting Western individuals, businesses and products including food products. The various sanctions have adversely
affected, and may continue to adversely affect, not only the Russian economy but also the economies of many countries in Europe,
including Germany. Potential developments in Ukraine, and the continuation of current sanctions or the imposition of additional
sanctions may materially adversely affect the value of the Fund&rsquo;s portfolio.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Deutsche Asset Management
represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">NOT FDIC/NCUA INSURED&emsp;NO
BANK GUARANTEE&emsp;MAY LOSE VALUE&emsp; NOT&nbsp;A&nbsp;DEPOSIT&emsp;NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Letter
to the Shareholders </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">(Unaudited)</FONT></B><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Dear Shareholder,</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">For the 12 months ended December 31, 2015, the New
Germany Fund, Inc.'s total return in U.S. dollars (USD) was 15.38% based on net asset value and 14.31% based on market price. During
the same period, the total return in USD of the Fund's benchmark, the Midcap Market Performance Index, was 12.88%.<SUP>1</SUP>
The Fund's discount to net asset value averaged 9.33% for the period in review, compared with 9.56% for the year 2014.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The German stock market had a positive year in local
currency terms. In euro terms, the benchmark Midcap Market Performance Index had a total return of 25.7% and the Fund's net asset
value returned 26.7%. The euro depreciated by over&nbsp;10% versus the U.S. dollar.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Within the Fund, the largest positive attributions
to performance, particularly in the second half of 2015, were generated by Hugo Boss AG, Stroeer SE and ADO Properties SE, while
detractors included Vonovia&nbsp;SE,* Draegerwerk AG &amp; Co. and Evonik Industries AG.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">* Not held in the portfolio
as of December 31, 2015.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">German consumer confidence decreased somewhat over
the second half of the year after reaching a multiyear high in June 2015. However, the consumer confidence level overall is still
very high. Income expectations as well as economic expectations began increasing again towards the end of the year, a strong sign
that Germans are more confident about the future. The main drivers of this confidence were a record-high workforce number (more
than 43 million persons) and significantly increasing disposable income, as well as record-low interest rates that acted to reduce
any propensity to save. Encouraged by the low unemployment rate, German employees saw wage increases at multiyear high levels of
2% to 3%. As Germans became more confident about maintaining their jobs and wage increases, their willingness to buy bigger ticket
items also increased. We believe domestic demand will continue to be a key pillar of the economy, likely driving over 50% of gross
domestic product (GDP) growth for 2016. We remain constructive on the German consumer as the trends in wages, employment, price
inflation and interest rate levels continue to support private consumption.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">German macroeconomic data remained robust against a
backdrop of some worrisome trends such as risks to the growth of emerging markets and the resulting stock market weakness over
the summer. Following this weakness, German economic data recovered towards the end of the year. After German industrial orders
dropped for three consecutive months over the summer, there was a reversal of the trend in October and November, especially as
demand from the Eurozone improved markedly. More short-term macroeconomic indicators showed further solid near-term growth, signaling
strong autumn activity.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The German IFO index ended the year on a slightly weaker
note.<SUP>2</SUP> While companies assessed their current situations as slightly more negative, expectations overall remained unchanged
following rises for three months in a row. The IFO Institute highlighted the continuing favorable outlook for German exports, stressing
the strength of companies' current positions despite the drop. IFO indices for the domestic sectors (construction, wholesale and
retail trade) all declined moderately towards the end of the year, while the more export-dependent manufacturing IFO rose. Moreover,
after four consecutive index increases, manufacturing expectations are now solidly above their historic average again.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Overall, macroeconomic and consumer data point toward
improvements after signs of temporary weakness over the summer, when emerging-markets growth concerns were burdensome. However,
the declines over the summer months were small and the overall still-high data point levels are consistent with positive quarterly
GDP growth. Germany's GDP grew in the first three quarters of 2015 by 0.3% to 0.4% compared with the preceding quarter and likely
continued this pace, which points towards a decent annualized growth.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">To benefit from this underlying strength, positions
in consumer-related companies, especially with a focus on Germany and Europe, were increased through, e.g., Scout24, the leading
German classifieds business, and Stroeer, the leading German outdoor advertising company. Consumer stocks are the key overweight
position in the Fund. On the other hand, taking account of the weakening global data points over the summer, we selectively reduced
positions in industrials.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_027.jpg" ALT="ngf_portsumfollowing0" STYLE="height: 126px; width: 343px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 69%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Ten Largest Equity Holdings at December&nbsp;31,&nbsp;2015&nbsp;</B>(46.0%&nbsp;of Net Assets)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 19%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Country</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 10%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Percent</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1. Airbus Group SE</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Netherlands</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>11.9%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2. United Internet AG</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Germany</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>4.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3. Zalando SE</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Germany</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>4.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>4. QIAGEN NV</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Netherlands</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>3.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5. Evonik Industries AG</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Germany</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>3.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>6. Symrise AG</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Germany</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>3.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7. MTU Aero Engines AG</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Germany</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>3.6%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>8. METRO AG</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Germany</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>3.5%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>9. LEG Immobilien AG</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Germany</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>3.5%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>10. ProSiebenSat.1 Media SE</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Germany</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>3.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding-top: 6pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Portfolio holdings and
        characteristics are subject to change and not indicative of future portfolio composition.</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">For more details about
        the Fund's Schedule of Investments, see page </FONT><FONT STYLE="font-size: 10pt">9</FONT><FONT STYLE="font-size: 10pt">.
        For additional information about the Fund, including performance, dividends, presentations, press releases, market updates, daily
        NAV and shareholder reports, please visit deutschefunds.com.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>Economic Outlook</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Seven years after the start of the financial crisis,
markets have entered a more mature phase. For this reason, we expect 2016 and beyond to yield only the potential for modest total
returns. However, we also have to acknowledge a higher risk that annual returns could easily turn negative.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">We remain constructive on the German equity market,
based on expected moderate earnings growth. German GDP growth is expected to be greater in 2016 than in 2015, driven by a further
pickup in domestic demand. In addition to favorable consumer confidence levels based on a solid labor market, government spending
on services for the numerous refugees is set to further support consumption. On the other hand, we see German manufacturing exposed
to the risk of continuing weakness in global trade due to low growth in key emerging markets. However, support could be forthcoming
from a sustained depreciation of the euro. Although the German manufacturing sector has done well relative to its international
competitors in recent years, a renaissance in manufacturing as a whole remains improbable in the short term. Therefore, selective
equity investment will be key for 2016. As an upside scenario, corporate margins in Europe are still depressed and below long-term
averages. Therefore, the combination of ECB policy and economic recovery could potentially lead to greater pricing power and earnings
upside.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Sincerely,</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; border-style: inset; border-width: 1pt; line-height: 115%"><IMG SRC="image_028.jpg" ALT="ngf_TEAM20" STYLE="height: 56px; width: 103px"></TD>
    <TD STYLE="vertical-align: bottom; border-style: inset; border-width: 1pt; line-height: 115%"><IMG SRC="image_029.jpg" ALT="ngf_TEAM21" STYLE="height: 56px; width: 125px"></TD>
    <TD STYLE="border-style: inset; border-width: 1pt; line-height: 115%"><IMG SRC="image_030.jpg" ALT="ngf_TEAM22" STYLE="height: 42px; width: 119px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Christian Strenger</FONT><BR>
        <FONT STYLE="font-size: 10pt">Chairman</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>&nbsp;</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="width: 35%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Philipp Schweneke</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Portfolio Manager</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 34%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Brian Binder</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">President and Chief</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Executive Officer</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>The views expressed
in the preceding discussion reflect those of the&nbsp;portfolio management team generally through the end of the period of the
report&nbsp;as stated on the cover.</B> The management team's views are subject to change at any time based on market and other
conditions and should not be construed as recommendations. Past performance is no guarantee of future results. Current and future
portfolio holdings are subject to risk, including geopolitical and other risks.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><SUP>1</SUP> The Midcap Market Performance Index is
a total-return index that is composed of various mid-cap securities across all sectors of the MDAX and TecDAX. The MDAX is a total-rate-of-return
index of 50 mid-cap issues that rank below the DAX. The DAX is a total-rate-of-return index of 30 selected German blue chip stocks
traded on the Frankfurt Stock Exchange. The TecDAX is a total-return index that tracks the 30 largest and most liquid issues from
the various technology sectors of the Prime Standard Segment beneath the DAX. Index returns assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly in the Midcap Market Performance
Index.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>2</SUP> The IFO
Business Climate Index is a monthly survey that measures the business climate in Germany.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Outlook
Interview with the</B></FONT><BR>
<FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Portfolio Manager </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">(Unaudited)</FONT></B><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>Portfolio Manager</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Philipp Schweneke</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT><FONT STYLE="font-size: 12pt">
How is German domestic consumption developing, and is the Fund positioned for this? </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT><FONT STYLE="font-size: 12pt">
Having grown by about 2% in 2015, German private consumption registered its highest increase in 15 years. Consumption thus contributed
about 60% of total German GDP growth. For Germany, this can certainly be called a boom, although the growth rate might look weak
when compared to the credit-fuelled consumption increases in Britain and many peripheral European countries. The German consumer
is expected to remain confident, and private consumption should continue to be an important part of German economic growth over
the course of 2016. We believe the main drivers &mdash; a record-high workforce and significantly increasing disposable income,
as well as record-low interest rates &mdash; should remain in place. The Fund is relevantly positioned in businesses that focus
on the German consumer, such as Zalando SE, Scout24 and Stroeer SE, enabling it to take advantage of the strong German consumer.
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT><FONT STYLE="font-size: 12pt">
Why is the German IPO market important? </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT><FONT STYLE="font-size: 12pt">
The year 2015 was a strong one for IPOs in the European market. The Nordic countries saw the strongest activity, but the activity
level in Germany was also quite high. A total of &euro;7.1bln in IPO capital was raised in 15 deals. This is twice the amount raised
in 2014 and is the highest volume seen over the last eight years. The top 10 of the largest German IPOs by deal volume in 2015
were: 1) Covestro LLC, &euro;1.5bln; 2)&nbsp;Deutsche Pfandbriefbank AG, &euro;1.15bln; 3) Scout24, &euro;1.02bln; 4) Schaeffler
Group, &euro;938mln; 5) Tele Columbus, &euro;510mln; 6) ADO Properties, &euro;415mln; 7)&nbsp;Siltronic AG, &euro;380mln; 8) Hapag-Lloyd,
&euro;304mln; 9) Sixt Leasing, &euro;239mln; and 10) Edag Engineering, &euro;191mln. The performance of the IPOs has been mixed
in Germany. Nevertheless, the pipeline for further deals in 2016 seems well filled. At least 15 candidates are said to be ready&nbsp;for
an IPO. We expect utilities carve-outs and placements by private&nbsp;equity firms and technology companies to make up the bulk
of the&nbsp;pipeline. </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Performance
Summary </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">December 31, 2015 (Unaudited)</FONT></B><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>All performance shown
is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment
return and principal value fluctuate with changing market conditions so that, when sold, shares may be worth more or less than
their original cost. Current performance may be lower or higher than the performance data quoted. Please visit deutschefunds.com
for The New Germany Fund, Inc.'s (the &quot;Fund&quot;) most recent performance.</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Fund specific data
and performance are provided for information purposes only and are not intended for trading purposes.</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Average Annual Total Returns </B>as of 12/31/15</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; border-top: black 1pt solid; padding: 4pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 4pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1-Year</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 4pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5-Year</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 4pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>10-Year</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Asset Value<SUP>(a)</SUP></B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>15.38%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>11.65%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>11.54%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Market Price<SUP>(a)</SUP></B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>14.31%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>12.17%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>11.63%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Midcap Market Performance Index<SUP>(b)</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">12.88%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11.08%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9.97%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>a</SUP> Total return
based on net asset value reflects changes in the Fund's net asset value during each period. Total return based on market value
reflects changes in market value during each period. Each figure includes reinvestments of income and capital gain distributions,
if any. Total returns based on net asset value and market price will differ depending upon the level of any discount from or premium
to net asset value at which the Fund's shares trade during the period. Expenses of the Fund include investment advisory and administration
fees and other fund expenses. Total returns shown take into account these fees and expenses. The annualized expense ratio of the
Fund for the year ended December 31, 2015 was 1.16%.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>b</SUP> The Midcap
Market Performance Index is a total-return index that is composed of various mid-cap securities across all sectors of the MDAX
and TecDAX. The MDAX is&nbsp;a&nbsp;total-rate-of-return index of 50 mid-cap issues that rank below the DAX. The DAX is&nbsp;the
total-rate-of-return index of 30 selected German blue chip stocks traded on the Frankfurt Stock Exchange. The TecDAX is a total-return
index that tracks the 30 largest and most liquid issues from the various technology sectors of the Prime Segment beneath the DAX.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Index returns do not
reflect any fees or expenses and it is not possible to invest directly in the Midcap Market Performance Index.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Asset Value and Market Price</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; border-top: black 1pt solid; padding: 4pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 4pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>As of 12/31/15</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 4pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>As of 12/31/14</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net Asset Value</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 16.19</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 15.32</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Market Price</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 14.70</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 14.04</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Prices and Net Asset
Value fluctuate and are not guaranteed.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Distribution Information</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 81%; border-top: black 1pt solid; padding: 4pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; padding: 4pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Per Share </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Twelve Months as of 12/31/15:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Income</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 0.08</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Capital Gains</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 1.15</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Distributions are historical,
not guaranteed and will fluctuate. Distributions do not include return of capital or other non-income sources.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Schedule
of Investments </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">as of December 31, 2015</FONT></B><FONT STYLE="font-size: 12pt">
</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Shares</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Value ($)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Germany 87.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Common Stocks 85.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Aerospace &amp; Defense 3.6%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">MTU Aero Engines AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">95,152</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>9,304,489&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Auto Components 1.2%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Hella KGaA Hueck &amp; Co.</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">37,554</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,570,381&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Leoni AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">39,109</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,546,908&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3,117,289&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Chemicals 12.2%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Covestro AG 144A*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">106,415</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,884,580&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Evonik Industries AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">293,729</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9,759,575&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">LANXESS AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">110,195</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,104,299&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Symrise AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">146,013</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9,718,837&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Wacker Chemie AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">34,588</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,909,973&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>31,377,264&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Commercial Services &amp; Supplies 0.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Bilfinger SE<SUP>&dagger;</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">38,687</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,825,175&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Communications Equipment 1.4%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">ADVA Optical Networking SE*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">308,404</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3,721,985&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Construction &amp; Engineering 1.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">HOCHTIEF AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">35,859</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3,341,869&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Diversified Financial Services 0.6%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">GRENKELEASING AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,936</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,589,949&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Diversified Telecommunication Services 2.9%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Telefonica Deutschland Holding AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,428,369</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7,582,072&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Electrical Equipment 3.9%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Nordex SE*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">74,797</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,658,553&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">OSRAM Licht AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">177,138</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,457,295&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>10,115,848&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Electronic Equipment, Instruments &amp; Components 0.6%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Jenoptik AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">103,472</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,615,970&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Food &amp; Staples Retailing 3.5%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">METRO AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">283,490</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>9,094,775&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Food Products 0.6%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Suedzucker AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">82,637</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,644,840&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Health Care Equipment &amp; Supplies 1.4%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">STRATEC Biomedical AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">55,390</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3,667,001&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Health Care Technology 1.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">CompuGroup Medical AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">115,824</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>4,248,788&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Industrial Conglomerates 2.2%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Indus Holding AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">53,775</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,597,693&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Rheinmetall AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">46,153</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,079,524&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5,677,217&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Insurance 3.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Hannover Rueck SE</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">41,209</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,725,104&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Talanx AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">93,882</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,908,454&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7,633,558&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Internet &amp; Catalog Retail 4.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Zalando SE 144A*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">267,970</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>10,586,133&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Internet Software &amp; Services 7.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Scout24 AG 144A*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">152,911</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,480,973&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">United Internet AG (Registered)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">220,916</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">12,206,188&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">XING AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,335</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">617,845&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>18,305,006&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>IT Services 3.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Wirecard AG<SUP>&dagger;</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">166,862</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>8,420,933&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Life Sciences Tools &amp; Services 2.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Evotec AG*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">101,842</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">460,906&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gerresheimer AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">37,866</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,966,718&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">MorphoSys AG*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">27,981</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,750,703&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5,178,327&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Machinery 1.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">KION Group AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">55,333</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,763,635&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Media 7.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">CTS Eventim AG &amp; Co. KGaA</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">56,893</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,268,547&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">ProSiebenSat.1 Media SE</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">169,860</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,621,084&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Stroeer SE</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">114,316</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,183,488&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>18,073,119&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Metals &amp; Mining 0.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Salzgitter AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">69,877</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,723,407&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Pharmaceuticals 1.4%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">STADA Arzneimittel AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">91,302</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3,700,023&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Real Estate Management &amp; Development 7.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">ADO Properties SA 144A*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">87,818</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,525,685&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Deutsche Wohnen AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">169,049</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,699,555&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">LEG Immobilien AG*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">109,442</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,967,694&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">TLG Immobilien AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">99,916</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,879,245&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>18,072,179&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Semiconductors &amp; Semiconductor Equipment 3.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">AIXTRON SE*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">124,937</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">559,733&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Dialog Semiconductor PLC*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">176,011</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,943,735&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">SMA Solar Technology AG*<SUP>&dagger;</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">22,634</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,270,485&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7,773,953&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Software 0.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Software AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">64,221</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,841,449&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Technology Hardware, Storage &amp; Peripherals 0.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Wincor Nixdorf AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">36,445</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,834,306&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Textiles, Apparel &amp; Luxury Goods 1.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Elumeo SE*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">51,290</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,391,626&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">HUGO BOSS AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">13,325</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,107,760&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,499,386&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Thrifts &amp; Mortgage Finance 1.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Aareal Bank AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">44,013</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,391,939&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Deutsche Pfandbriefbank AG 144A*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">152,420</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,852,720&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3,244,659&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Trading Companies &amp; Distributors 2.5%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Brenntag AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">120,659</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>6,322,324&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Transportation Infrastructure 1.6%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Fraport AG Frankfurt Airport Services Worldwide</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">65,057</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>4,161,539&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Preferred Stocks 2.5%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Health Care Equipment &amp; Supplies 1.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Draegerwerk AG &amp; Co. KGaA (Cost $859,802)&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9,047</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">673,662&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Sartorius AG (Cost $2,125,546)&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,263</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,678,236&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3,351,898&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Machinery 1.2%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Jungheinrich AG (Cost $2,679,947)&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">37,813</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3,128,771&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Germany</B> (Cost $183,065,948)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>226,539,136&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Netherlands 15.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Aerospace &amp; Defense 11.9%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Airbus Group SE</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">454,578</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>30,587,917&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Life Sciences Tools &amp; Services 3.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">QIAGEN NV*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">360,229</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>9,818,874&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Netherlands</B> (Cost $19,246,450)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>40,406,791&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Luxembourg 1.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Media 1.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">RTL Group SA (Cost $2,253,981)&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">31,109</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,601,408&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Switzerland 0.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Automobiles 0.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">EDAG Engineering Group AG* (Cost $1,877,518)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">82,781</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,003,661&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Securities Lending Collateral 4.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Daily Assets Fund, 0.36% (Cost $11,989,950) (a) (b)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11,989,950</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>11,989,950&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>% of Net Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Value ($)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Investment Portfolio</B> (Cost&nbsp;$218,433,847)**</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">110.0</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>283,540,946</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Other Assets and Liabilities, Net</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(10.0)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(25,716,351)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">100.0</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>257,824,595</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">* Non-income producing
security.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">** The cost for federal
income tax purposes was $219,486,703. At December 31, 2015, net unrealized appreciation for all securities based on tax cost was
$64,054,243. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value
over tax cost of $86,411,478 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax
cost over value of $22,357,235.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>&dagger;</SUP> All
or a portion of these securities were on loan. The value of all securities loaned at December 31, 2015 amounted to $11,354,626,
which is 4.4% of net assets.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">(a) Represents collateral
held in connection with securities lending. Income earned by the Fund is net of borrower rebates.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">(b) Affiliated fund managed
by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">144A: Securities 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.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">For purposes of its industry
concentration policy, the Fund classifies issuers of portfolio securities at the industry sub-group level. Certain of the categories
in the above Schedule of Investments consist of multiple industry sub-groups or industries.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Fair Value Measurements</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Various inputs are used
in determining the value of the Fund&rsquo;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&rsquo;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 associated with investing in those securities.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The following is a summary of the inputs used as of
December 31, 2015 in valuing the Fund&rsquo;s investments.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Level 1</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Level 2</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Level 3</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Common Stocks and/or Other Equity Investments (c)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Germany</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 226,539,136</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ &mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ &mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 226,539,136</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Netherlands</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">40,406,791</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">40,406,791</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Luxembourg</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,601,408</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,601,408</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Switzerland</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,003,661</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,003,661</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Short-Term Instruments (c)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11,989,950</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11,989,950</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 283,540,946</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ &mdash;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ &mdash;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 283,540,946</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">There have been no transfers
between fair value measurement levels during the year ended December 31, 2015.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">(c) See Schedule of Investments
for additional detailed categorizations.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The accompanying notes
are an integral part of the financial statements.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Statement
of Assets and Liabilities</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">as of December 31, 2015</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Investments in non-affiliated securities, at value (cost&nbsp;$206,443,897) &mdash; including&nbsp;$11,354,626 of securities loaned</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 271,550,996</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Investment in Daily Assets Fund (cost $11,989,950)*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11,989,950</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total investments, at value (cost $218,433,847)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">283,540,946</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Foreign currency, at value (cost $240,907)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">240,907</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Foreign taxes recoverable</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">181,105</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Interest receivable</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">12,206</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Other assets</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">51,624</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total assets</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">284,026,788</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Liabilities</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cash overdraft</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">19,975</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Distributions payable</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">13,803,984</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Payable upon return of securities loaned</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11,989,950</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Investment advisory fee payable</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">164,679</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Administration fee payable</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">49,048</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Payable for Directors' fees and expenses</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">12,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Payable for Fund shares repurchased</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,896</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Accrued expenses and other liabilities</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">156,661</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total liabilities</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">26,202,193</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 257,824,595</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Assets Consist of</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Undistributed net investment income</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,836,864</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Accumulated net realized gain on investments and foreign currency</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,257,026</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net unrealized appreciation
        (depreciation) on:</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Investments</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">65,107,099</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Foreign currency </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(4,580)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Paid-in capital</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">187,628,186</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 257,824,595</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Asset Value</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net assets value</B> per share ($257,824,595</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;&divide;&nbsp;</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">15,922,987 shares of common stock issued&nbsp;and&nbsp;outstanding, $.001 par value, 80,000,000 shares authorized)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 16.19</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">* Represents collateral
on securities loaned.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The accompanying notes
are an integral part of the financial statements.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Statement
of Operations</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">for the year ended December 31, 2015</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Investment Income</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Income:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Dividends (net of foreign
        withholding taxes of $614,613)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 4,961,734</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Income distributions &mdash; Central Cash Management Fund</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">872</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Securities lending income, including income from Daily Assets Fund, net&nbsp;of borrower rebates</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">192,241</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total investment income</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,154,847</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Expenses:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Investment advisory fee</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,793,364</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Administration fee</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">531,121</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Custodian fee</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">147,400</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Services to shareholders</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">19,898</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reports to shareholders and shareholder meeting expenses</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">34,814</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Directors' fees and expenses</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">181,142</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Legal fees</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">212,380</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Audit and tax fees</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">77,052</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">NYSE listing fee</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">33,012</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Insurance</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">53,051</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net expenses</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,083,234</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net investment income</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,071,613</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Realized and Unrealized Gain (Loss)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net realized gain (loss)
        from:</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Investments</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">20,852,402</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Foreign currency</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(832,815)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized gain (loss)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">20,019,587</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Change in net unrealized
        appreciation (depreciation) on:</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Investments</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">12,517,342</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Foreign currency </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">17,112</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Change in net unrealized appreciation (depreciation)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">12,534,454</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net gain (loss) </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>32,554,041</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net increase (decrease) in net assets resulting from operations</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 34,625,654</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The accompanying notes
are an integral part of the financial statements.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Statement
of Changes in Net Assets</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Increase (Decrease) in Net Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 9pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Years Ended December&nbsp;31,</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Operations:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net investment income
        (loss)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 2,071,613</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 3,248,646</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized gain (loss)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">20,019,587</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">53,008,530</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Change in net unrealized appreciation (depreciation)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">12,534,454</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(80,142,734)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net increase (decrease) in net assets resulting from operations</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">34,625,654</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(23,885,558)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Distributions to shareholders
        from:</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net investment income</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1,266,739)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(5,501,375)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized gains</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(18,329,190)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(59,600,464)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total distributions to shareholders</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(19,595,929)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(65,101,839)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Capital share share transactions:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net proceeds from reinvestment
        of dividends</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">18,240,883</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">22,633,320</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares repurchased </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3,859,664)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(22,293,050)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net increase (decrease) in net assets from capital share transactions</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">14,381,219</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">340,270</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total increase (decrease) in net assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">29,410,944</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(88,647,127)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net assets at beginning of period</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">228,413,651</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">317,060,778</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net assets at end of period (including undistributed net&nbsp;investment income of $1,836,864 and distributions in excess of net investment income of $1,697,328, as of December 31, 2015 and December&nbsp;31, 2014, respectively)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 257,824,595</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 228,413,651</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Other Information</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares outstanding at beginning of period</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">14,908,875</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">14,928,996</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares reinvested</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,271,320</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,196,343</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares repurchased</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(257,208)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1,216,464)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares outstanding at end of period </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">15,922,987</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">14,908,875</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The accompanying notes
are an integral part of the financial statements.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Financial
Highlights</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-bottom: 10pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-bottom: 10pt; text-align: center; line-height: 115%"><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Years Ended December 31,</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2012</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2011</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Per Share Operating Performance</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net asset value, beginning of&nbsp;period</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 15.32</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 21.24</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 17.45</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 13.86</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 17.72</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><I>Income (loss) from
        investment operations:</I></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net investment income
        (loss)<SUP>a</SUP></FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.13</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.21</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.22</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.23</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.24</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized and unrealized gain&nbsp;(loss) on investments and foreign currency</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2.07</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1.80)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7.98</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3.92</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3.57)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total from investment operations</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2.20</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1.59)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8.20</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.15</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3.33)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><I>Less distributions
        from:</I></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net investment income</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.08)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.37)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.33)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.63)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.59)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized gains</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1.15)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3.97)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(4.15)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total distributions</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1.23)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(4.34)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(4.48)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.63)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.59)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Accretion resulting from tender&nbsp;offer</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.02</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.02</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Dilution in net asset value from dividend reinvestment</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.13)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.14)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.04)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.02)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Increase resulting from share repurchases</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.03</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.15</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.09</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.07</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.06</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net asset value, end of&nbsp;period</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 16.19</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 15.32</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 21.24</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 17.45</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 13.86</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Market value, end of&nbsp;period</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 14.70</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 14.04</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 19.93</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 15.58</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 12.24</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Investment Return for the Period<SUP>b</SUP></B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Based upon market value&nbsp;(%)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">14.31</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(8.35)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">58.27</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">30.58</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(18.89)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Based upon net asset value&nbsp;(%)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">15.38</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(6.16)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">50.59</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">32.02</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(18.52)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Ratio to Average Net Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ratio of expenses&nbsp;(%)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.16</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.14</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.11</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.17</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.09</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ratio of net investment income&nbsp;(%)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.78</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.06</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.04</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.42</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.40</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Portfolio turnover (%)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">55</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">55</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">67</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">24</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">18</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net assets at end of period ($&nbsp;thousands)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">257,825</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">228,414</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">317,061</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">280,724</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">241,424</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding-top: 6pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>a</SUP> Based on
        average shares outstanding during the period.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>b</SUP> Total investment
        return based on net asset value reflects changes in the Fund's net asset value during each period. Total return based on market
        value reflects changes in the market value during each period. Each figure includes reinvestments of dividend and capital gain
        distributions, if any. These figures will differ depending upon the level of any discount from or premium to net asset value at
        which the Fund's shares trade during the period.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #00128D"><B>Notes to Financial Statements
</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>A. Accounting Policies</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The New Germany Fund, Inc. (the &quot;Fund&quot;) was
incorporated in Maryland&nbsp;on January 16, 1990 as a non-diversified, closed-end management investment company. The Fund commenced
investment operations on January 30, 1990. The Fund became a diversified fund on October 26, 2007.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The preparation of financial statements in accordance
with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions
that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Security Valuation.</B></FONT><FONT STYLE="font-size: 12pt">
The Fund calculates its net asset value (&quot;NAV&quot;) per share for publication at the close of regular trading on XETRA, normally
11:30 a.m., New York time. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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&nbsp;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.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Equity securities 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 prior
to the time of valuation. Securities 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
are generally categorized as Level 1.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Investments in open-end investment companies and closed-end
investment companies are valued at their NAV each business day and are categorized as Level 1.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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 Board 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 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.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Disclosure about the classification of the fair value
measurements is included in a table following the Fund's Schedule of Investments.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Securities Transactions
and Investment Income.</B></FONT><FONT STYLE="font-size: 12pt"> Investment transactions are accounted for on a trade date plus
one basis for daily NAV calculation. However, for financial reporting purposes, investment security 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) for investments. </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Securities Lending.</B></FONT><FONT STYLE="font-size: 12pt">
Brown Brothers Harriman &amp; Co., as lending agent, lends securities of the Fund to certain financial institutions under the terms
of the Security Lending Agreement. The Fund retains the benefit of owning the securities it has loaned and 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 or liquid, unencumbered assets having
a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent
will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending
agreement. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to
Exemptive Orders issued by the SEC. During the year ended December 31, 2015, the Fund invested the cash collateral in Daily Assets
Fund, an affiliated money market fund managed by Deutsche Investment Management Americas Inc. Deutsche Investment Management Americas
Inc. receives a management/administration fee (0.08% annualized effective rate as of December 31, 2015) on the cash collateral
invested in Daily Assets Fund. 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 lending agent. Either the Fund or the borrower
may terminate the loan. 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.
</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">As of the year ended December 31, 2015, the Fund had
securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Foreign Currency Translation.</B></FONT><FONT STYLE="font-size: 12pt">
The books and records of the Fund are maintained in United States dollars. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Assets and liabilities denominated in foreign currency
are translated into United States dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities,
income and expenses are translated at the rate of exchange prevailing on the respective dates of such 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.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">At December 31, 2015, the exchange rate was EUR &euro;1.00
to USD $1.09.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Contingencies.</B></FONT><FONT STYLE="font-size: 12pt">
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 occurred. However, based on experience, the Fund expects the risk of loss to be remote. </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Taxes.</B></FONT><FONT STYLE="font-size: 12pt">
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. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund has reviewed the tax positions for the open
tax years as of December 31, 2015 and has determined that no provision for income tax and/or uncertain tax provisions is required
in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examinations
by the Internal Revenue Service.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Dividends and Distributions
to Shareholders.</B></FONT><FONT STYLE="font-size: 12pt"> The Fund records dividends and distributions to its shareholders on the
ex-dividend date. The timing and character of certain income and capital gain distributions are determined annually in accordance
with United States federal income tax regulations, which may differ from accounting principles generally accepted in the United
States of America. These differences primarily relate to investments in foreign passive investment companies, recognition of certain
foreign currency gains (losses) as ordinary income (loss) 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 NAV of the Fund. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">At December 31, 2015, the Fund's components of distributable
earnings (accumulated losses) on a tax basis were as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; border-top-style: outset; border-top-width: 1pt; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Undistributed ordinary income</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 3,993,137</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Undistributed long-term capital gain</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 2,153,609</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net unrealized appreciation (depreciation)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 64,054,243</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">In addition, the tax character of distributions paid
to shareholders by the Fund is summarized as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Years Ended December 31,</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 19%; padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 19%; padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Distributions from ordinary income*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 1,266,739</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 18,765,387</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Distributions from long-term capital gains</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 18,329,190</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 46,336,452</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">* For tax purposes, short-term
capital gain is considered ordinary income.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>B. Investment Advisory
and Administration Agreements</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund is party to an Investment Advisory Agreement
with Deutsche Asset &amp; Wealth Management International GmbH (&quot;DeAWMI&quot;). The Fund also has an Administration Agreement
with Deutsche Investment Management Americas Inc. (&quot;DIMA&quot;). DeAWMI and DIMA are affiliated companies.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Under the Investment Advisory Agreement with DeAWMI,
DeAWMI directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. DeAWMI determines
the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Investment Advisory Agreement provides DeAWMI with
a fee, computed weekly and payable monthly, at the annual rate of 0.80% of the Fund's average weekly net assets up to and including
$100 million, 0.60% of such assets in excess of $100 million and up to and including $500 million, and 0.55% of such assets in
excess of $500 million.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Accordingly, for the year ended December 31, 2015,
the fee pursuant to the Investment Advisory Agreement was equivalent to an annual rate of 0.67% of the Fund's average daily net
assets.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Under the Administration Agreement with DIMA, DIMA
provides all of the non-investment advisory services to the Fund. The Administration Agreement provides DIMA with a fee, computed
weekly and payable monthly, of 0.20% of the Fund's average weekly net assets.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>C. Transactions with
Affiliates</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">DeAWM Service Company (&quot;DSC&quot;), an affiliate
of DIMA, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency
agreement between DSC and DST Systems, Inc. (&quot;DST&quot;), DSC has delegated certain transfer agent and dividend-paying agent
paying functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended
December 31, 2015, the amount charged to the Fund by DSC aggregated $19,898, of which $2,067 is unpaid.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Under an agreement with DIMA, DIMA is compensated for
providing typesetting and certain regulatory filing services to the Fund. For the year ended December 31, 2015, the amount charged
to the Fund by DIMA included in the Statements of Operations under &quot;Reports to shareholders&quot; aggregated $17,166, of which
$5,786 is unpaid.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Deutsche Bank AG, the German parent of DIMA and DeAWMI,
and its affiliates may receive brokerage commissions as a result of executing agency transactions in portfolio securities on behalf
of the Fund, that the Board determined were effected in compliance with the Fund's Rule 17e-1 procedures. For the year ended December
31, 2015, Deutsche Bank did not receive brokerage commissions from the Fund.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Certain Officers of the Fund are also officers of DIMA
or DeAWMI.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund pays each Director not an &quot;interested
person&quot; of DIMA or DeAWMI retainer fees plus specified amounts for attended board and committee meetings.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund may invest cash balances in Central Cash Management
Fund, which is managed by DIMA. The Fund indirectly bears its proportionate share of the expenses of Central Cash Management Fund.
Central Cash Management Fund does not pay DIMA an investment management fee. Central Cash Management Fund seeks a high level of
current income consistent with liquidity and the preservation of capital.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>D. Portfolio Securities</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Purchases and sales of investment securities, excluding
short-term investments, for the year ended December 31, 2015, were $147,460,727 and $188,464,164, respectively.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>E. Capital</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">During the year ended December 31, 2015 and the year
ended December&nbsp;31, 2014, the Fund purchased 257,208 and 1,216,464 of its shares of common stock on the open market at a total
cost of $3,859,664 and $22,293,050 ($15.01 and $18.33 average per share), respectively. The average discount of these purchased
shares comparing the purchased price to the NAV at the time of purchase was 9.85% and 9.58%, respectively.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">During the year ended December 31, 2015 and the year
ended December&nbsp;31, 2014, the Fund issued for dividend reinvestment 1,271,320 and 1,196,343 shares, respectively. The average
discount of these issued shares, comparing the issue price to the NAV at the time of issuance, was 10.19% and 9.16%, respectively.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>F. Share Repurchases
and Tender Offers</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">On July 26, 2013, the Fund announced that the Board
of Directors approved an extension of the repurchase authorization permitting the Fund to repurchase 900,000 shares during the
period from August 1, 2013 through July 31, 2014. On June 4, 2014, the Fund announced that the Board of Directors approved a 400,000
increase to the previously announced share repurchase authorization, resulting in a total authorization of 1,300,000 shares for
repurchase during the period from August 1, 2013 through July&nbsp;31, 2014. The Fund repurchased 1,115,846 shares between August
1, 2013 and July 31, 2014. On July 28, 2014, the Fund announced that the Board of Directors approved an extension of the repurchase
authorization permitting the Fund to repurchase up to 1,550,000 shares during the period from August 1, 2014 through July 31, 2015.
The Fund repurchased 497,038 shares between August 1, 2014 and July 31, 2015. On July 27, 2015, the Fund announced that the Board
of Directors approved an extension of the current repurchase authorization permitting the Fund to repurchase up to 1,610,000 shares
during the period from August 1, 2015 through July 31, 2016. The Fund repurchased 158,707 shares between August 1, 2015 and December
31, 2015.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Repurchases will be made from time to time when they
are believed to be in the best interests of the Fund. There can be no assurance that the Fund's repurchases will reduce the spread
between the market price of the Fund's shares referred to below and its NAV per share.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Monthly updates concerning the Fund's repurchase program
are available on its Web site at deutschefunds.com.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">On January 31, 2012, the Fund announced that the Board
of Directors approved a Discount Management Program (the &quot;New Program&quot;) on the same terms as the Fund's then current
program. Pursuant to the New Program, the Fund's Board of Directors approved a series of up to four consecutive semiannual tender
offers each for up to 5% of the Fund's outstanding shares of common stock at a price equal to 98% of NAV per share. The Fund would
conduct a tender offer if its shares traded at an average discount to NAV of more than 10% during the applicable 12-week measurement
period. During the fourth measurement period that commenced on April 7, 2014 and expired on June 27, 2014, the Fund's shares traded
at an average discount to NAV of less than 10%. Therefore, the Fund was not required to conduct a tender offer.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">On July 28, 2014, the Fund announced that the Board
of Directors adopted a new Discount Management Program whereby the Fund would initiate one contingent tender offer during the period
from August 1, 2014 through July 31, 2015 for up to 5% of the Fund's shares outstanding at 98% of the Fund's NAV per share. The
terms of the Discount Management Program required the Fund to conduct a tender offer if its shares traded at an average discount
to NAV of more than 10% during a 15-week measurement period determined by the Board of Directors. During the measurement period
that commenced on September 2, 2014 and expired on December&nbsp;12, 2014, the Fund's shares traded at an average discount to NAV
of less than 10%. Therefore, the Fund was not required to conduct a tender offer.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>G. Concentration of
Ownership</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">From time to time, the Fund may have a concentration
of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders
could have a material impact on the Fund. At December 31, 2015, there were three shareholders that held approximately 18%, 13%
and 7%, respectively, of the outstanding shares of the Fund.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Report
of Independent Registered Public&nbsp;Accounting Firm</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>To the Board of Directors
and Shareholders of The&nbsp;New&nbsp;Germany&nbsp;Fund,&nbsp;Inc.</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">In our opinion, the accompanying statement of assets
and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and
the financial highlights present fairly, in all material respects, the financial position of The New Germany Fund, Inc. (the &quot;Fund&quot;)
at December 31, 2015, the results of its operations, the changes in its net assets and the financial highlights for each of the
periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial
statements and financial highlights (hereafter referred to as &quot;financial statements&quot;) are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits
of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December
31, 2015 by correspondence with the custodian, broker and transfer agent, provide a reasonable basis for our opinion.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">Boston, Massachusetts</FONT><BR>
<FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">February 17, 2016 </FONT></TD>
    <TD STYLE="width: 50%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">PricewaterhouseCoopers LLP </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Tax
Information </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">(Unaudited)</FONT></B><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund paid distributions of $1.151 per share from
net long-term capital gains during its year ended December 31, 2015.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund paid foreign taxes of $269,562 and earned
$1,635,475 of foreign source income during the year ended December 31, 2015. Pursuant to Section&nbsp;853 of the Internal Revenue
Code, the Fund designates $0.0169 per share as foreign taxes paid and $0.1027 per share as income earned from foreign sources for
the year ended December 31, 2015.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Pursuant to Section 852 of the Internal Revenue Code,
the Fund designates $17,610,000 as capital gain dividends for its year ended December&nbsp;31,&nbsp;2015.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Please consult a tax advisor if you have questions
about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account,
please call (800)&nbsp;728-3337.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund elected to be subject to the statutory calculation,
notification and publication requirements of the German Investment Tax Act (Investmentsteuergesetz) (the &quot;Act&quot;) for the
fiscal year ended December&nbsp;31, 2014 and intends to elect to be subject to the Act for the fiscal year ending December 31,
2015. This election allows investors based in Germany to invest in the Fund without adverse tax consequences.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Shares
Repurchased and Issued </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">(Unaudited)</FONT></B><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund has been purchasing shares of its common stock
in the open market and has also purchased shares pursuant to tender offers. Shares repurchased in the open market, shares issued
for dividend reinvestment, and shares tendered and accepted for the past five years are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Years Ended December 31,</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%; padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 12%; padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 12%; padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 12%; padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 12%; padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2012</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 12%; padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2011</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares repurchased</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">257,208</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,216,464</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">662,759</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">681,014</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">638,482</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares issued for dividend&nbsp;reinvestment</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,271,320</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,196,343</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">301,838</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">218,646</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares tendered and accepted</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">801,417</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">863,598</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Voluntary
Cash Purchase Program and Dividend Reinvestment Plan </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">(Unaudited)</FONT></B><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund offers shareholders a Voluntary Cash Purchase
Program and Dividend Reinvestment Plan (&quot;Plan&quot;) which provides for optional cash purchases and for the automatic reinvestment
of dividends and distributions payable by the Fund in additional Fund shares. A more complete description of the Plan is provided
in the Plan brochure available from DeAWM Service Company, the transfer agent (the &quot;Transfer Agent&quot;), P.O. Box 219066,
Kansas City, Missouri 64105 (telephone 1-800-349-4281). DST Systems, Inc. (the &quot;Plan Agent&quot;) acts as the plan agent under
the Plan. A shareholder should read the Plan brochure carefully before enrolling in the Plan.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Under the Plan, participating shareholders (&quot;Plan
Participants&quot;) appoint the Transfer Agent to receive or invest Fund distributions as described below under &quot;Reinvestment
of Fund Shares.&quot; In addition, Plan Participants may make optional cash purchases through the Transfer Agent as often as once
a month as described below under &quot;Voluntary Cash Purchases.&quot; There is no charge to Plan Participants for participating
in the Plan, although when shares are purchased under the Plan by the Plan Agent on the New York Stock Exchange or otherwise on
the open market, each Plan Participant will pay a pro rata share of brokerage commissions incurred in connection with such purchases,
as described below under &quot;Reinvestment of Fund Shares&quot; and &quot;Voluntary Cash Purchases.&quot;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Reinvestment of Fund
Shares.</B></FONT><FONT STYLE="font-size: 12pt"> Whenever the Fund declares a capital gain distribution, an income dividend or
a return of capital distribution payable, at the election of shareholders, either in cash or in Fund shares, or payable only in
cash, the Transfer Agent shall automatically elect to receive Fund shares for the account of each Plan Participant. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Whenever the Fund declares a capital gain distribution,
an income dividend or a return of capital distribution payable only in cash and the net asset value per share of the Fund's common
stock equals or is less than the market price per share on the valuation date (the &quot;Market Parity or Premium&quot;), the Transfer
Agent shall apply the amount of such dividend or distribution payable to a Plan Participant to the purchase from the Fund of Fund
Shares for a Plan Participant's account, except that if the Fund does not offer shares for such purpose because it concludes Securities
Act registration would be required and such registration cannot be timely effected or is not otherwise a cost-effective alternative
for the Fund, then the Transfer Agent shall follow the procedure described in the next paragraph. The number of additional shares
to be credited to a Plan Participant's account shall be determined by dividing the dollar amount of the distribution payable to
a Plan Participant by the net asset value per share of the Fund's common stock on the valuation date, or if the net asset value
per share is less than 95% of the market price per share on such date, then by 95% of the market price per share. The valuation
date will be the payable date for such dividend or distribution.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Whenever the Fund declares a capital gains distribution,
an income dividend or a return of capital distribution payable only in cash and the net asset value per share of the Fund's common
stock exceeds the market price per share on the valuation date (the &quot;Market Discount&quot;), the Plan Agent shall apply the
amount of such dividend or distribution payable to a Plan Participant (less a Plan Participant's pro rata share of brokerage commissions
incurred with respect to open-market purchases in connection with the reinvestment of such dividend or distribution) to the purchase
on the open market of Fund shares for a Plan Participant's account. The valuation date will be the payable date for such dividend
or distribution. Such purchases will be made on or shortly after the valuation date and in no event more than 30 days after such
date except where temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal
securities laws.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Transfer Agent or the Plan Agent may aggregate
a Plan Participant's purchases with the purchases of other Plan Participants, and the average price (including brokerage commissions)
of all shares purchased by the Plan Agent shall be the price per share allocable to each Plan Participant.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">For all purposes of the Plan, the market price of the
Fund's common stock on a payable date shall be the last sales price on the New York Stock Exchange on that date, or, if there is
no sale on such Exchange (or, if different, the principal exchange for Fund shares) on that date, then the mean between the closing
bid and asked quotations for such stock on such Exchange on such date. The net asset value per share of the Fund's common stock
on a valuation date shall be as determined by or on behalf of the Fund.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Transfer Agent may hold a Plan Participant's shares
acquired pursuant to the Plan, together with the shares of other Plan Participants acquired pursuant to this Plan, in non-certificated
form in the name of the Transfer Agent or that of a nominee. The Transfer Agent will forward to each Plan Participant any proxy
solicitation material and will vote any shares so held for a Plan Participant only in accordance with the proxy returned by a Plan
Participant to the Fund. Upon a Plan Participant's written request, the Transfer Agent will deliver to a Plan Participant, without
charge, a certificate or certificates for the full shares held by the Transfer Agent.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Voluntary Cash Purchases.</B></FONT><FONT STYLE="font-size: 12pt">
Plan Participants have the option of making investments in Fund shares through the Transfer Agent as often as once a month. Plan
Participants may invest as little as $100 in any month and may invest up to $36,000 annually through the voluntary cash purchase
feature of the Plan. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Plan Agent shall apply such funds (less a Plan
Participant's pro rata share of brokerage commissions or other costs, if any) to the purchase on the New York Stock Exchange (or,
if different, on the principal exchange for Fund shares) or otherwise on the open market of Fund shares for such Plan Participant's
account, regardless of whether there is a Market Parity or Premium or a Market Discount. The Plan Agent will purchase shares for
Plan Participants on or about the 15th of each month. Cash payments received by the Transfer Agent less than five business days
prior to a cash purchase investment date will be held by the Transfer Agent until the next month's investment date. Uninvested
funds will not bear interest. Plan Participants may withdraw any voluntary cash payment by written notice received by the Transfer
Agent not less than 48 hours before such payment is to be invested.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Enrollment and Withdrawal.</B></FONT><FONT STYLE="font-size: 12pt">
Both current shareholders and first-time investors in the Fund are eligible to participate in the Plan. Current shareholders may
join the Plan by either enrolling their shares with the Transfer Agent or by making an initial cash deposit of at least $250 with
the Transfer Agent. First-time investors in the Fund may join the Plan by making an initial cash deposit of at least $250 with
the Transfer Agent. In order to become a Plan Participant, shareholders must complete and sign the enrollment form included in
the Plan brochure and return it, and, if applicable, an initial cash deposit of at least $250 directly to the Transfer Agent if
shares are registered in their name. Shareholders who hold Fund shares in the name of a brokerage firm, bank or other nominee should
contact such nominee to arrange for it to participate in the Plan on such shareholder's behalf. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">If the Plan Participant elects to participate in the
Plan by enrolling current shares owned by the Plan Participant with the Transfer Agent, participation in the dividend reinvestment
feature of the Plan begins with the next dividend or capital gains distribution payable after the Transfer Agent receives the Plan
Participant's written authorization, provided such authorization is received by the Transfer Agent prior to the record date for
such dividend or distribution. If such authorization is received after such record date, the Plan Participant's participation in
the dividend reinvestment feature of the Plan begins with the following dividend or distribution.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">If the Plan Participant elects to participate in the
Plan by making an initial cash deposit of at least $250 with the Transfer Agent, participation in the dividend reinvestment feature
of the Plan begins with the next dividend or capital gains distribution payable after the Transfer Agent receives the Plan Participant's
authorization and deposit, and after the Plan Agent purchases shares for the Plan Participant on the New York Stock Exchange (or,
if different, on the principal exchange for Fund shares) or otherwise on the open market, provided that the authorization and deposit
are received, and the purchases are made by the Plan Agent prior to the record date. If such authorization and deposit are received
after the record date, or if the Plan Agent purchases shares for the Plan Participant after the record date, the Plan Participant's
participation in the dividend reinvestment feature of the Plan begins with the following dividend or distribution.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">A shareholder's written authorization and cash payment
must be received by the Transfer Agent at least five business days in advance of the next cash purchase investment date (normally
the 15th of every month) in order for the Plan Participant to participate in the voluntary cash purchase feature of the Plan in
that month.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Plan Participants may withdraw from the Plan without
charge by written notice to the Transfer Agent. Plan Participants who choose to withdraw may elect to receive stock certificates
representing all of the full shares held by the Transfer Agent on their behalf, or to instruct the Transfer Agent to sell such
full shares and distribute the proceeds, net of brokerage commissions, to such withdrawing Plan Participant. Withdrawing Plan Participants
will receive a cash adjustment for the market value of any fractional shares held on their behalf at the time of termination. Withdrawal
will be effective immediately with respect to distributions with a record date not less than 10 days later than receipt of such
written notice by the Transfer Agent.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Amendment and Termination
of Plan.</B></FONT><FONT STYLE="font-size: 12pt"> The Plan may only be amended or supplemented by the Fund or by the Transfer Agent
by giving each Plan Participant written notice at least 90 days prior to the effective date of such amendment or supplement, except
that such notice period may be shortened when necessary or appropriate in order to comply with applicable law or the rules or policies
of the Securities and Exchange Commission or any other regulatory body. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Plan may be terminated by the Fund or by the Transfer
Agent by written notice mailed to each Plan Participant. Such termination will be effective with respect to all distributions with
a record date at least 90 days after the mailing of such written notice to the Plan Participants.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Federal Income Tax
Implications of Reinvestment of Fund Shares.</B></FONT><FONT STYLE="font-size: 12pt"> Reinvestment of Fund shares does not relieve
Plan Participants from any income tax which may be payable on dividends or distributions. For U.S. federal income tax purposes,
when the Fund issues shares representing an income dividend or a capital gains dividend, a Participant will include in income the
fair market value of the shares received as of the payment date, which will be ordinary dividend income or capital gains, as the
case may be. The shares will have a tax basis equal to such fair market value, and the holding period for the shares will begin
on the day after the date of distribution. If shares are purchased on the open market by the Plan Agent, a Plan Participant will
include in income the amount of the cash payment made. The basis of such shares will be the purchase price of the shares, and the
holding period for the shares will begin on the day following the date of purchase. State, local and foreign taxes may also be
applicable. </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Approval
of Continuance of Investment Advisory Agreement </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">(Unaudited)</FONT></B><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund&rsquo;s directors unanimously approved the
continuance of the investment advisory agreement between the Fund and Deutsche Asset &amp; Wealth Management International GmbH
(&quot;DeAWMI&quot;) (the &quot;agreement&quot;) at a meeting held on October 23, 2015. The Fund&rsquo;s directors simultaneously
approved the continuance of the administration agreement (the &quot;administration agreement&quot;) between the Fund and Deutsche
Investment Management Americas Inc. (&quot;DIMA&quot;), an affiliate of&nbsp;DeAWMI.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">In preparation for the meeting, the directors had requested,
received and evaluated extensive materials from DeAWMI, including performance and expense information for other investment companies
with similar investment objectives derived from data compiled by Lipper Inc. (&quot;Lipper&quot;). Prior to voting, the directors
reviewed the proposed approval of the continuance of the agreement with management and with experienced Fund counsel and received
a memorandum from such counsel discussing the legal standards for their consideration of the proposed approval of the continuance.
The directors also discussed the proposed approval in a private session with counsel at which no representatives of DeAWMI or DIMA
were present. In reaching their determination relating to approval of the agreement, the directors considered all factors they
believed relevant, including the following:</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">1. information comparing the Fund&rsquo;s performance
to other investment companies with similar investment objectives and to an index;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">2. the nature, extent and quality of investment advisory
and other services rendered by DeAWMI;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">3. payments received by DeAWMI and its affiliates (including
DIMA) from all sources in respect to the Fund and all investment companies in the Deutsche family of funds;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">4. the costs borne by, and profitability of, DeAWMI
and DIMA in providing services to the Fund;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">5. comparative fee and expense data for the Fund and
other investment companies with similar investment objectives;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">6. the extent to which economies of scale would be
realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of investors;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">7. DeAWMI&rsquo;s policies and practices regarding
allocation of the Fund&rsquo;s portfolio transactions, including the extent to which DeAWMI benefits from soft dollar arrangements;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">8. the Fund&rsquo;s portfolio turnover rates compared
to those of other closed-end investment companies investing in international equities;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">9. fall-out benefits which DeAWMI and its affiliates
receive from their relationships with the Fund;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">10. information concerning the programs established
by DeAWMI with respect to compliance, risk management, disclosure and ethics;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">11. the professional experience and qualifications
of the Fund&rsquo;s portfolio management team and other senior personnel of DeAWMI; the implications for DeAWMI and DIMA of the
management reorganization of Deutsche Bank AG announced on October 18, 2015 and management&rsquo;s representation that such reorganization
was not expected to have any adverse effect on the management or operations of the Fund or on the identities of persons at DeAWMI
and DIMA providing services to the Fund; and</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">12. the terms of the agreement.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The directors also considered their knowledge of the
nature and quality of the services provided by DIMA and DeAWMI to the Fund gained from their experience as directors of the European
Equity Fund and the Central Europe, Russia and Turkey Fund and, where relevant, other Deutsche funds, their confidence in DeAWMI&rsquo;s
integrity and competence gained from that experience and DeAWMI&rsquo;s responsiveness to concerns raised by them in the past,
including DeAWMI&rsquo;s willingness to consider and implement organizational and operational changes designed to improve investment
results and the services provided to the Fund.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">In their deliberations, the directors did not identify
any particular information that was all-important or controlling, and each director attributed different weights to the various
factors.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The directors determined that the overall arrangements
between the Fund and DeAWMI, as provided in the agreement, were fair and reasonable in light of the services performed, expenses
incurred and such other matters as the directors considered relevant in the exercise of their reasonable judgment. The directors
further determined that they were satisfied that the services provided by DeAWMI to the Fund represented good value for the money
payable to it by the Fund.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The material factors and conclusions that formed the
basis for the directors&rsquo; reaching their determination to approve the continuance of the agreement (including their determinations
that DeAWMI should continue in its role as investment advisor for the Fund, and that the fees payable to DeAWMI pursuant to the
agreement are appropriate) were separately discussed by the directors.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Nature, Extent and
Quality of Services Provided by DeAWMI. </B></FONT><FONT STYLE="font-size: 12pt">The directors noted that, under the agreement,
DeAWMI, in accordance with the Fund&rsquo;s investment objectives, policies and limitations, makes all decisions with respect to
suitable securities for investment by the Fund and transmits purchase and sale orders and selects brokers and dealers to execute
portfolio transactions on behalf of the Fund. DeAWMI pays all of the compensation of the Fund&rsquo;s directors and officers who
are interested persons of DeAWMI. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The directors considered the scope and quality of services
provided by DeAWMI under the agreement and noted that the scope of services provided had expanded over time as a result of regulatory
and other developments. The directors also considered the commitment of DeAWMI to, and the programs established by it with respect
to, compliance, risk management, disclosure and ethics. The directors considered the quality of the investment research capabilities
of DeAWMI and the other resources it has dedicated to performing services for the Fund. The quality of the advisory services provided
also were considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services
provided (and expected to be provided) to the Fund under the agreement.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Costs of Services
Provided and Profitability to DeAWMI.</B></FONT><B><FONT STYLE="font-size: 12pt"><I> </I></FONT></B><FONT STYLE="font-size: 12pt">At
the request of the directors, DeAWMI provided information concerning: its revenues, expenses, net income and financial condition
for 2014; and information about revenues and expenses and the profitability of its relationship with the Fund in 2014. Similar
information was provided for DIMA. The directors reviewed the assumptions and methods of allocation used by DeAWMI and DIMA in
preparing Fund specific profitability data. DeAWMI and DIMA stated their belief that the methods of allocation used were reasonable,
but noted that there are limitations inherent in allocating costs to multiple individual clients served by organizations such as
DIMA and DeAWMI where each of the clients draws on, and benefits from, the research and other resources of the Deutsche Bank organization.
</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The directors recognized that it is difficult to make
comparisons of profitability from fund advisory contracts because comparative information is not generally publicly available and
is affected by numerous factors, including the structure of the particular advisor, the types of funds it manages, its business
mix, numerous assumptions regarding allocations and the advisor&rsquo;s capital structure and cost of capital. In considering profitability
information, the directors considered the effect of possible fall-out benefits on DeAWMI&rsquo;s expenses, including the fact that
there were no affiliated brokerage commissions.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The directors noted that DeAWMI may allocate brokerage
to receive research generated by, or paid for by, executing brokers. They also noted that DeAWMI has policies to prohibit consideration
of the sale of shares of Deutsche funds when selecting broker dealers to execute portfolio transactions for the Fund or other Deutsche
funds.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The directors recognized that DeAWMI should, as a general
matter, be entitled to earn a reasonable level of profits for the services it provides to the Fund and, based on their review,
concluded that DeAWMI&rsquo;s level of profitability from its relationships with the Fund was not excessive. The directors also
considered the aggregate profitability of the relationships with the Fund of DeAWMI and DIMA and concluded that it was not excessive.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Investment Results.</B></FONT><FONT STYLE="font-size: 12pt">
In addition to the information received by the directors for the meeting, the directors receive detailed performance information
for the Fund at each regular board meeting during the year and also receive monthly performance information. As the Fund is not
aware of any closed-end fund with an objective similar to that of the Fund, the directors generally focus on the Fund&rsquo;s performance
based on net asset value compared to its benchmark when assessing investment results. The directors also reviewed information showing
the Fund&rsquo;s performance compared to that of other investment vehicles compiled by management based on information provided
by Lipper and Morningstar (a total of 6&nbsp;funds, consisting of exchange-traded funds and open-end funds). The directors also
reviewed information showing performance of the Fund&rsquo;s benchmark index, currently the Germany Midcap Market Performance index
of 80 stocks. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The comparative information showed that the Fund outperformed
its benchmark in the first nine months of 2015 and in 2014 and 2013. While the Fund underperformed the benchmark in 2012 and 2011,
it outperformed the benchmark in five of the seven years ended 2010. Taking into account these comparisons and the other factors
considered, the directors concluded that the Fund&rsquo;s investment results over time were satisfactory.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Management and Investment
Advisory Fees and Other Expenses.</B></FONT><FONT STYLE="font-size: 12pt"> The directors considered the investment advisory fee
rates payable by the Fund to DeAWMI under the agreement. The directors recognized that it is difficult to make comparisons of advisory
fees because there are variations in the services that are included in the fees paid by other funds. The directors also considered
information provided by DeAWMI concerning the fee rates charged to other investment companies having somewhat similar mandates
as the Fund, as well as the representation by DeAWMI that it does not manage any other institutional accounts that are similar
to the Fund, and its review of the reasons that it does not consider institutional fee rates to be relevant to the consideration
of appropriate fee rates payable by investment companies such as the Fund. The directors noted that DeAWMI advises non-U.S. open-end
funds that pay management fees that, while not entirely comparable to the fees payable by the Fund to DeAWMI and DIMA, are substantially
higher than the combined advisory and administration fee rate paid by the Fund. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund&rsquo;s management expense comparison group
consisted of six closed-end developed market funds (including the Fund) and 11 open-end European region funds (plus the Fund) selected
by Lipper. The directors reviewed information comparing the combined advisory and administrative fees payable under the agreement
and the administration agreement for this purpose, noting that DeAWMI and DIMA are affiliated companies. The directors noted that
the combined advisory and administrative fee rate paid by the Fund in 2014 of 0.869% was above the average and median fee rates
of both comparison groups. The directors noted that the Fund&rsquo;s effective fee rate reflects the effect of breakpoints. The
directors also considered the Fund&rsquo;s total expense ratio in comparison to the fees and expenses of 60 closed-end international
equity funds compiled by management based on Morningstar data. The directors also noted that the Fund&rsquo;s expense ratio was
below the median and average and in the lowest quartile of the comparison group. The directors concluded that the Fund&rsquo;s
expense ratio was satisfactory.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Economies of Scale.
</B></FONT><FONT STYLE="font-size: 12pt">The directors noted that the investment advisory fee schedule in the agreement contains
breakpoints that reduce the fee rate on assets above specified levels. The directors recognized that breakpoints may be an appropriate
way for DeAWMI to share its economies of scale with some funds that have substantial assets or that may grow materially over the
next year. However, they also recognized that there is no direct relationship between the economies of scale realized by funds
and those realized by DeAWMI as assets increase, largely because economies of scale are realized (if at all) by DeAWMI across a
variety of products and services, and not only in respect of a single fund. They also noted that the Fund&rsquo;s assets have diminished
in recent years. Having taken these factors into account, the directors concluded that the breakpoint arrangements in the agreement
were acceptable under the Fund&rsquo;s circumstances. </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Directors
and Officers of the Fund</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Directors</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Name, Age, Term of Office and Length of Time Served*<SUP>&dagger;</SUP></B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 58%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Principal Occupation(s) During the Past&nbsp;Five&nbsp;Years</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Other Directorships Held by Director</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Dr. Wilhelm Bender, 71<SUP>(1)</SUP></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Class II Since&nbsp;2013</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Senior Advisor of Advent International GmbH (private equity) (since 2009), of Norton Rose Fulbright LLP (legal services) (since 2010), and a member of Supervisory Boards of MTU&nbsp;AG (aircraft engines) (since 2008) and FrankfurtRheinMain GmbH (International Marketing of the Region) (since&nbsp;11/2013). He is also a member of the Advisory Board of Deutsche Bank AG (since 1993) and holds a number of honorary positions including Honorary Professor of the Johann Wolfgang Goethe University in Frankfurt (since 2008). He is the former Chairman of the Executive Board (CEO) of Fraport&nbsp;AG, Germany (aviation industry) (1993&ndash;2009), former Chairman of the Supervisory Boards of Bombardier Transportation GmbH (railways) (2010&ndash;2015) and Eintracht Frankfurt Fussball AG (soccer club) (2010&ndash;2015), and a former member of the Supervisory Board of Lufthansa Cargo AG (air freight) (2008&ndash;2015).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director, The European Equity Fund, Inc. (since 2013) and The Central Europe, Russia and Turkey Fund, Inc. (since 2013).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Detlef Bierbaum, 73<SUP>(1)</SUP></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Class I Since&nbsp;2008</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Consultant (since 2010). Member of the Supervisory Board of Deutsche Bank &Ouml;sterreich AG (private bank) for more than five years. Mr. Bierbaum also serves as a member of the Board or Supervisory Board of a number of non-U.S. investment companies and of companies in diverse businesses including insurance, real estate, and retailing. He is a former member of the Supervisory Board of Sal. Oppenheim Jr. &amp; Cie. KGaA (private bank) (2008 to March 2010) and was formerly a partner of that firm. </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director, The European Equity Fund, Inc. (since 1986) and The Central Europe, Russia and Turkey Fund, Inc. (since 1990).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Ambassador Richard R.
        Burt, 68<SUP>(1)</SUP></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Class III Since&nbsp;2004</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Managing Director, McLarty Associates (international strategic advisory) (since 2007). Formerly, Chairman, Diligence, Inc. (international information and risk management firm) (2002&ndash;2007); Chairman of the Board, Weirton Steel Corp. (1996&ndash;2004); Partner, McKinsey &amp; Company (consulting firm) (1991&ndash;1994); State Department, Chief Negotiator in charge of negotiating the Arms Treaty with Russia (1989&ndash;1991); U.S. Ambassador to the Federal Republic of Germany (1985&ndash;1989). Mr. Burt is also Director, IGT, Inc. (gaming technology) (since 1995), and HCL Technologies, Inc. (information technology and product engineering) (since 1999) and member, Textron Inc. International Advisory Council (aviation, automotive, industrial operations and finance) (since&nbsp;1996).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director, The European Equity Fund, Inc. (since 2000) and The Central Europe, Russia and Turkey Fund, Inc. (since 2000). Director, UBS family of mutual funds (since 1995).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Walter C. Dostmann, 59<SUP>(1)</SUP></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Class I Since&nbsp;2015</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Founder and principal, Dostmann &amp; Partners LLC (international business advisory firm) (2000 to present); Director of 360 T Systems, Inc. (trading platform provider) (2013 to present). Formerly, Managing Director and Head of International Corporate Finance Division at Deutsche Bank Securities, Inc. (1990 to 1999); and Senior Vice President of Deutsche Bank AG, New York branch (1985 to 1990). Director and Chairman of North American Income Fund (since 1998) and CABEI Central American Fund (since 1999).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director, The European Equity Fund, Inc. (since 2015) and The Central Europe, Russia and Turkey Fund, Inc. (since 2015).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Richard Karl Goeltz,
        73<SUP>(1)</SUP></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Class II Since&nbsp;1990</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Retired. Formerly, Vice Chairman and Chief Financial Officer of American Express Co. (financial services) (1996&ndash;2000) and previously served as chief financial officer of two other major multi-national corporations. He&nbsp;is also Trustee Emeritus of the American Academy in&nbsp;Berlin. Mr. Goeltz is an Honorary Fellow and member of the Court of Governors of the London School of Economics and Political Science.</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director, The European Equity Fund, Inc. (since 2008) and The Central Europe, Russia and Turkey Fund, Inc. (since 2008). Formerly Director of Aviva plc (financial services), Federal Home Loan Mortgage Corporation (financial services), Delta Air Lines, Inc. (air transport) and The Warnaco Group Inc. (apparel).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Dr. Franz Wilhelm Hopp,
        73<SUP>(1)</SUP></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Class III Since&nbsp;1993</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Partner of Laplace Finanzconsulting GmbH (asset management). Member of the Supervisory Boards of WAVE AG (asset management), Syguis AG (scientific research), and SchneiderGolling Bosserhoff Venn&ouml;gensInvest AG (wealth management). Former member of the Board of Management of KarstadtQuelle Pension Trust e.V. (February 2007&ndash;September 2009). Former member of the Board of ERGO Insurance Group (1995&ndash;2004).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director, The European Equity Fund, Inc. (since 2008) and The Central Europe, Russia and Turkey Fund, Inc. (since 2008).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Dr. Friedbert H.&nbsp;Malt,
        74<SUP>(1)</SUP></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Class III Since&nbsp;2007</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Retired. Formerly, Vice Chairman and Member of the Executive Committee of NOL Neptune Orient Lines Ltd., Singapore (&quot;NOL&quot;) from 2002 to 2011 and Director of NOL from 2000 to 2011. Formerly, Director of T&Uuml;V Rheinland of North America, Inc., a company offering independent testing and assessment services (until 2015). Formerly, Dr. Malt was a Member of the Executive Board of DG Bank (now DZ Bank), Frankfurt (until 2001).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director, The European Equity Fund, Inc. (since 2007) and The Central Europe, Russia and Turkey Fund, Inc. (since 2007).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Christian H. Strenger,
        72<SUP>(1)(2)</SUP></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Class I Since&nbsp;1990</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Member of Supervisory Board (since 1999) and formerly Managing Director (1991&ndash;1999) of Deutsche Asset &amp; Wealth Management Investment GmbH (investment management), a subsidiary of Deutsche Bank AG. Mr. Strenger is a Member of Supervisory Board of TUI AG (travel business). He also is a member of the German Government&rsquo;s Commission on Corporate Governance and other corporate governance organizations, and serves as Director of the Center for Corporate Governance at the Leipzig Graduate School of&nbsp;Management.</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director and Chairman, The European Equity Fund, Inc. (since 1986) and The Central Europe, Russia and Turkey Fund, Inc. (since 1990).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Joachim Wagner, 68<SUP>(1)</SUP></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Class II Since&nbsp;2009</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Retired. Formerly, Chief Financial Officer, RAG Beteiligungs AG/Evonik Industries AG, Germany (chemical manufacturer) (2006&ndash;2009) and Chief Financial Officer, Degussa AG, Germany (chemical manufacturer) (2001&ndash;2006). Mr. Wagner is also a member of the Supervisory Board of a German retail bank and a member of the advisory board of a private German bank.</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director, The European Equity Fund, Inc. (since 2009) and The Central Europe, Russia and Turkey Fund, Inc. (since 2012).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">* The address of each
Director is c/o Deutsche Investment Management Americas Inc., 345 Park Avenue, New York, NY 10154.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>&dagger;</SUP> The
term of office for Directors in Class I expires at the 2016 Annual Meeting, Class II expires at the 2017 Annual Meeting and Class
III expires at the 2018 Annual Meeting.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP> Indicates
that the Director also serves as a Director of The European Equity Fund, Inc. and The Central Europe, Russia and Turkey Fund, Inc.,
two other closed-end registered investment companies for which Deutsche Investment Management Americas Inc. acts as Administrator
and Deutsche Asset &amp; Wealth Management International GmbH acts as Investment Adviser.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>(2)</SUP> Indicates
&quot;Interested Person&quot;, as defined in the Investment Company Act of 1940, as amended (the &quot;1940 Act&quot;). Mr. Strenger
is an &quot;interested&quot; Director because of his affiliation with DWS-Deutsche Gesellschaft f&uuml;r Werpapiersparen mbH (&quot;DWS&quot;),
an indirect wholly owned subsidiary of Deutsche Bank AG, and because of his ownership of Deutsche Bank AG shares.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Officers*</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Name, Age, Position with the Fund and Length of Time Served</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 70%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Principal Occupation(s) During the Past&nbsp;Five&nbsp;Years</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Brian E. Binder,<SUP>
        </SUP>43<SUP>(1)</SUP></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">President and Chief&nbsp;Executive&nbsp;Officer,
        since December 6, 2013</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Managing Director<SUP>(2)</SUP> and Head of Fund Administration, Deutsche Asset Management (2013&ndash;present). Formerly, Head of Business Management and Consulting at Invesco, Ltd. (2010&ndash;2012).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Paul H. Schubert, 52<SUP>(4)</SUP></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer
        and Treasurer, since November 5, 2004</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Managing Director,<SUP>(2)</SUP> Deutsche Asset Management; and Chairman, Director and President, DeAWM Trust Company (since 2013); formerly, Director, DeAWM Trust Company (2004&ndash;2013).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Melinda Morrow, 45<SUP>(4)</SUP></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Vice President, since&nbsp;April&nbsp;27,
        2012</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director,<SUP>(2)</SUP> Deutsche Asset Management (since 2006).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">John Millette, 53<SUP>(3)</SUP></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Secretary, since January&nbsp;1,
        2011<SUP>(5)</SUP></FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director,<SUP>(2)</SUP> Deutsche Asset Management; Chief Legal Officer and Secretary, Deutsche Investment Management Americas Inc. (since 2015); and Director and Vice President, DeAWM Trust Company (since 2016).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Hepsen Uzcan, 41<SUP>(3)</SUP></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Assistant Secretary,
        since&nbsp;July 22, 2013</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director,<SUP>(2)</SUP> Deutsche Asset Management (since 2014).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Caroline Pearson, 53<SUP>(3)</SUP></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Chief Legal Officer,
        since&nbsp;May 21, 2012</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Managing Director,<SUP>(2)</SUP> Deutsche Asset Management; Secretary, DeAWM Distributors, Inc.; and Secretary, DeAWM Service Company.</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Donna White, 51<SUP>(4)</SUP></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Chief Compliance Officer,
        since May 2, 2014</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director,<SUP>(2)</SUP> Deutsche Asset Management (since 2003); Chief Compliance Officer of DeAWM Distributors, Inc. (since 2004).</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Wayne Salit, 48<SUP>(4)</SUP></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Anti-Money Laundering
        Compliance Officer, since&nbsp;June 16, 2014</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director,<SUP>(2)</SUP> Deutsche Asset Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011&ndash;2014); and Director, AML Compliance Officer at Deutsche Bank (2004&ndash;2011). </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Each also serves as an
Officer of The European Equity Fund, Inc. and The Central Europe, Russia and Turkey Fund, Inc., two other closed-end registered
investment companies for which Deutsche Investment Management Americas Inc. acts as Administrator.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">* As a result of their
respective positions held with the Administrator, these individuals are considered &quot;interested persons&quot; of the Administrator
within the meaning of the 1940 Act. Interested persons receive no compensation directly from the Fund.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP> Address:
222 South Riverside Plaza, Chicago, Illinois 60606.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>(2)</SUP> Executive
title, not a board directorship.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>(3)</SUP> Address:
One Beacon Street, Boston, Massachusetts 02108.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>(4)</SUP> Address:
60 Wall Street, New York, New York 10005.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>(5)</SUP> Served
as Assistant Secretary from July 14, 2006 to December 31, 2010 and as Secretary to the Fund from January 30, 2006 to July 13, 2006.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Amended
and Restated Bylaws </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">(Unaudited)</FONT></B><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">On May 1, 2015, the Fund announced that the Board had
approved amended and restated bylaws of the Fund. The amended and restated bylaws reflect a number of changes, including changes
to: (1) the period of time during which a stockholder's notice of director nominations or proposals of other business to be brought
before an annual meeting of the Fund's stockholders must be submitted to the secretary of the Fund in order to be &quot;timely&quot;;
(2) the requirements for provision of information by a stockholder with respect to stockholder proposals for nominations or other
business to be considered at a stockholder meeting, and to the procedures for the verification and updating of such information
by such stockholder upon the written request of the Secretary or Board of the Fund; and (3) the Fund's director qualification provisions.
In addition, the amended and restated bylaws add an exclusive forum provision for certain actions against the Fund and its Directors,
officers or employees (specifying that the Circuit Court for Baltimore City, Maryland, or, if that court does not have jurisdiction,
the United States District Court for the District of Maryland, Baltimore Division, would be the sole and exclusive forum for such
actions).</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Additional
Information</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Automated Information Lines</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 74%; border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>Deutsche AWM Closed-End Fund Info Line </B></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>(800) 349-4281</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Web Site</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>deutschefunds.com</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Obtain fact sheets, financial
        reports, press releases and webcasts when available.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Written Correspondence</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Deutsche Asset Management</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Attn: Secretary of the
        Deutsche Funds</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">One Beacon Street</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Boston, MA 02108</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Legal Counsel</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Sullivan &amp; Cromwell
        LLP</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">125 Broad Street</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">New York, NY 10004</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Dividend Reinvestment Plan&nbsp;Agent</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>DST Systems, Inc.</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">333 W. 11th Street, 5th
        Floor</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Kansas City, MO 64105</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Shareholder Service Agent and Transfer Agent</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>DeAWM Service Company</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">P.O. Box 219066</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Kansas City, MO 64121-9066</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>(800) 294-4366</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Custodian</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Brown Brothers Harriman
        &amp; Company</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">50 Post Office Square</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Boston, MA 02110</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Independent Registered Public Accounting Firm</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>PricewaterhouseCoopers
        LLP</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">101 Seaport Boulevard,
        Suite 500</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Boston, MA 02210</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Proxy Voting</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">A description of 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 12-month period ended June 30 is available on our web site &mdash; deutschefunds.com or on the SEC's web site &mdash; sec.gov. To obtain a written copy of the Fund's policies and procedures without charge, upon request, call us toll free at (800)&nbsp;349-4281.</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Portfolio Holdings</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This form will be available on the SEC's Web site at sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800)&nbsp;SEC-0330. The fund's portfolio holdings as of the month-end are posted on deutschefunds.com on or after the last day of the following month. More frequent posting of portfolio holdings information may be made from time to time on deutschefunds.com. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Investment Management</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Deutsche Asset &amp; Wealth Management International
        GmbH (&quot;DeAWMI&quot; or the&nbsp;&quot;Advisor&quot;), which is part of Deutsche Asset Management, is the investment advisor
        for the fund. DeAWMI provides a full range of investment advisory services to both institutional and retail clients.</P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">DeAWMI is an indirect,
        wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in&nbsp;a&nbsp;wide
        variety of financial services, including investment management, retail, private and commercial banking, investment banking and
        insurance.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Deutsche Asset Management is the retail brand name
        in&nbsp;the U.S. for the asset management activities of Deutsche Bank AG and DeAWMI. Deutsche Asset Management is committed to
        delivering the investing expertise, insight and resources of this global investment platform to American investors.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Voluntary Cash Purchase Program and Dividend Reinvestment Plan</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The Fund offers shareholders
        a Voluntary Cash Purchase Program and Dividend Reinvestment Plan (&quot;Plan&quot;) which provides for optional cash purchases
        and for the automatic reinvestment of dividends and distributions payable by the Fund in additional Fund shares. Plan participants
        may invest as little as $100 in any month and may invest up to $36,000 annually. The Plan allows current shareholders who are not
        already participants in the Plan and first time investors to enroll in the Plan by making an initial cash deposit of at least $250
        with the plan agent. Share purchases are combined to receive a beneficial brokerage fee. A brochure is available by writing or
        telephoning the transfer agent:</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">DeAWM Service Company</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">P.O. Box 219066</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Kansas City, MO 64105</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Tel.: 1-800-349-4281
        (in the U.S.) or</FONT><BR>
        <FONT STYLE="font-size: 10pt">00-800-2287-2750 (outside of the U.S.)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>NYSE Symbol</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">GF</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Nasdaq Symbol</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">XGFNX</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>CUSIP Number</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">644465106</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Notes</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Notes</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_031.jpg" ALT="ngf_notes_blank0" STYLE="height: 56px; width: 403px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-top-style: outset; border-left-style: outset; border-top-width: 1pt; border-left-width: 1pt; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: black 1pt solid; border-left: black 1pt solid; padding: 9pt">
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>There are three closed-end funds investing in European
        equities advised and administered by wholly owned subsidiaries of the Deutsche Bank Group:</B></P>
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        The Central Europe, Russia and Turkey Fund, Inc. &mdash; investing primarily in equity or equity-linked securities of issuers domiciled
        in Central Europe, Russia and Turkey (with normally at least 80% in securities of issuers in such countries).</P>
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        The European Equity Fund, Inc. &mdash; investing primarily in equity or equity-linked securities of companies domiciled in countries
        that are members of the European Union (with normally at least 80% in securities of issuers in such countries).</P>
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        The New Germany Fund, Inc. &mdash; investing primarily in equity or equity-linked securities of middle market German companies
        with up to 20% in other Western European companies (with no more than 15% in any single country).</P>
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Please consult your broker for advice on any of the
        above or call 1-800-349-4281 (in the U.S.) or 00-800-2287-2750 (outside of the U.S.) for shareholder reports.</P>
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The New Germany Fund, Inc. is diversified, but primarily
        focuses its investments in Germany, thereby increasing its vulnerability to developments in that country. Investing in foreign
        securities presents certain risks, such as currency fluctuations, political and economic changes and market risks. Any fund that
        concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_032.jpg" ALT="ngf_backcover0" STYLE="height: 628px; width: 403px"></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 2.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CODE OF ETHICS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As of the end of the period covered by this report, the registrant
        has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal
        Financial Officer.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">There have been no amendments to, or waivers from, a provision of
        the code of ethics during the period covered by this report that would require disclosure under Item 2.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A copy of the code of ethics is filed as an exhibit to this Form
        N-CSR.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 3.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AUDIT COMMITTEE FINANCIAL EXPERT</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Fund&#8217;s Board of Directors has determined that the
        Fund has at least one &#8220;audit committee financial expert&#8221; serving on its audit committee: Mr. Richard Karl
        Goeltz and Mr. Joachim Wagner. Each of these audit committee members is &#8220;independent,&#8221; meaning that he is not an
        &#8220;interested person&#8221; of the Fund (as that term is defined in Section 2(a)(19) of the Investment Company Act of
        1940) and he does not accept any consulting, advisory, or other compensatory fee from the Fund (except in the capacity as a
        Board or committee member).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">An &#8220;audit committee financial expert&#8221; is not an &#8220;expert&#8221;
        for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an &#8220;audit
        committee financial expert.&#8221; Further, the designation of a person as an &#8220;audit committee financial expert&#8221; does
        not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the &#8220;audit
        committee financial expert&#8221; designation. Similarly, the designation of a person as an &#8220;audit committee financial expert&#8221;
        does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 4.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">The New Germany
Fund, Inc.<BR>
form n-csr disclosure re: AUDIT FEES</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The following table shows the amount of fees
that PricewaterhouseCoopers, LLP (&#8220;PWC&#8221;), the Fund&#8217;s independent registered public accounting firm, billed to
the Fund during the Fund&#8217;s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit
services that PWC provided to the Fund.</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center">Services that the Fund&#8217;s Independent
Registered Public Accounting Firm Billed to the Fund</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 624px; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 119.4pt; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; font-family: Times New Roman,serif">Fiscal Year<BR>
Ended<BR>
December 31,</TD>
    <TD STYLE="width: 1.25in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Audit Fees Billed to Fund</TD>
    <TD STYLE="width: 1.25in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Audit&#45;Related<BR>
Fees Billed to Fund</TD>
    <TD STYLE="width: 96pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Tax Fees Billed to Fund</TD>
    <TD STYLE="width: 83.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">All<BR>
Other Fees Billed to Fund</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; font-family: Times New Roman,serif">2015</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$70,000</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$5,137</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; font-family: Times New Roman,serif">2014</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$70,000</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$6,355</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: left">&#8220;All Other Fees Billed to Fund&#8221; were
billed for services associated with foreign tax filings</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center"><B>Services that the Fund&#8217;s Independent
Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The following table shows the amount of fees
billed by PWC to the Fund&#8217;s advisor (&#8220;DeAWMI&#8221;) or the administrator (&#8220;DIMA&#8221;), and any entity controlling,
controlled by or under common control with DeAWMI and DIMA (&#8220;Control Affiliate&#8221;) that provides ongoing services to
the Fund (collectively, the &#8220;Adviser Entities&#8221;), for engagements directly related to the Fund&#8217;s operations and
financial reporting, during the Fund&#8217;s last two fiscal years.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 624px; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 119.4pt; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; font-family: Times New Roman,serif">Fiscal Year Ended<BR>
December 31,</TD>
    <TD STYLE="width: 1.25in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Audit&#45;Related<BR>
Fees Billed<SUP> </SUP>to Adviser Entities</TD>
    <TD STYLE="width: 96pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Tax Fees Billed to Adviser Entities</TD>
    <TD STYLE="width: 83.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">All<BR>
Other Fees Billed to Adviser Entities</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; font-family: Times New Roman,serif">2015</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$30,661</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; font-family: Times New Roman,serif">2014</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$63,439</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: left">The &#8220;Tax Fees Billed to the Advisor Entities&#8221;
were billed for services associated with foreign tax filings.</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center">Non-Audit Services</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The following table shows the amount of fees
that PWC billed during the Fund&#8217;s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit
services that PWC provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund&#8217;s operations
and financial reporting. The Audit Committee requested and received information from PWC about any non-audit services that PWC
rendered during the Fund&#8217;s last fiscal year to the Adviser Entities. The Committee considered this information in evaluating
PWC&#8217;s independence.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 624px; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 95.75pt; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; font-family: Times New Roman,serif">Fiscal Year<BR>
Ended<BR>
December 31,</TD>
    <TD STYLE="width: 95.75pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: center">Total<BR>
        Non&#45;Audit Fees Billed to Fund</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: center">(A)</P></TD>
    <TD STYLE="width: 95.75pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: center">Total Non-Audit Fees billed to Adviser Entities
        (engagements related directly to the operations and financial reporting of the Fund)</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: center">(B)</P></TD>
    <TD STYLE="width: 95.75pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: center">Total Non-Audit Fees billed to Adviser Entities
        (all other engagements)</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: center">(C)</P></TD>
    <TD STYLE="width: 95.8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Total of (A), (B)<BR>
<BR>
and (C)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; font-family: Times New Roman,serif">2015</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$5,137</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$30,661</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$35,798</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; font-family: Times New Roman,serif">2014</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$6,355</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$63,439</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$69,794</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund&#8217;s
Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund&#8217;s Independent Registered Public Accounting
Firm and (ii) all non-audit services to be performed by a Fund&#8217;s Independent Registered Public Accounting Firm for the Advisor
Entities with respect to operations and financial reporting of the Fund. The Audit Committee may, in its discretion, delegate all
or a portion of its duties and responsibilities to a subcommittee of the Audit Committee. The Board and the Audit Committee have
authorized any member of the Audit Committee to pre-approve any audit or non-audit services to be performed by the independent
auditors, provided that any such approvals are presented to the Audit Committee at its next scheduled meeting.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">There were no amounts that were approved by the Audit Committee pursuant
to the de minimis exception under Rule 2-01 of Regulation S-X.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">According to the registrant&#8217;s principal Independent Registered Public
Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the
registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent
Registered Public Accounting Firm.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">***</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: left; text-indent: 0in">In connection with the audit
of the 2014 and 2015 financial statements, the Fund entered into an engagement letter with PwC. The terms of the 2015 engagement
letter required by PwC, and agreed to by the Fund&#8217;s Audit Committee, include a provision mandating the use of mediation and
arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or the
services provided there-under.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 5.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AUDIT COMMITTEE OF LISTED REGISTRANTS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The registrant's audit committee consists of Richard Karl Goeltz (Chairman), Walter C. Dostmann, Richard R. Burt, Dr. Friedbert Malt, and Joachim Wagner.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 6.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE OF INVESTMENTS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Not applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 7.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 9.5pt/12.1pt Arial,sans-serif; margin: 0"></P>

<P STYLE="font: 9.5pt/12.1pt Arial,sans-serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>Proxy Voting Policy and Guidelines</B></FONT></P>

<P STYLE="font: 11pt/7.2pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="width: 0.5in; padding-right: 1.95pt; font: 11pt/115% Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>1.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; font: 11pt/115% Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>Introduction</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Deutsche Asset Management (&#8220;AM&#8221;)
has adopted and implemented the following Policies and Guidelines, which it believes are reasonably designed to ensure that proxies
are voted in the best economic interest of clients and in accordance with its fiduciary duties and local regulation. This Proxy
Voting Policy and Guidelines &#8211; AM (&#8220;Policy and Guidelines&#8221;) shall apply to all accounts managed by US domiciled
advisers and to all US client accounts managed by non-US regional offices. Non-US regional offices are required to maintain procedures
and to vote proxies as may be required by law on behalf of their non-US clients. In addition, AM&#8217;s proxy policies reflect
the fiduciary standards and responsibilities for ERISA accounts.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">The attached guidelines represent a set of
global recommendations that were determined by the Global Proxy Voting Sub-Committee (the &#8220;GPVSC&#8221;). These guidelines
were developed to provide AM with a comprehensive list of recommendations that represent how AM will generally vote proxies for
its clients. The recommendations derived from the application of these guidelines are not intended to influence the various AM
legal entities either directly or indirectly by parent or affiliated companies. In addition, the organizational structures and
documents of the various AM legal entities allows, where necessary or appropriate, the execution by individual AM subsidiaries
of the proxy voting rights independently of any DB parent or affiliated company. This applies in particular to non-US fund management
companies. The individuals that make proxy voting decisions are also free to act independently, subject to the normal and customary
supervision by the Management/Boards of these AM legal entities.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="width: 0.5in; padding-right: 1.95pt; font: 11pt/115% Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>2.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; font: 11pt/115% Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>AM&#8217;S Proxy Voting Responsibilities</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><FONT STYLE="font-size: 9pt">Proxy votes are
the property of AM&#8217;s advisory clients.</FONT><FONT STYLE="font-size: 9.5pt"><SUP>1 </SUP></FONT><FONT STYLE="font-size: 9pt">As
such, AM&#8217;s authority and responsibility to vote such proxies depend upon its contractual relationships with its clients or
other delegated authority. AM has delegated responsibility for effecting its advisory clients&#8217; proxy votes to Institutional
Shareholder Services (&#8220;ISS&#8221;), an independent third-party proxy voting specialist. ISS votes AM&#8217;s advisory clients&#8217;
proxies in accordance with AM&#8217;s proxy guidelines or AM&#8217;s specific instructions. Where a client has given specific instructions
as to how a proxy should be voted, AM will notify ISS to carry out those instructions. Where no specific instruction exists, AM
will follow the procedures in voting the proxies set forth in this document. Certain Taft-Hartley clients may direct AM to have
ISS vote their proxies in accordance with Taft Hartley Voting Guidelines</FONT></P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Clients may in certain instances contract with
their custodial agent and notify AM that they wish to engage in securities lending transactions. In such cases, it is the responsibility
of the custodian to deduct the number of shares that are on loan so that they do not get voted twice. To the extent a security
is out on loan and AM determines that a proxy vote (or other shareholder action) is materially important to the client&#8217;s
account, AM may request that the agent recall the security prior to the record date to allow AM to vote the securities.</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse">
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    <TD STYLE="width: 24pt; padding-right: 1.95pt; font: 11pt/115% Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt"><SUP>1</SUP></FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; font: 11pt/115% Calibri,sans-serif; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">For purposes of this document, &#8220;clients&#8221; refers to persons or entities: (i) for which AM serves as investment adviser or sub-adviser; (ii) for which AM votes proxies; and (iii) that have an economic or beneficial ownership interest in the portfolio securities of issuers soliciting such proxies.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/0.5pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="width: 0.5in; padding-right: 1.95pt; font: 11pt/115% Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>3.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; font: 11pt/115% Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>POLICIES</B></FONT></TD></TR>
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    <TD STYLE="font: 11pt/115% Calibri,sans-serif; padding-top: 5.9pt; padding-right: 1.95pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>3.1.</B></FONT></TD>
    <TD STYLE="font: 11pt/115% Calibri,sans-serif; padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Proxy Voting Activities are Conducted in the Best Economic Interest of Clients</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM has adopted the following Policies and Guidelines to ensure that
proxies are voted in accordance with the best economic interest of its clients, as determined by AM in good faith after appropriate
review.</P>

<P STYLE="font: 11pt/12pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="width: 0.5in; padding-right: 1.95pt; font: 11pt/115% Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>3.2.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; font: 11pt/115% Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>The Global Proxy Voting Sub-Committee</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">The Global Proxy Voting Sub-Committee is an internal
working group established by the applicable AM&#8217;s Investment Risk Oversight Committee pursuant to a written charter. The GPVSC
is responsible for overseeing AM&#8217;s proxy voting activities, including:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Adopting, monitoring and updating guidelines, attached as Attachment A (the &#8220;Guidelines&#8221;), that provide how AM will generally vote proxies pertaining to a comprehensive list of common proxy voting matters;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; text-align: justify; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Voting proxies where (i) the issues are not covered by specific client instruction or the Guidelines; (ii) the Guidelines specify that the issues are to be determined on a case-by-case basis; or (iii) where an exception to the Guidelines may be in the best economic interest of AM&#8217;s clients; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Monitoring Proxy Vendor Oversight&#8217;s proxy voting activities (see below).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">AM&#8217;s Proxy Vendor Oversight, a function
of AM&#8217;s Operations Group, is responsible for coordinating with ISS to administer AM&#8217;s proxy voting process and for
voting proxies in accordance with any specific client instructions or, if there are none, the Guidelines, and overseeing ISS&#8217;
proxy responsibilities in this regard.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>3.3</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Availability of Proxy Voting Policy and Guidelines and Proxy Voting Record</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">Copies of this Policy, as it may be updated from
time to time, is made available to clients as required by law and otherwise at AM&#8217;s discretion. Clients may also obtain information
on how their proxies were voted by AM as required by law and otherwise at AM&#8217;s discretion. Note, however, that AM must not
selectively disclose its investment company clients&#8217; proxy voting records. Proxy Vendor Oversight will make proxy voting
reports available to advisory clients upon request. The investment companies&#8217; proxy voting records will be disclosed to shareholders
by means of publicly-available annual filings of each company&#8217;s proxy voting record for the 12-month periods ending June
30 (see Section 5, below), if so required by relevant law.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>4.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>PROCEDURES</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">The key aspects of AM&#8217;s proxy voting process are delineated
below.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>4.1.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>The GPVSC&#8217;s Proxy Voting Guidelines</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">The Guidelines set forth the GPVSC&#8217;s standard
voting positions on a comprehensive list of common proxy voting matters. The GPVSC has developed, and continues to update the Guidelines
based on consideration of current corporate governance principles, industry standards, client feedback, and the impact of the matter
on issuers and the value of the investments.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">The GPVSC will review the Guidelines as necessary
to support the best economic interests of AM&#8217;s clients and, in any event, at least annually. The GPVSC will make changes
to the Guidelines, whether as a result of the annual review or otherwise, taking solely into account the best economic interests
of clients. Before changing the Guidelines, the GPVSC will thoroughly review and evaluate the proposed change and the reasons therefore,
and the GPVSC Chair will ask GPVSC members whether anyone outside of the AM organization (but within Deutsche Bank and its affiliates)
or any entity that identifies itself as an AM advisory client has requested or attempted to influence the proposed change and whether
any member has a conflict of interest with respect to the proposed change. If any such matter is reported to the GPVSC Chair, the
Chair will promptly notify the Conflicts of Interest Management Sub-Committee (see Section 4.4) and will defer the approval, if
possible. Lastly, the GPVSC will fully document its rationale for approving any change to the Guidelines.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">The Guidelines may reflect a voting position
that differs from the actual practices of the public company(ies) within the Deutsche Bank organization or of the investment companies
for which AM or an affiliate serves as investment adviser or sponsor. Investment companies, particularly closed-end investment
companies, are different from traditional operating companies. These differences may call for differences in voting positions on
the same matter. Further, the</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 0; text-align: justify">manner in which AM votes investment company proxies
may differ from proposals for which an AM-advised or sponsored investment company solicits proxies from its shareholders. As reflected
in the Guidelines, proxies solicited by closed-end (and open-end) investment companies are generally voted in accordance with the
pre-determined guidelines of ISS.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Funds (&#8220;Underlying Funds&#8221;) in which
Topiary Fund Management Fund of Funds (each, a &#8220;Fund&#8221;) invest, may from time to time seek to revise their investment
terms (i.e. liquidity, fees, etc.) or investment structure. In such event, the Underlying Funds may require approval/consent from
its investors to effect the relevant changes. Topiary Fund Management has adopted Proxy Voting Procedures which outline the process
for these approvals.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>4.2.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Specific Proxy Voting Decisions Made by the GPVSC</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">Proxy Vendor Oversight will refer to the GPVSC all proxy proposals
(i) that are not covered by specific client instructions or the Guidelines; or (ii) that, according to the Guidelines, should be
evaluated and voted on a case-by-case basis.</P>

<P STYLE="font: 11pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><FONT STYLE="font-size: 9pt">Additionally,
if Proxy Vendor Oversight, the GPVSC Chair or any member of the GPVSC, a Portfolio Manager, a Research Analyst or a sub-adviser
believes that voting a particular proxy in accordance with the Guidelines may not be in the best economic interests of clients,
that individual may bring the matter to the attention of the GPVSC Chair and/or Proxy Vendor Oversight.</FONT><FONT STYLE="font-size: 9.5pt"><SUP>2</SUP></FONT></P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">If Proxy Vendor Oversight refers a proxy proposal
to the GPVSC or the GPVSC determines that voting a particular proxy in accordance with the Guidelines is not in the best economic
interests of clients, the GPVSC will evaluate and vote the proxy, subject to the procedures below regarding conflicts.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">The GPVSC endeavors to hold meetings to decide how to vote particular
proxies sufficiently before the voting deadline so that the procedures below regarding conflicts can be completed before the GPVSC&#8217;s
voting determination.</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
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    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt"><SUP>2</SUP></FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; text-align: justify; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Proxy Vendor Oversight generally monitors upcoming proxy solicitations for heightened attention from the press or the industry and for novel or unusual proposals or circumstances, which may prompt Proxy Vendor Oversight to bring the solicitation to the attention of the GPVSC Chair. AM Portfolio Managers, AM Research Analysts and sub-advisers also may bring a particular proxy vote to the attention of the GPVSC Chair, as a result of their ongoing monitoring of portfolio securities held by advisory clients and/or their review of the periodic proxy voting record reports that the GPVSC Chair distributes to AM portfolio managers and AM research analysts.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/0.5pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>4.3.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Certain Proxy Votes May Not Be Cast</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">In some cases, the GPVSC may determine that it
is in the best economic interests of its clients not to vote certain proxies, or that it may not be feasible to vote certain proxies.
If the conditions below are met with regard to a proxy proposal, AM will abstain from voting:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="width: 490pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Neither the Guidelines nor specific client instructions cover an issue;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">ISS does not make a recommendation on the issue; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; text-align: justify; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The GPVSC cannot convene on the proxy proposal at issue to make a determination as to what would be in the client&#8217;s best interest. (This could happen, for example, if the Conflicts of Interest Management Sub-Committee found that there was a material conflict or if despite all best efforts being made, the GPVSC quorum requirement could not be met).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">In addition, it is AM&#8217;s policy not to
vote proxies of issuers subject to laws of those jurisdictions that impose restrictions upon selling shares after proxies are voted,
in order to preserve liquidity. In other cases, it may not be possible to vote certain proxies, despite good faith efforts to do
so. For example, some jurisdictions do not provide adequate notice to shareholders so that proxies may be voted on a timely basis.
Voting rights on securities that have been loaned to third-parties transfer to those third-parties, with loan termination often
being the only way to attempt to</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 0; text-align: justify">vote proxies on the loaned securities. Lastly, the GPVSC
may determine that the costs to the client(s) associated with voting a particular proxy or group of proxies outweighs the economic
benefits expected from voting the proxy or group of proxies.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Proxy Vendor Oversight will coordinate with the GPVSC Chair regarding
any specific proxies and any categories of proxies that will not or cannot be voted. The reasons for not voting any proxy shall
be documented.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>4.4.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Conflict of Interest Procedures</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>4.4.1.</B></FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Procedures to Address Conflicts of Interest and Improper Influence</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/11pt Arial,sans-serif; margin: 5pt 0 0"><FONT STYLE="font-size: 9pt"><I>Overriding Principle.</I> In the limited
circumstances where the GPVSC votes proxies</FONT><FONT STYLE="font-size: 9.5pt"><SUP>3</SUP></FONT><FONT STYLE="font-size: 9pt">,
the GPVSC will vote those proxies in accordance with what it, in good faith, determines to be the best economic interests of AM&#8217;s
clients.</FONT><FONT STYLE="font-size: 9.5pt"><SUP>4</SUP></FONT></P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><I>Independence of the GPVSC.</I> As a matter
of Compliance policy, the GPVSC and Proxy Vendor Oversight are structured to be independent from other parts of Deutsche Bank.
Members of the GPVSC and the employee responsible for Proxy Vendor Oversight are employees of AM. As such, they may not be subject
to the supervision or control of any employees of Deutsche Bank Corporate and Investment Banking division (&#8220;CIB&#8221;).
Their compensation cannot be based upon their contribution to any business activity outside of AM without prior approval of Legal
and Compliance. They can have no contact with employees of Deutsche Bank outside of the Private Client and Asset Management division
(&#8220;PCAM&#8221;) regarding specific clients, business matters or initiatives without the prior approval of Legal and Compliance.
They furthermore may not discuss proxy votes with any person outside of AM (and within AM only on a need to know basis).</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><I>Conflict Review Procedures.</I> The Conflicts
of Interest Management Sub-Committee within AM monitors for potential material conflicts of interest in connection with proxy proposals
that are to be evaluated by the GPVSC. Promptly upon a determination that a proxy vote shall be presented to the GPVSC, the GPVSC
Chair shall notify the Conflicts of Interest Management Sub-Committee. The Conflicts of Interest Management Sub-Committee shall
promptly collect and review any information deemed reasonably appropriate to evaluate, in its reasonable judgment, if AM or any
person participating in the proxy voting process has, or has the appearance of, a material conflict of interest. For the purposes
of this policy, a conflict of interest shall be considered &#8220;material&#8221; to the extent that a reasonable person could
expect the conflict to influence, or appear to influence, the GPVSC&#8217;s decision on the particular vote at issue. GPVSC should
provide the Conflicts of Interest Management Sub-Committee a reasonable amount of time (no less than 24 hours) to perform all necessary
and appropriate reviews. To the extent that a conflicts review cannot be sufficiently completed by the Conflicts of Interest Management
Sub-Committee the proxies will be voted in accordance with the standard Guidelines.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">The information considered by the Conflicts
of Interest Management Sub-Committee may include without limitation information regarding (i) AM client relationships; (ii) any
relevant personal conflict known by the Conflicts of Interest Management Sub-Committee or brought to the attention of that sub-committee;
and (iii) any communications with members of the GPVSC (or anyone participating or providing information to the GPVSC) and any
person outside of the AM organization (but within Deutsche Bank and its affiliates) or any entity that identifies itself as an
AM advisory client regarding the vote at issue. In the context of any determination, the Conflicts of Interest Management Sub-Committee
may consult with and shall be entitled to rely upon all applicable outside experts, including legal counsel.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Upon completion of the investigation, the Conflicts
of Interest Management Sub-Committee will document its findings and conclusions. If the Conflicts of Interest Management Sub-Committee
determines that (i) AM has a material conflict of interest that would prevent it from deciding how to vote the proxies concerned
without further client consent; or (ii) certain individuals should be recused from participating in the proxy vote at issue, the
Conflicts of Interest Management Sub-Committee will so inform the GPVSC Chair.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 8.25pt 0 0; text-align: justify">If notified that AM has a material conflict
of interest as described above, the GPVSC chair will obtain instructions as to how the proxies should be voted either from (i)
if time permits, the affected clients, or (ii) in accordance with the standard Guidelines. If notified that certain individuals
should be recused from the proxy vote at issue, the GPVSC Chair shall do so in accordance with the procedures set forth below.</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --><P STYLE="font: 11pt/19.35pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt"><SUP>3</SUP></FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; text-align: justify; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">As mentioned above, the GPVSC votes proxies where: (i) neither a specific client instruction nor a Guideline directs how the proxy should be voted, (ii) where the Guidelines specify that an issue is to be determined on a case-by-case basis or (iii) where voting in accordance with the Guidelines may not be in the best economic interests of clients.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt"><SUP>4</SUP></FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; text-align: justify; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Proxy Vendor Oversight, who serves as the non-voting secretary of the GPVSC, may receive routine calls from proxy solicitors and other parties interested in a particular proxy vote. Any contact that attempts to exert improper pressure or influence shall be reported to the Conflicts of Interest Management Sub-Committee.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Note: Any AM employee who becomes aware of
a potential, material conflict of interest in respect of any proxy vote to be made on behalf of clients shall notify Compliance.
Compliance shall call a meeting of the Conflict Review Committee to evaluate such conflict and determine a recommended course of
action.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><I>Procedures to be followed by the GPVSC.</I>
At the beginning of any discussion regarding how to vote any proxy, the GPVSC Chair (or his or her delegate) will inquire as to
whether any GPVSC member (whether voting or ex officio) or any person participating in the proxy voting process has a personal
conflict of interest or has actual knowledge of an actual or apparent conflict that has not been reported to the Conflicts of Interest
Management Sub-Committee.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">The GPVSC Chair also will inquire of these
same parties whether they have actual knowledge regarding whether any Director, officer, or employee outside of the AM organization
(but within Deutsche Bank and its affiliates) or any entity that identifies itself as an AM advisory client, has: (i) requested
that AM, Proxy Vendor Oversight (or any member thereof) or a GPVSC member vote a particular proxy in a certain manner; (ii) attempted
to influence AM, Proxy Vendor Oversight (or any member thereof), a GPVSC member or any other person in connection with proxy voting
activities; or (iii) otherwise communicated with a GPVSC member, or any other person participating or providing information to
the GPVSC regarding the particular proxy vote at issue, and which incident has not yet been reported to the Conflicts of Interest
Management Sub-Committee.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">If any such incidents are reported to the GPVSC
Chair, the Chair will promptly notify the Conflicts of Interest Management Sub-Committee and, if possible, will delay the vote
until the Conflicts of Interest Management Sub-Committee can complete the conflicts report. If a delay is not possible, the Conflicts
of Interest Management Sub-Committee will instruct the GPVSC (i) whether anyone should be recused from the proxy voting process
or (ii) whether AM should vote the proxy in accordance with the standard guidelines, seek instructions as to how to vote the proxy
at issue from ISS or, if time permits, the effected clients. These inquiries and discussions will be properly reflected in the
GPVSC&#8217;s minutes.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><I>Duty to Report.</I> Any AM employee, including
any GPVSC member (whether voting or ex officio), that is aware of any actual or apparent conflict of interest relevant to, or any
attempt by any person outside of the AM organization (but within Deutsche Bank and its affiliates) or any entity that identifies
itself as an AM advisory client to influence, how AM votes its proxies has a duty to disclose the existence of the situation to
the GPVSC Chair (or his or her designee) and the details of the matter to the Conflicts of Interest Management Sub-Committee. In
the case of any person participating in the deliberations on a specific vote, such disclosure should be made before engaging in
any activities or participating in any discussion pertaining to that vote.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><I>Recusal of Members.</I> The GPVSC will recuse
from participating in a specific proxy vote any GPVSC members (whether voting or ex officio) and/or any other person who (i) are
personally involved in a material conflict of interest; or (ii) who, as determined by the Conflicts of Interest Management Sub-Committee,
have actual knowledge of a circumstance or fact that could affect their independent judgment, in respect of such vote. The GPVSC
will also exclude from consideration the views of any person (whether requested or volunteered) if the GPVSC or any member thereof
knows, or if the Conflicts of Interest Management Sub-Committee has determined, that such other person has a material conflict
of interest with respect to the particular proxy or has attempted to influence the vote in any manner prohibited by these policies.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">If, after excluding all relevant GPVSC voting
members pursuant to the paragraph above, there are three or more GPVSC voting members remaining, those remaining GPVSC members
will determine how to vote the proxy in accordance with these Policy and Guidelines. If there are fewer than three GPVSC voting
members remaining, the GPVSC Chair will vote the proxy in accordance with the standard Guidelines or will obtain instructions as
to how to have the proxy voted from, if time permits, the effected clients and otherwise from ISS.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>4.4.2.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Investment Companies and Affiliated Public Companies</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify"><I>Investment Companies.</I> As reflected in the
Guidelines, all proxies solicited by open-end and closed-end investment companies are voted in accordance with the pre-determined
guidelines of ISS, unless the investment company client directs AM to vote differently on a specific proxy or specific categories
of proxies. However, regarding investment companies for which AM or an affiliate serves as investment adviser or principal underwriter,
such proxies are voted in the same proportion as the vote of all other shareholders (i.e., &#8220;mirror&#8221; or &#8220;echo&#8221;
voting). Master Fund proxies solicited from feeder Funds are voted in accordance with applicable provisions of Section 12 of the
Investment Company Act of 1940 (&#8220;Investment Company Act&#8221;).</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Subject to participation agreements with certain
Exchange Traded Funds (&#8220;ETFs&#8221;) issuers that have received exemptive orders from the US Securities and Exchange Commission
(&#8220;SEC&#8221;) allowing investing Deutsche funds to exceed the limits set forth in Section 12(d)(1)(A) and (B) of the Investment
Company Act, AM will echo vote proxies for ETFs in which Deutsche Bank holds more than 25% of outstanding voting shares globally
when required to do so by participation agreements and SEC orders.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><I>Affiliated Public Companies.</I> For proxies
solicited by non-investment company issuers of or within the Deutsche Bank organization, (e.g., Deutsche Bank itself), these proxies
will be voted in the same proportion as the vote of other shareholders (i.e., &#8220;mirror&#8221; or &#8220;echo&#8221; voting).</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Note: With respect to the Central Cash Management
Fund (registered under the Investment Company Act), the Fund is not required to engage in echo voting and the investment adviser
will use these Guidelines and may determine, with respect to the Central Cash Management Fund, to vote contrary to the positions
in the Guidelines, consistent with the Fund&#8217;s best interest.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
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    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>4.4.3.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Other Procedures that Limit Conflicts of Interest</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM and other entities in the Deutsche Bank organization
have adopted a number of policies, procedures and internal controls that are designed to avoid various conflicts of interest, including
those that may arise in connection with proxy voting, including but not limited to:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="width: 490pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Code of Business Conduct and Ethics - DB Group;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Conflicts of Interest Policy - DB Group;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Information Sharing Procedures &#8211; AWM, GTB &amp; CB&amp;S;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Code of Ethics &#8211; AWM; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Code of Professional Conduct &#8211; US.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">The GPVSC expects that these policies, procedures and internal controls
will greatly reduce the chance that the GPVSC (or, its members) would be involved in, aware of, or influenced by an actual or apparent
conflict of interest.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 8.25pt 0 0; text-align: justify">All impacted business units are required to
adopt, implement, and maintain procedures to ensure compliance with this Section. At a minimum, such procedures must: (i) assign
roles and responsibilities for carrying out the procedures, including responsibility for periodically updating the procedures;
(ii) identify clear escalation paths for identified breaches of the procedures; and (iii) contain a legend or table mapping the
procedures to this Section (e.g., cross-referencing Section or page numbers).</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
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    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>5.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>RECORDKEEPING</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">At a minimum, the following records must be properly maintained
and readily accessible in order to evidence compliance with this Policy.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="width: 490pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM will maintain a record of each proxy vote cast by AM that includes among other things, company name, meeting date, proposals presented, vote cast and shares voted.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Proxy Vendor Oversight maintains records for each of the proxy ballots it votes. Specifically, the records include, but are not limited to:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/0.5pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/7.2pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 682px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19.45pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 19.45pt; padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The proxy statement (and any additional solicitation materials) and relevant portions of annual statements.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 3.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Any additional information considered in the voting process that may be obtained from an issuing company, its agents, or proxy research firms.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Analyst worksheets created for stock option plan and share increase analyses; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Proxy Edge print-screen of actual vote election.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 684px; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19.45pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="width: 493.55pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM will (i) retain this Policy and the Guidelines; (ii) will maintain records of client requests for proxy voting information; and (iii) will retain any documents Proxy Vendor Oversight or the GPVSC prepared that were material to making a voting decision or that memorialized the basis for a proxy voting decision.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The GPVSC also will create and maintain appropriate records documenting its compliance with this Policy, including records of its deliberations and decisions regarding conflicts of interest and their resolution.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">With respect to AM&#8217;s investment company clients, ISS will create and maintain records of each company&#8217;s proxy voting record for the 12-month periods ending June 30. AM will compile the following information for each matter relating to a portfolio security considered at any shareholder meeting held during the period covered by the report and with respect to which the company was entitled to vote:</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19.95pt; padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 19.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="width: 470.05pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The name of the issuer of the portfolio security;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The exchange ticker symbol of the portfolio security (if symbol is available through reasonably practicable means);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The Council on Uniform Securities Identification Procedures (&#8220;CUSIP&#8221;) number for the portfolio security (if the number is available through reasonably practicable means);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The shareholder meeting date;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">A brief identification of the matter voted on;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Whether the matter was proposed by the issuer or by a security holder;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Whether the company cast its vote on the matter;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">How the company cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of Directors); and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.35pt; padding-right: 0.35pt; padding-left: 0.35pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: MS Mincho; font-size: 9pt">&#8722;</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Whether the company cast its vote for or against Management.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 8.25pt 0 0; text-align: justify">Note: This list is intended to provide guidance
only in terms of the records that must be maintained in accordance with this policy. In addition, please note that records must
be maintained in accordance with the Archiving and Record Retention Policy &#8211; Deutsche Bank Group and applicable policies
and procedures thereunder.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">With respect to electronically stored records,
&#8220;properly maintained&#8221; is defined as complete, authentic (unalterable), usable and backed-up. At a minimum, records
should be retained for a period of not less than six years (or longer, if necessary to comply with applicable regulatory requirements),
the first three years in an appropriate AM office.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>6.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt; text-transform: uppercase"><B>The GPVSC&#8217;S Oversight Role</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">In addition to adopting the Guidelines and
making proxy voting decisions on matters referred to it as set forth above, the GPVSC monitors the proxy voting process by reviewing
summary proxy information presented by ISS. The GPVSC uses this review process to determine, among other things, whether any changes
should be made to the Guidelines. This review will take place at least quarterly and is documented in the GPVSC&#8217;s minutes.</P>

<P STYLE="font: 10.5pt/13.2pt Arial,sans-serif; margin: 10.65pt 0 0; text-align: center"><B>Attachment A &#8211; Global Proxy Voting
Guidelines</B></P>

<P STYLE="font: 14pt/17.6pt Arial,sans-serif; margin: 12.3pt 0 0; text-align: center"><B>Deutsche Asset Management</B></P>

<P STYLE="font: 14pt/17.6pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: center"><B>Global Proxy Voting Guidelines</B></P>

<P STYLE="font: 14pt/17.6pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: center"><B>As Amended February 2016</B></P>

<P STYLE="font: 7pt/10.8pt Arial,sans-serif; margin: 6.6pt 0 0; text-align: center">[GRAPHIC OMITTED]</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 8.25pt 0 0"><B>Table of Contents</B></P>

<P STYLE="font: 11pt/5.4pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 417px; font-size: 11pt">
<TR STYLE="height: 10.25pt; vertical-align: top">
    <TD STYLE="width: 24pt; padding-top: 4.2pt; height: 10.25pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>I.</B></FONT></TD>
    <TD STYLE="width: 14pt; padding-top: 4.2pt; height: 10.25pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 220.2pt; padding-top: 4.2pt; height: 10.25pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>Board of Directors and Executives</B></FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">A.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Election of Directors</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">B.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Classified Boards of Directors</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">C.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Board and Committee Independence</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">D.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Liability and Indemnification of Directors</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">E.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Qualification of Directors</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">F.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Removal of Directors and Filling of Vacancies</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">G.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Proposals to Fix the Size of the Board</FONT></TD></TR>
<TR STYLE="height: 9pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">H.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Proposals to Restrict Chief Executive Officer&#8217;s Service on Multiple Boards</FONT></TD></TR>
<TR STYLE="height: 14.1pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 14.1pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 14.1pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">I.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 14.1pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Proposals to Restrict Supervisory Board Members Service on Multiple Boards (For FFT Securities)</FONT></TD></TR>
<TR STYLE="height: 9.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">J.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Proposals to Establish Audit Committees (For FFT and US Securities)</FONT></TD></TR>
<TR STYLE="height: 9.85pt; vertical-align: top">
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>II.</B></FONT></TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>Capital Structure</B></FONT></TD></TR>
<TR STYLE="height: 9pt; vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 2.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">A.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Authorization of Additional Shares (For US Securities)</FONT></TD></TR>
<TR STYLE="height: 9pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">B.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Authorization of &#8220;Blank Check&#8221; Preferred Stock (For US Securities)</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">C.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Stock Splits/Reverse Stock Splits</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">D.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Dual Class/Supervoting Stock</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">E.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Large Block Issuance (For US Securities)</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">F.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Recapitalization into a Single Class of Stock</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">G.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Share Repurchases</FONT></TD></TR>
<TR STYLE="height: 4.7pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">H.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Reductions in Par Value</FONT></TD></TR>
<TR STYLE="height: 9.85pt; vertical-align: top">
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>III.</B></FONT></TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>Corporate Governance Issues</B></FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">A.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Confidential Voting</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">B.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Cumulative Voting (For US Securities)</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">C.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Supermajority Voting Requirements</FONT></TD></TR>
<TR STYLE="height: 4.7pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">D.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Shareholder Right to Vote</FONT></TD></TR>
<TR STYLE="height: 9.85pt; vertical-align: top">
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>IV.</B></FONT></TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>Compensation</B></FONT></TD></TR>
<TR STYLE="height: 9pt; vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 2.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">A.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Establishment of a Remuneration Committee (For US Securities)</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">B.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Executive Director Stock Option Plans</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">C.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Employee Stock Option/Purchase Plans</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">D.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Golden Parachutes</FONT></TD></TR>
<TR STYLE="height: 9pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">E.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Proposals to Limit Benefits or Executive Compensation</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">F.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Option Expensing</FONT></TD></TR>
<TR STYLE="height: 9pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">G.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Management Board Election and Motion (For FFT Securities)</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">H.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Remuneration (Variable Pay) (For FFT Securities)</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">I.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Long-Term Incentive Plans (For FFT Securities)</FONT></TD></TR>
<TR STYLE="height: 9pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">J.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Shareholder Proposals Concerning &#8220;Pay For Superior Performance&#8221;</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">K.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Executive Compensation Advisory</FONT></TD></TR>
<TR STYLE="height: 4.7pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">L.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Advisory Votes on Executive Compensation</FONT></TD></TR>
<TR STYLE="height: 7.25pt; vertical-align: top">
    <TD STYLE="padding-top: 5.2pt; height: 7.25pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>V.</B></FONT></TD>
    <TD STYLE="padding-top: 5.2pt; height: 7.25pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5.2pt; height: 7.25pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>Anti-Takeover Related Issues</B></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 417px; font-size: 11pt">
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="width: 24pt; padding-top: 1.45pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 14pt; padding-top: 1.45pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">A.</FONT></TD>
    <TD STYLE="width: 220.2pt; padding-top: 1.45pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Shareholder Rights Plans (&#8220;Poison Pills&#8221;)</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">B.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Reincorporation</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">C.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Fair-Price Proposals</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">D.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Exemption From State Takeover Laws</FONT></TD></TR>
<TR STYLE="height: 4.7pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">E.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Non-Financial Effects of Takeover Bids</FONT></TD></TR>
<TR STYLE="height: 9.85pt; vertical-align: top">
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>VI.</B></FONT></TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>Mergers &amp; Acquisitions</B></FONT></TD></TR>
<TR STYLE="height: 7.25pt; vertical-align: top">
    <TD STYLE="padding-top: 1.2pt; height: 7.25pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>VII.</B></FONT></TD>
    <TD STYLE="padding-top: 1.2pt; height: 7.25pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1.2pt; height: 7.25pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>Environmental, Social &amp; Governance Issues</B></FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">A.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Principles for Responsible Investment</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">B.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">ESG Issues</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">C.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Labor &amp; Human Rights</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">D.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Diversity &amp; Equality</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">E.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Health &amp; Safety</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">F.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Government/Military</FONT></TD></TR>
<TR STYLE="height: 4.7pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">G.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 4.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Tobacco</FONT></TD></TR>
<TR STYLE="height: 9.85pt; vertical-align: top">
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>VIII.</B></FONT></TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5.2pt; height: 9.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%"><B>Miscellaneous Items</B></FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">A.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Ratification of Auditors</FONT></TD></TR>
<TR STYLE="height: 9pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">B.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Limitation of Non-Audit Services Provided by Independent Auditor</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">C.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Audit Firm Rotation</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">D.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Transaction of Other Business</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">E.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Motions to Adjourn the Meeting</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">F.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Bundled Proposals</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">G.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Change of Company Name</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">H.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Proposals Related to the Annual Meeting</FONT></TD></TR>
<TR STYLE="height: 9pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">I.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 9pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Reimbursement of Expenses Incurred from Candidate Nomination</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">J.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">Investment Company Proxies</FONT></TD></TR>
<TR STYLE="height: 3.85pt; vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.35pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 2.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">K.</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 1.95pt; height: 3.85pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt; line-height: 90%">International Proxy Voting</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 3.4pt 0 0; text-align: justify">These Guidelines may reflect a voting position
that differs from the actual practices of the public company(ies) within the Deutsche Bank organization or of the investment companies
for which AM or an affiliate serves as investment adviser or sponsor.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>NOTE</U>: Because of the unique structure
and regulatory scheme applicable to closed-end investment companies, the voting guidelines (particularly those related to governance
issues) generally will be inapplicable to holdings of closed-end investment companies. As a result, determinations on the appropriate
voting recommendation for closed-end investment company shares will be made on a case-by-case basis.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>I.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Board of Directors and Executives</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Election of Directors</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify"><I>Routine:</I> AM Policy is to vote &#8220;for&#8221;
the uncontested election of Directors. Votes for a Director in an uncontested election will be withheld in cases where a Director
has shown an inability to perform his/her duties in the best interests of the shareholders.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><I>Proxy contest:</I> In a proxy contest involving
election of Directors, a case-by-case voting decision will be made based upon analysis of the issues involved and the merits of
the incumbent and dissident slates of Directors. AM will incorporate the decisions of a third party proxy research vendor, currently,
Institutional Shareholder Services (&#8220;ISS&#8221;) subject to review by the Proxy Voting Sub-Committee (&#8220;GPVSC&#8221;)
as set forth in the AM&#8217;s Proxy Voting Policy and Guidelines.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><I><U>Rationale</U>:</I> The large majority
of corporate Directors fulfill their fiduciary obligation and in most cases support for Management&#8217;s nominees is warranted.
As the issues relevant to a contested election differ in each instance, those cases must be addressed as they arise.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Classified Boards of Directors</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote against proposals to classify the Board and for
proposals to repeal classified Boards and elect Directors annually.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Directors should be held accountable on an annual
basis. By entrenching the incumbent Board, a classified Board may be used as an anti-takeover device to the detriment of the shareholders
in a hostile take-over situation.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Board and Committee Independence</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;For&#8221; proposals that require that a certain percentage (majority up to 66 2/3%) of members of a Board of Directors be comprised of independent or unaffiliated Directors.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;For&#8221; proposals that require all members of a company's compensation, audit, nominating, or other similar committees be comprised of independent or unaffiliated Directors.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">3.</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;Against&#8221; shareholder proposals to require the addition of special interest, or constituency, representatives to Boards of Directors.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">4.</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;For&#8221; separation of the Chairman and CEO positions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">5.</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;Against&#8221; proposals that require a company to appoint a Chairman who is an independent Director.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Board independence is a cornerstone
of effective governance and accountability. A Board that is sufficiently independent from Management assures that shareholders'
interests are adequately represented. However, the Chairman of the Board must have sufficient involvement in and experience with
the operations of the company to perform the functions required of that position and lead the company.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 8.25pt 0 0; text-align: justify">No Director qualifies as &#8220;independent&#8221;
unless the Board of Directors affirmatively determines that the Director has no material relationship with the listed company (either
directly or as a partner, shareholder or officer of an organization that has a relationship with the company).</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Whether a Director is in fact not &#8220;independent&#8221; will
depend on the laws and regulations of the primary market for the security and the exchanges, if any, on which the security trades.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Liability and Indemnification of Directors</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to vote &#8220;for&#8221; Management
proposals to limit Directors' liability and to broaden the indemnification of Directors, unless broader indemnification or limitations
on Directors' liability would affect shareholders' interests in pending litigation.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: While shareholders want Directors
and officers to be responsible for their actions, it is not in the best interests of the shareholders for them to be to risk averse.
If the risk of personal liability is too great, companies may not be able to find capable Directors willing to serve. We support
expanding coverage only for actions taken in good faith and not for serious violations of fiduciary obligation or negligence.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>E.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Qualification of Directors</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to follow Management&#8217;s recommended vote on either
Management or shareholder proposals that set retirement ages for Directors or require specific levels of stock ownership by Directors.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: As a general rule, the Board of Directors, and
not the shareholders, is most qualified to establish qualification policies.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>F.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Removal of Directors and Filling of Vacancies</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;against&#8221; proposals that include provisions
that Directors may be removed only for cause or proposals that include provisions that only continuing Directors may fill Board
vacancies.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Rationale: Differing state statutes permit
removal of Directors with or without cause. Removal of Directors for cause usually requires proof of self-dealing, fraud or misappropriation
of corporate assets, limiting shareholders' ability to remove Directors except under extreme circumstances. Removal without cause
requires no such showing.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Allowing only incumbent Directors to fill vacancies can serve as
an anti-takeover device, precluding shareholders from filling the Board until the next regular election.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>G.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Proposals to Fix the Size of the Board</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;For&#8221; proposals to fix the size of the Board unless: (a) no specific reason for the proposed change is given; or (b) the proposal is part of a package of takeover defenses.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;Against&#8221; proposals allowing Management to fix the size of the Board without shareholder approval.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Absent danger of anti-takeover use, companies
should be granted a reasonable amount of flexibility in fixing the size of its Board.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>H.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Proposals to Restrict Chief Executive Officer&#8217;s Service on Multiple Boards</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; proposals to restrict a Chief
Executive Officer from serving on more than three outside Boards of Directors.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 8.25pt 0 0"><U>Rationale</U>: Chief Executive Officer must have sufficient time
to ensure that shareholders&#8217; interests are represented adequately.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Note</U>: A Director&#8217;s service on multiple closed-end fund
Boards within a fund complex are treated as service on a single Board for the purpose of the proxy voting guidelines.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>I.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Proposals to Restrict Supervisory Board Members Service on Multiple Boards</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; proposals to restrict a Supervisory
Board Member from serving on more than five Supervisory Boards.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: We consider a strong, independent and knowledgeable
Supervisory Board as important counter-balance to executive Management to ensure that the interests of shareholders are fully reflected
by the company.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Full information should be disclosed in the annual reports and accounts
to allow all shareholders to judge the success of the Supervisory Board controlling their company.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Supervisory Board Members must have sufficient time to ensure that
shareholders&#8217; interests are represented adequately.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Note</U>: A Director&#8217;s service on multiple closed-end fund
Boards within a fund complex are treated as service on a single Board for the purpose of the proxy voting guidelines</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>J.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Proposals to Establish Audit Committees</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; proposals that require the establishment
of Audit Committees.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: The Audit Committee should
deal with accounting and risk management related questions, verifies the independence of the auditor with due regard to possible
conflicts of interest. It also should determine the procedure of the audit process.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>II.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Capital Structure</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Authorization of Additional Shares</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to vote &#8220;for&#8221; proposals
to increase the authorization of existing classes of stock that do not exceed a 3:1 ratio of shares authorized to shares outstanding
for a large cap company, and do not exceed a 4:1 ratio of shares authorized to shares outstanding for a small-midcap company (companies
having a market capitalization under one billion US dollars).</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: While companies need an adequate
number of shares in order to carry on business, increases requested for general financial flexibility must be limited to protect
shareholders from their potential use as an anti-takeover device. Requested increases for specifically designated, reasonable business
purposes (stock split, merger, etc.) will be considered in light of those purposes and the number of shares required.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Authorization of &#8220;Blank Check&#8221; Preferred Stock</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; text-align: justify; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;Against&#8221; proposals to create blank check preferred stock or to increase the number of authorized shares of blank check preferred stock unless the company expressly states that the stock will not be used for anti-takeover purposes and will not be issued without shareholder approval.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;For&#8221; proposals mandating shareholder approval of blank check stock placement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Shareholders should be permitted to monitor the
issuance of classes of preferred stock in which the Board of Directors is given unfettered discretion to set voting, dividend,
conversion and other rights for the shares issued.</P>

<P STYLE="font: 11pt/12pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Stock Splits / Reverse Stock Splits</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to vote &#8220;for&#8221; stock splits
if a legitimate business purpose is set forth and the split is in the shareholders' best interests. A vote is cast &#8220;for&#8221;
a reverse stock split only if the number of shares authorized is reduced in the same proportion as the reverse split or if the
effective increase in authorized shares (relative to outstanding shares) complies with the proxy guidelines for common stock increases.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Generally, stock splits do not detrimentally affect
shareholders. Reverse stock splits, however, may have the same result as an increase in authorized shares and should be analyzed
accordingly.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Dual Class/Supervoting Stock</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;against&#8221; proposals to create or authorize
additional shares of super-voting stock or stock with unequal voting rights.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: The &#8220;one share, one vote&#8221; principal
ensures that no shareholder maintains a voting interest exceeding their equity interest in the company.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>E.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Large Block Issuance</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to address large block issuances
of stock on a case-by-case basis, incorporating the recommendation of an independent third party proxy research firm, currently
Institutional Shareholder Services (&#8220;ISS&#8221;) subject to review by the GPVSC as set forth in AM&#8217;s Proxy Voting Policy
and Guidelines.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Additionally, AM supports proposals requiring shareholder approval
of large block issuances.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Stock issuances must be reviewed in light of the
business circumstances leading to the request and the potential impact on shareholder value.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>F.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Recapitalization into a Single Class of Stock</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; recapitalization plans to provide
for a single class of common stock, provided the terms are fair, with no class of stock being unduly disadvantaged.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Consolidation of multiple classes of stock is
a business decision that may be left to the Board and/or Management if there is no adverse effect on shareholders.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>G.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Share Repurchases</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; share repurchase plans provided
all shareholders are able to participate on equal terms.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Buybacks are generally considered beneficial to
shareholders because they tend to increase returns to the remaining shareholders.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>H.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Reductions in Par Value</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; proposals to reduce par value,
provided a legitimate business purpose is stated (e.g., the reduction of corporate tax responsibility).</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Usually, adjustments to par value are a routine
financial decision with no substantial impact on shareholders.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>III.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Corporate Governance Issues</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Confidential Voting</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; proposals to provide for confidential
voting and independent tabulation of voting results and to vote &#8220;against&#8221; proposals to repeal such provisions.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 8.25pt 0 0; text-align: justify"><U>Rationale</U>: Confidential voting protects
the privacy rights of all shareholders. This is particularly important for employee-shareholders or shareholders with business
or other affiliations with the company, who may be vulnerable to coercion or retaliation when opposing Management. Confidential
voting does not interfere with the ability of corporations to communicate with all shareholders, nor does it prohibit shareholders
from making their views known directly to Management.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Cumulative Voting</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to vote &#8220;against&#8221; shareholder
proposals requesting cumulative voting and &#8220;for&#8221; Management proposals to eliminate it. The protections afforded shareholders
by cumulative voting are not necessary when a company has a history of good performance and does not have a concentrated ownership
interest. Accordingly, a vote is cast &#8220;against&#8221; cumulative voting and &#8220;for&#8221; proposals to eliminate it if:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">a)</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The company has a five year return on investment greater than the relevant industry index,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">b)</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">All Directors and executive officers as a group beneficially own less than 10% of the outstanding stock, and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">c)</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">No shareholder (or voting block) beneficially owns 15% or more of the company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Thus, failure of any one of the three criteria results in a vote
for cumulative voting in accordance with the general policy.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Cumulative voting is a tool that should be used
to ensure that holders of a significant number of shares may have Board representation; however, the presence of other safeguards
may make their use unnecessary.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Supermajority Voting Requirements</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;against&#8221; Management proposals to
require a supermajority vote to amend the charter or by-laws and to vote &#8220;for&#8221; shareholder proposals to modify or rescind
existing supermajority requirements.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">*</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Exception made when company holds a controlling position and seeks to lower threshold to maintain control and/or make changes to corporate by-laws.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Supermajority voting provisions
violate the democratic principle that a simple majority should carry the vote. Setting supermajority requirements may make it difficult
or impossible for shareholders to remove egregious by-law or charter provisions. Occasionally, a company with a significant insider
held position might attempt to lower a supermajority threshold to make it easier for Management to approve provisions that may
be detrimental to shareholders. In that case, it may not be in the shareholders interests to lower the supermajority provision.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Shareholder Right to Vote</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;against&#8221; proposals that restrict
the right of shareholders to call special meetings, amend the bylaws, or act by written consent. AM Policy is to vote &#8220;for&#8221;
proposals that remove such restrictions.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Any reasonable means whereby shareholders can
make their views known to Management or affect the governance process should be supported.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>IV.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Compensation</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">Annual Incentive Plans or Bonus Plans are often
submitted to shareholders for approval. These plans typically award cash to executives based on company performance. Deutsche Bank
believes that the responsibility for executive compensation decisions rest with the Board of Directors and/or the compensation
committee, and its policy is not to second-guess the Board&#8217;s award of cash compensation amounts to executives unless a particular
award or series of awards is deemed excessive. If stock options are awarded as part of these bonus or incentive plans, the provisions
must meet Deutsche Bank&#8217;s criteria regarding stock option plans, or similar stock-based incentive compensation schemes, as
set forth below.</P>

<P STYLE="font: 11pt/12pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Establishment of a Remuneration Committee</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; proposals that require the establishment
of a Remuneration Committee.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Corporations should disclose
in each annual report or proxy statement their policies on remuneration. Essential details regarding executive remuneration including
share options, long-term incentive plans and bonuses, should be disclosed in the annual report, so that investors can judge whether
corporate pay policies and practices meet the standard.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">The Remuneration Committee shall not comprise
any Board members and should be sensitive to the wider scene on executive pay. It should ensure that performance-based elements
of executive pay are designed to align the interests of shareholders.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Executive and Director Stock Option Plans</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; stock option plans that meet
the following criteria:</P>

<P STYLE="font: 11pt/11pt Calibri,sans-serif; margin: 5pt 0 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19.45pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The resulting dilution of existing shares is less than (a) 15% of outstanding shares for large capital corporations; or (b) 20% of outstanding shares for small-mid capital companies (companies having a market capitalization under one billion US dollars).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The transfer of equity resulting from granting options at less than fair market value (&#8220;FMV&#8221;) is no greater than 3% of the over-all market capitalization of large capital corporations or 5% of market cap for small-mid capital companies.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">3.</FONT></TD>
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The plan does not contain express repricing provisions and, in the absence of an express statement that options will not be repriced, the company does not have a history of repricing options.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">4.</FONT></TD>
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The plan does not grant options on super-voting stock.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">AM will support performance-based option proposals
as long as (a) they do not mandate that all options granted by the company must be performance based; and (b) only certain high-level
executives are subject to receive the performance based options.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">AM will support proposals to eliminate the payment of outside Director
pensions.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Determining the cost to the
company and to shareholders of stock-based incentive plans raises significant issues not encountered with cash-based compensation
plans. These include the potential dilution of existing shareholders' voting power, the transfer of equity out of the company resulting
from the grant and execution of options at less than FMV and the authority to reprice or replace underwater options. Our stock
option plan analysis model seeks to allow reasonable levels of flexibility for a company yet still protect shareholders from the
negative impact of excessive stock compensation. Acknowledging that small mid-capital corporations often rely more heavily on stock
option plans as their main source of executive compensation and may not be able to compete with their large capital competitors
with cash compensation, we provide slightly more flexibility for those companies.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Employee Stock Option/Purchase Plans</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote for employee stock purchase plans (&#8220;ESPPs&#8221;)
when the plan complies with Internal Revenue Code Section 423, allowing non-Management employees to purchase stock at 85% of FMV.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">AM policy is to vote &#8220;for&#8221; employee
stock option plans (&#8220;ESOPs&#8221;) provided they meet the standards for stock option plans in general. However, when computing
dilution and transfer of equity, ESOPs are considered independently from executive and Director option plans.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: ESOPs and ESPPs encourage rank-and-file employees
to acquire an ownership stake in the companies they work for and have been shown to promote employee loyalty and improve productivity.</P>

<P STYLE="font: 11pt/12pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Golden Parachutes</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to vote &#8220;for&#8221; proposals
to require shareholder approval of golden parachutes and for proposals that would limit golden parachutes to no more than three
times base compensation. AM Policy is to vote &#8220;against&#8221; more restrictive shareholder proposals to limit golden parachutes.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: In setting a reasonable limitation,
AM considers that an effective parachute should be less attractive than continued employment and that the IRS has opined that amounts
greater than three times annual salary, are excessive.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>E.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Proposals to Limit Benefits or Executive Compensation</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;against&#8221;</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Proposals to limit benefits, pensions or compensation and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Proposals that request or require disclosure of executive compensation greater than the disclosure required by Securities and Exchange Commission (&#8220;SEC&#8221;) regulations.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Levels of compensation and benefits are generally
considered to be day-to-day operations of the company, and are best left unrestricted by arbitrary limitations proposed by shareholders.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>F.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Option Expensing</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to support proposals requesting companies to expense stock
options.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Although companies can choose
to expense options voluntarily, the Financial Accounting Standards Board (&#8220;FASB&#8221;) does not yet require it, instead
allowing companies to disclose the theoretical value of options as a footnote. Because the expensing of stock options lowers earnings,
most companies elect not to do so. Given the fact that options have become an integral component of compensation and their exercise
results in a transfer of shareholder value, AM agrees that their value should not be ignored and treated as &#8220;no cost&#8221;
compensation. The expensing of stock options would promote more modest and appropriate use of stock options in executive compensation
plans and present a more accurate picture of company operational earnings.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>G.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Management Board Election and Motion</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;against&#8221;:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="width: 490pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The election of Board members with positions on either Remuneration or Audit Committees;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The election of Supervisory Board members with too many Supervisory Board mandates; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8220;Automatic&#8221; election of former Board members into the Supervisory Board.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Management as an entity, and each of its members,
are responsible for all actions of the company, and are - subject to applicable laws and regulations - accountable to the shareholders
as a whole for their actions.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Sufficient information should be disclosed in the annual company
report and account to allow shareholders to judge the success of the company.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>H.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Remuneration (Variable Pay)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><B>Executive remuneration for Management Board</B></P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; Management Board remuneration
that is transparent and linked to results.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 8.25pt 0 0; text-align: justify"><U>Rationale</U>: Executive compensation should
motivate Management and align the interests of Management with the shareholders. The focus should be on criteria that prevent excessive
remuneration; but enable the company to hire and retain first-class professionals.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Shareholder interests are normally best served when Management is
remunerated to optimize long-term returns. Criteria should include suitable measurements like return on capital employed or economic
value added.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Interests should generally also be correctly aligned when Management
own shares in the company &#8211; even more so if these shares represent a substantial portion of their own wealth.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Its disclosure shall differentiate between fixed pay, variable (performance
related) pay and long-term incentives, including stock option plans with valuation ranges as well as pension and any other significant
arrangements.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><B>Executive remuneration for Supervisory Board</B></P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; remuneration for Supervisory
Board that is at least 50% in fixed form.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: It would normally be preferable
if performance linked compensation were not based on dividend payments, but linked to suitable result based parameters. Consulting
and procurement services should also be published in the company report.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>I.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Long-Term Incentive Plans</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; long-term incentive plans for
members of Management Boards that reward for above average company performance.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Incentive plans will normally be supported if
they:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="width: 490pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Directly align the interests of members of Management Boards with those of shareholders;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Establish challenging performance criteria to reward only above average performance;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Measure performance by total shareholder return in relation to the market or a range of comparable companies;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Are long-term in nature and encourage long-term ownership of the shares once exercised through minimum holding periods; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Do not allow a repricing of the exercise price in stock option plans.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/0.5pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>J.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Shareholder Proposals Concerning &#8220;Pay for Superior Performance&#8221;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to address pay for superior performance
proposals on a case-by-case basis, incorporating the recommendation of an independent third party proxy research firm (currently
ISS) subject to review by the GPVSC as set forth in AM&#8217;s Proxy Policy and Guidelines.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: While AM agrees that compensation
issues are better left to the discretion of Management, there remains the need to monitor for excessive compensation practices
on a case-by-case basis. If, after a review of the ISS metrics, AM is comfortable with ISS&#8217;s applying this calculation and
will vote according to their recommendation.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>K.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Executive Compensation Advisory</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to follow Management&#8217;s recommended vote on shareholder
proposals to propose an advisory resolution seeking to ratify the compensation of the company&#8217;s named executive officers
(&#8220;NEOs&#8221;) on an annual basis.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 8.25pt 0 0; text-align: justify"><U>Rationale</U>: AM believes that controls
exist within senior Management and corporate compensation committees, ensuring fair compensation to executives. This might allow
shareholders to require approval for all levels of Management&#8217;s compensation.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>L.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Advisory Votes on Executive Compensation</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to evaluate Executive Compensation
proposals on a case-by-case basis, where locally defined this may be done by incorporating the recommendation of an independent
third party proxy research firm. AM will oppose Advisory Votes on Executive Compensation if:</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="width: 490pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">There is a significant misalignment between CEO pay and company performance;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The company maintains significant problematic pay practices; and/or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">3.</FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The Board exhibits a significant level of poor communication and responsiveness to shareholders.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: While AM agrees that compensation issues are better
left to the discretion of Management, there remains a need to take action on this nonbinding proposal if excessive compensation
practices exist.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>M.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Frequency of Advisory Vote on Executive Compensation</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; annual advisory votes on compensation,
which provide the most consistent and clear communication channel for shareholder concerns about companies&#8217; executive pay
programs.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: AM believes that annual advisory vote gives shareholders
the opportunity to express any compensation concerns to the Executive Compensation proposal which is an advisory voting.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>V.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Anti-Takeover Related Issues</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Sha</B>reho<B>lder Rights Plans (&#8220;Poison Pills&#8221;)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; proposals to require shareholder
ratification of poison pills or that request Boards to redeem poison pills, and to vote &#8220;against&#8221; the adoption of poison
pills if they are submitted for shareholder ratification.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Poison pills are the most
prevalent form of corporate takeover defenses and can be (and usually are) adopted without shareholder review or consent. The potential
cost of poison pills to shareholders during an attempted takeover outweighs the benefits.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Reincorporation</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to examine reincorporation proposals on a case-by-case
basis. The voting decision is based on:</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 665px; margin-left: 5.4pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19.45pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="width: 476.1pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Differences in state law between the existing state of incorporation and the proposed state of incorporation; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Differences between the existing and the proposed charter/bylaws/articles of incorporation and their effect on shareholder rights.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/11pt Calibri,sans-serif; margin: 5pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">If changes resulting from the proposed reincorporation violate the
corporate governance principles set forth in these guidelines, the reincorporation will be deemed contrary to shareholder&#8217;s
interests and a vote cast &#8220;against.&#8221;</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Reincorporations can be properly analyzed only
by looking at the advantages and disadvantages to their shareholders. Care must be taken that anti-takeover protection is not the
sole or primary result of a proposed change.</P>

<P STYLE="font: 11pt/12pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Fair-Price Proposals</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; Management fair-price proposals,
provided that:</P>

<P STYLE="font: 11pt/11pt Calibri,sans-serif; margin: 5pt 0 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19.45pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The proposal applies only to two-tier offers;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The proposal sets an objective fair-price test based on the highest price that the acquirer has paid for a company's shares;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">3.</FONT></TD>
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The supermajority requirement for bids that fail the fair-price test is no higher than two-thirds of the outstanding shares; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">4.</FONT></TD>
    <TD STYLE="padding-top: 5.75pt; padding-right: 0.7pt; padding-left: 0.7pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">The proposal contains no other anti-takeover provisions or provisions that restrict shareholders rights.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">A vote is cast for shareholder proposals that would modify or repeal
existing fair-price requirements that do not meet these standards.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: While fair price provisions
may be used as anti-takeover devices, if adequate provisions are included, they provide some protection to shareholders who have
some say in their application and the ability to reject those protections if desired.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Exemption from State Takeover Laws</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; shareholder proposals to opt
out of state takeover laws and to vote &#8220;against&#8221; Management proposals requesting to opt out of state takeover laws.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Control share statutes, enacted at the state level,
may harm long-term share value by entrenching Management. They also unfairly deny certain shares their inherent voting rights.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>E.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Non-Financial Effects of Takeover Bids</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">Policy is to vote &#8220;against&#8221; shareholder proposals to require
consideration of non-financial effects of merger or acquisition proposals.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Non-financial effects may often be subjective
and are secondary to AM&#8217;s stated purpose of acting in its client&#8217;s best economic interest.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>VI.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Mergers &amp; Acquisitions</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">Evaluation of mergers, acquisitions and other
special corporate transactions (i.e., takeovers, spin-offs, sales of assets, reorganizations, restructurings and recapitalizations)
are performed on a case-by-case basis incorporating information from an independent proxy research source (currently ISS.) Additional
resources including portfolio management and research analysts may be considered as set forth in AM&#8217;s policies and procedures.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>VII.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Environmental, Social and Governance Issues</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">Environmental, social and governance issues (ESG)
are becoming increasingly important to corporate success. We incorporate ESG considerations into both our investment decisions
and our proxy voting decisions &#8211; particularly if the financial performance of the company could be impacted. Companies or
states that seriously contravene internationally accepted ethical principles will be subject to heightened scrutiny.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Principles for Responsible Investment</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to actively engage with companies
on ESG issues and participate in ESG initiatives. In this context, AM (a) votes &#8220;for&#8221; increased disclosure on ESG issues;
(b) is willing to participate in the development of policy, regulation, and standard setting (such as promoting and protecting
shareholder rights); (c) could support shareholder initiatives</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 0; text-align: justify">and also file shareholder resolutions with long term
ESG considerations and improved ESG disclosure, when applicable; (d) could support standardized ESG reporting and issues to be
integrated within annual financial reports; and (e) on a case-by-case basis, will generally follow Management&#8217;s recommended
vote on other matters related to ESG issues.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: ESG issues can affect the performance of investment
portfolios (to varying degrees across companies, sectors, regions, asset classes and through time).</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>ESG Issues</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to vote in line with the Coalition
for Environmentally Responsible Economies (&#8220;CERES&#8221;) recommendation on Environmental matters contained in the CERES
Principles and the recommendations on Social and Sustainability issues not specifically addressed elsewhere in these Guidelines.
AM will rely on ISS to identify shareholder proposals addressing CERES Principles and proxies will be voted in accordance with
ISS's predetermined voting guidelines on CERES Principles.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0">Any matter that is to be voted on, consented to or approved by the
voting members, may take place in person, telephonically or via other electronic means. In addition, voting members may act in
writing, including without limitation, via e-mail.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: AM supports the CERES Principles and as such generally
votes proxies in line with the CERES recommendation.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Labor and Human Rights</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;against&#8221; adopting global codes of
conduct or workplace standards exceeding those mandated by law.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Additional requirements beyond those mandated
by law are deemed unnecessary and potentially burdensome to companies</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD STYLE="padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Diversity and Equality</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM policy is to vote &#8220;against&#8221; shareholder proposals to force equal employment opportunity, affirmative action or Board diversity.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Compliance with State and
Federal legislation along with information made available through filings with the Equal Employment Opportunity Commission (&#8220;EEOC&#8221;)
provides sufficient assurance that companies act responsibly and make information public.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM policy is also to vote &#8220;against&#8221; proposals to adopt the MacBride Principles. The MacBride Principles promote fair employment, specifically regarding religious discrimination.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Compliance with the Fair Employment Act of 1989
makes adoption of the MacBride Principles redundant. Their adoption could potentially lead to charges of reverse discrimination.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>E.</B></FONT></TD>
    <TD STYLE="padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Health and Safety</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM policy is to vote &#8220;against&#8221; adopting a pharmaceutical price restraint policy or reporting pricing policy changes.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Pricing is an integral part
of business for pharmaceutical companies and should not be dictated by shareholders (particularly pursuant to an arbitrary formula).
Disclosing pricing policies may also jeopardize a company&#8217;s competitive position in the marketplace.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM policy is to vote &#8220;against&#8221; shareholder proposals to control the use or labelling of and reporting on genetically engineered products.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Additional requirements beyond those mandated
by law are deemed unnecessary and potentially burdensome to companies.</P>

<P STYLE="font: 11pt/12pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>F.</B></FONT></TD>
    <TD STYLE="padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Government/Military</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; text-align: justify; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM policy is to vote against shareholder proposals regarding the production or sale of military arms or nuclear or space-based weapons, including proposals seeking to dictate a company's interaction with a particular foreign country or agency.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Generally, Management is
in a better position to determine what products or industries a company can and should participate in. Regulation of the production
or distribution of military supplies is, or should be, a matter of government policy.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM policy is to vote &#8220;against&#8221; shareholder proposals regarding political contributions and donations.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: The Board of Directors and Management, not shareholders,
should evaluate and determine the recipients of any contributions made by the company.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">3.</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM policy is to vote &#8220;against&#8221; shareholder proposals regarding charitable contributions and donations.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: The Board of Directors and Management, not shareholders,
should evaluate and determine the recipients of any contributions made by the company.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>G.</B></FONT></TD>
    <TD STYLE="padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Tobacco</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.95pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="padding-top: 2.95pt; padding-right: 0.95pt; padding-left: 0.95pt; text-align: justify; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">AM policy is to vote &#8220;against&#8221; shareholder proposals requesting additional standards or reporting requirements for tobacco companies as well as &#8220;against&#8221; requesting companies to report on the intentional manipulation of nicotine content.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Where a tobacco company&#8217;s
actions meet the requirements of legal and industry standards, imposing additional burdens may detrimentally affect a company's
ability to compete. The disclosure of nicotine content information could affect the company's rights in any pending or future litigation.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="width: 6.75in; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt">Shareholder requests to spin-off or restructure tobacco businesses will be opposed.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: These decisions are more appropriately left to
the Board and Management, and not to shareholder mandate.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>VIII.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Miscellaneous Items</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.9pt; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD STYLE="padding-top: 5.9pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Ratification of Auditors</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;for&#8221; (a) the Management recommended
selection of auditors and (b) proposals to require shareholder approval of auditors.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Absent evidence that auditors have not performed
their duties adequately, support for Management&#8217;s nomination is warranted.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Limitation of Non-Audit Services provided by Independent Auditor</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to support proposals limiting non-audit fees to 50% of
the aggregate annual fees earned by the firm retained as a company's independent auditor.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: In the wake of financial
reporting problems and alleged audit failures at a number of companies, AM supports the general principle that companies should
retain separate firms for audit and consulting services to avoid potential conflicts of interest. However, given the protections
afforded by the Sarbanes-Oxley Act of 2002 (which requires Audit Committee pre-approval for non-audit services and prohibits auditors
from providing specific types of services), and the fact that some non-audit services are legitimate audit-related services, complete
separation of audit and consulting fees may not be warranted. A reasonable limitation is appropriate to help ensure auditor independence
and it is reasonable to expect that audit fees exceed non-audit fees.</P>

<P STYLE="font: 11pt/12pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Audit Firm Rotation</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote against proposals seeking audit firm rotation.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: While the Sarbanes-Oxley Act mandates that the
lead audit partner be switched every five years, AM believes that rotation of the actual audit firm would be costly and disruptive.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Transaction of Other Business</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to vote &#8220;against&#8221; transaction of other business
proposals.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: This is a routine item to
allow shareholders to raise other issues and discuss them at the meeting. As the nature of these issues may not be disclosed prior
to the meeting, we recommend a vote against these proposals. This protects shareholders voting by proxy (and not physically present
at a meeting) from having action taken at the meeting that they did not receive proper notification of or sufficient opportunity
to consider.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>E.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Motions to Adjourn the Meeting</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM Policy is to vote &#8220;against&#8221; proposals to adjourn the
meeting.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Rationale</U>: Management may seek authority
to adjourn the meeting if a favorable outcome is not secured. Shareholders should already have had enough information to make a
decision. Once votes have been cast, there is no justification for Management to continue spending time and money to press shareholders
for support.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>F.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Bundled Proposals</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to vote against bundled proposals
if any bundled issue would require a vote against it if proposed individually.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Shareholders should not be forced to &#8220;take
the good with the bad&#8221; in cases where the proposals could reasonably have been submitted separately.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>G.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Change of Company Name</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM policy is to support Management on proposals to change the company
name.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: This is generally considered a business decision
for a company.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>H.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Proposals Related to the Annual Meeting</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0">AM Policy is to vote &#8220;for&#8221; Management for proposals related
to the conduct of the annual meeting (meeting time, place, etc.)</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: These are considered routine administrative proposals.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>I.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Reimbursement of Expenses Incurred from Candidate Nomination</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">AM policy is to follow Management&#8217;s recommended
vote on shareholder proposals related to the amending of company bylaws to provide for the reimbursement of reasonable expenses
incurred in connection with nominating one or more candidates in a contested election of Directors to the corporation&#8217;s Board
of Directors.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0"><U>Rationale</U>: Corporations should not be liable for costs associated
with shareholder proposals for Directors.</P>

<P STYLE="font: 11pt/12pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>J.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>Investment Company Proxies</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">Proxies solicited by investment companies are
voted in accordance with the recommendations of an independent third party, currently ISS. However, regarding investment companies
for which AM or an affiliate serves as investment adviser or principal underwriter, such proxies are voted in the same proportion
as the vote of all other shareholders. Proxies solicited by master funds from feeder funds will be voted in accordance with applicable
provisions of Section 12 of the Investment Company Act of 1940 (&#8220;Investment Company Act&#8221;).</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Investment companies, particularly closed-end
investment companies, are different from traditional operating companies. These differences may call for differences in voting
positions on the same matter. For example, AM could vote &#8220;for&#8221; staggered Boards of closed-end investment companies,
although AM generally votes &#8220;against&#8221; staggered Boards for operating companies. Further, the manner in which AM votes
investment company proxies may differ from proposals for which an AM-advised investment company solicits proxies from its shareholders.
As reflected in the Guidelines, proxies solicited by closed-end (and open-end) investment companies are voted in accordance with
the pre-determined guidelines of an independent third-party.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify">Subject to participation agreements with certain
Exchange Traded Funds (&#8220;ETF&#8221;) issuers that have received exemptive orders from the US Securities and Exchange Commission
allowing investing Deutsche funds to exceed the limits set forth in Section 12(d)(1)(A) and (B) of the Investment Company Act,
DeAM will echo vote proxies for ETFs in which Deutsche Bank holds more than 25% of outstanding voting shares globally when required
to do so by participation agreements and SEC orders.</P>

<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 9.85pt 0 0; text-align: justify"><U>Note</U>: With respect to the Central Cash
Management Fund (registered under the Investment Company Act), the Fund is not required to engage in echo voting and the investment
adviser will use these Guidelines, and may determine, with respect to the Central Cash Management Fund, to vote contrary to the
positions in the Guidelines, consistent with the Fund&#8217;s best interest.</P>

<P STYLE="font: 11pt/12.6pt Calibri,sans-serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 680px; margin-left: -0.35pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 1.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>K.</B></FONT></TD>
    <TD STYLE="width: 474pt; padding-right: 0.95pt; padding-left: 0.95pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9pt"><B>International Proxy Voting</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial,sans-serif; margin: 5pt 0 0; text-align: justify">The above guidelines pertain to issuers organized
in the United States, Canada and Germany. Proxies solicited by other issuers are voted in accordance with international guidelines
or the recommendation of ISS and in accordance with applicable law and regulation.</P>

<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt; text-indent: 0.5in">&nbsp;</P>





<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 8.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Portfolio Manager Disclosure</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The following individual handles the day-to-day management of the Fund.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Philipp Schweneke, CFA, Director and Portfolio Manager of the Fund</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial,sans-serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Senior Portfolio Manager for European Small &amp; Mid Cap
Equities, Deutsche Asset &amp; Wealth Management International GmbH: Frankfurt.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial,sans-serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Joined Deutsche Asset Management in 2009 and the Fund in
2013.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial,sans-serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; color: windowtext">Previously served as a portfolio manager
for German and European Small &amp; Mid Cap Equities at Sal. Oppenheim from 2006 to 2008, as an Equity Analyst at Dresdner Kleinwort
from 1999 to 2006 and as an IT Consultant for SAP Software in 1999.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial,sans-serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">BBA, accadis Hochschule Bad Homburg; Master of Arts in Business
Administration, University of Northumbria.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 12pt 0 3pt">Compensation of Portfolio Managers</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt">Portfolio managers are paid on a Total Compensation basis, which includes:
(i) fixed pay (base salary), which is linked to job function, responsibilities and internal and external peer comparison, and (ii)
variable compensation, which is discretionary and linked to investment performance, individual contribution, and the overall financial
results of both Deutsche Asset Management and Deutsche Bank AG. Variable compensation can be delivered via a short-term and/or
long-term vehicle, namely cash, equity upfront awards, restricted equity awards, and/or restricted incentive awards. Additionally,
to better align the interests of investors and portfolio managers, a portion of the long term variable compensation that portfolio
managers receive will be designated for investments in shares of the funds they manage, where possible. Variable compensation comprises
a greater proportion of total compensation as the portfolio manager&#8217;s seniority and total compensation level increase. The
proportion of variable compensation delivered via a long-term incentive award, which is subject to clawback, increases significantly
as the amount of variable compensation increases. All variable compensation delivered via a long-term incentive award is subject
to clawback.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0">To evaluate its investment professionals, Deutsche Asset Management
reviews investment performance for all accounts managed in relation to both account peer group and benchmark related data (i.e.,
appropriate Morningstar peer group universes and/or benchmark index(es) with respect to each account). The ultimate goal of this
process is to evaluate the degree to which investment professionals deliver investment performance that meets or exceeds their
clients&#8217; risk and return objectives. When determining Total Compensation, Deutsche Asset Management considers a number of
quantitative and qualitative factors:</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial,sans-serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Quantitative measures (e.g. one-, three- and five-year pre-tax
returns versus the benchmark and appropriate peer group, taking risk targets into account) are utilized to measure performance.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial,sans-serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Qualitative measures (e.g. adherence to, as well as contributions
to, the enhancement of the investment process) are included in the performance review. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial,sans-serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Other factors (e.g. non-investment related performance, teamwork,
adherence to compliance rules, risk management and &quot;living the values&quot; of Deutsche Asset Management) are included as
part of a discretionary component of the review process, giving management the ability to consider additional markers of performance
on a subjective basis. </FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 12pt 0 3pt">Fund Ownership of Portfolio Managers</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The following table shows the dollar range of Fund shares owned beneficially
and of record by each member of the Fund&#8217;s portfolio management team as well as in all US registered Funds advised by Deutsche
Asset &amp; Wealth Management International GmbH (DeAMI) as a group (the &#8220;Family of Funds&#8221;), including investments
by their immediate family members sharing the same household and amounts invested through retirement and deferred compensation
plans. This information is provided as of the Fund&#8217;s most recent fiscal year end.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 576px; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 174pt; border: Black 1pt solid; font: bold 10pt/11.55pt Times,serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman,serif">Name of<U> </U></FONT><BR>
<FONT STYLE="font-family: Times New Roman,serif">Portfolio Manager</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2.25in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: bold 10pt/normal Times New Roman,serif; margin: 0; text-align: center">Dollar Range of</P>
        <P STYLE="font: bold 10pt/normal Times New Roman,serif; margin: 0; text-align: center">Fund Shares Owned</P></TD>
    <TD STYLE="vertical-align: top; width: 157.5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt/11.55pt Times,serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman,serif">Dollar Range of All in the Family of Funds Shares Owned</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt/11.45pt Times,serif; padding-top: 0.55pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman,serif">Philipp Schweneke</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times,serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman,serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times,serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman,serif">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman,serif; margin: 12pt 0 3pt">Conflicts of Interest</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">In addition to managing the assets of the Fund, the Fund&#8217;s portfolio
managers may have responsibility for managing other client accounts of the Advisor or its affiliates. The tables below show, for
each portfolio manager, the number and asset size of (1) SEC registered investment companies (or series thereof) other than the
Fund, (2) pooled investment vehicles that are not registered investment companies and (3) other accounts (e.g., accounts managed
for individuals or organizations) managed by each portfolio manager. Total assets attributed to each portfolio manager in the tables
below include total assets of each account managed by them, although the manager may only manage a portion of such account&#8217;s
assets. For Funds subadvised by subadvisors unaffiliated with DeAMI, total assets of Funds managed may only include assets allocated
to the portfolio manager and not the total assets of each Fund managed. The tables also show the number of performance based fee
accounts, as well as the total assets of the accounts for which the advisory fee is based on the performance of the account. This
information is provided as of the Fund&#8217;s most recent fiscal year end.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Other SEC Registered Investment Companies Managed:</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; width: 573px; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 97.7pt; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 80.8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>Number of&nbsp;&nbsp;Registered Investment Companies </B></FONT></TD>
    <TD STYLE="width: 83.75pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>Total Assets of Registered Investment Companies</B></FONT></TD>
    <TD STYLE="width: 83.75pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>Number of Investment Company Accounts with Performance Based Fee</B></FONT></TD>
    <TD STYLE="width: 83.75pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>Total Assets of Performance- Based Fee Accounts</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Philipp Schweneke</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Other Pooled Investment Vehicles Managed:</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 590px; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 103.5pt; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 71.85pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>Number of Pooled Investment Vehicles</B></FONT></TD>
    <TD STYLE="width: 98.35pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>Total Assets of Pooled Investment Vehicles</B></FONT></TD>
    <TD STYLE="width: 84.9pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>&nbsp;Number of Pooled Investment Vehicle Accounts with Performance-Based Fee </B></FONT></TD>
    <TD STYLE="width: 84.2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>Total Assets of Performance- Based Fee Accounts</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Philipp Schweneke</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">$329,131,836</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Other Accounts Managed:</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 590px; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 103.5pt; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 71.85pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>Number of Other Accounts</B></FONT></TD>
    <TD STYLE="width: 98.35pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>Total Assets of Other Accounts</B></FONT></TD>
    <TD STYLE="width: 84.9pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>Number of Other Accounts with Performance- Based Fee </B></FONT></TD>
    <TD STYLE="width: 84.2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>Total Assets of Performance- Based Fee Accounts</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Philipp Schweneke</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">$240,188,653</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">In addition to the accounts above, an investment professional may manage
accounts in a personal capacity that may include holdings that are similar to, or the same as, those of the Funds. The Advisor
has in place a Code of Ethics that is designed to address conflicts of interest and that, among other things, imposes restrictions
on the ability of portfolio managers and other &#8220;access persons&#8221; to invest in securities that may be recommended or
traded in the Funds and other client accounts.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Real, potential or apparent conflicts of interest may arise when a portfolio
manager has day-to-day portfolio management responsibilities with respect to more than one fund or account, including the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial,sans-serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Certain investments may be appropriate for the Fund and also
for other clients advised by the Advisor, including other client accounts managed by the Fund&#8217;s portfolio management team.
Investment decisions for the Fund and other clients are made with a view to achieving their respective investment objectives and
after consideration of such factors as their current holdings, availability of cash for investment and the size of their investments
generally. A particular security may be bought or sold for only one client or in different amounts and at different times for more
than one but less than all clients. Likewise, because clients of the Advisor may have differing investment strategies, a particular
security may be bought for one or more clients when one or more other clients are selling the security. The investment results
achieved for the Fund may differ from the results achieved for other clients of the Advisor. In addition, purchases or sales of
the same security may be made for two or more clients on the same day. In such event, such transactions will be allocated among
the clients in a manner believed by the Advisor to be most equitable to each client, generally utilizing a pro rata allocation
methodology. In some cases, the allocation procedure could potentially have an adverse effect or positive effect on the price or
amount of the securities purchased or sold by the Fund. Purchase and sale orders for the Fund may be combined with those of other
clients of the Advisor in the interest of achieving the most favorable net results to the Fund and the other clients.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial,sans-serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">To the extent that a portfolio manager has responsibilities
for managing multiple client accounts, a portfolio manager will need to divide time and attention among relevant accounts. The
Advisor attempts to minimize these conflicts by aligning its portfolio management teams by investment strategy and by employing
similar investment models across multiple client accounts.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial,sans-serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">In some cases, an apparent conflict may arise where the Advisor
has an incentive, such as a performance-based fee, in managing one account and not with respect to other accounts it manages. The
Advisor will not determine allocations based on whether it receives a performance-based fee from the client. Additionally, the
Advisor has in place supervisory oversight processes to periodically monitor performance deviations for accounts with like strategies.
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial,sans-serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">The Advisor and its affiliates and the investment team of
each Fund may manage other mutual funds and separate accounts on a long only or a long-short basis. The simultaneous management
of long and short portfolios creates potential conflicts of interest including the risk that short sale activity could adversely
affect the market value of the long positions (and vice versa), the risk arising from sequential orders in long and short positions,
and the risks associated with receiving opposing orders at the same time. The Advisor has adopted procedures that it believes are
reasonably designed to mitigate these and other potential conflicts of interest. Included in these procedures are specific guidelines
developed to provide fair and equitable treatment for all clients whose accounts are managed by each Fund&#8217;s portfolio management
team. The Advisor and the portfolio management team have established monitoring procedures, a protocol for supervisory reviews,
as well as compliance oversight to ensure that potential conflicts of interest relating to this type of activity are properly addressed.
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The Advisor is owned by Deutsche Bank AG, a
multi-national financial services company. Therefore, the Advisor is affiliated with a variety of entities that provide, and/or
engage in commercial banking, insurance, brokerage, investment banking, financial advisory, broker-dealer activities (including
sales and trading), hedge funds, real estate and private equity investing, in addition to the provision of investment management
services to institutional and individual investors. Since Deutsche Bank AG, its affiliates, directors, officers and employees (the
&#8220;Firm&#8221;) are engaged in businesses and have interests in addition to managing asset management accounts, such wide ranging
activities involve real, potential or apparent conflicts of interest. These interests and activities include potential advisory,
transactional and financial activities and other interests in securities and companies that may be directly or indirectly purchased
or sold by the Firm for its clients&#8217; advisory accounts. The Advisor may take investment positions in securities in which
other clients or related persons within the Firm have different investment positions. There may be instances in which the Advisor
is purchasing or selling for its client accounts, or pursuing an outcome in the context of a workout or restructuring with respect
to, securities in which the Firm is undertaking the same or differing strategy in other businesses or other client accounts. These
are considerations of which advisory clients should be aware and which may cause conflicts that could be to the disadvantage of
the Advisor&#8217;s advisory clients, including the Fund. The Advisor has instituted business and compliance policies, procedures
and disclosures that are designed to identify, monitor and mitigate conflicts of interest and, as appropriate, to report them to
a Fund&#8217;s Board.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 9.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; margin-left: 4.65pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 176.9pt; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 63.9pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(a)</FONT></TD>
    <TD NOWRAP STYLE="width: 64.55pt; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(b)</FONT></TD>
    <TD NOWRAP STYLE="width: 90.2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(c)</FONT></TD>
    <TD NOWRAP STYLE="width: 78.6pt; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(d)&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;Period</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Total Number of</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Shares Purchased</P></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Average Price Paid</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">per Share</P></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Total Number of</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Shares Purchased as</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Part of Publicly Announced</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Plans or Programs</P></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Maximum Number of</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Shares that May Yet Be</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Purchased Under the</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Plans or Programs</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">January 1 through January 31</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">21,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">$14.35</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">21,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,130,463</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">February 1 through February 28</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">28,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">$14.52</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">28,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,102,463</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">March 1 through March 31</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">0</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">$0.00</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,102,463</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">April 1 through April 30</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">0</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">$0.00</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,102,463</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">May 1 through May 31</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">0</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">$0.00</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,102,463</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">June 1 through June 30</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">20,400</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">$15.50</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">20,400</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,082,063</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">July 1 through July 31</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">29,101</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">$15.39</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">29,101</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,052,962</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">August 1 through August 31</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">28,998</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">$15.08</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">28,998</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,581,002</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">September 1 through September 30</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">50,589</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">$14.88</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">50,589</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,530,413</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">October 1 through October 31</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">34,517</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">$15.15</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">34,517</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,495,896</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">November 1 through November 30</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">31,603</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">$15.08</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">31,603</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,464,293</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">December 1 through December 31</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">13,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">$15.22</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">13,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,451,293</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Total </FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">257,208</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">$15.01</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">257,208</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">On July 28, 2014, the Fund announced that the Board of Directors approved the extension of the current repurchase authorization permitting the Fund to repurchase up to 1,550,000 shares during the period from August 1, 2014 through July 31, 2015.&nbsp;&nbsp;The Fund repurchased 497,038 shares between August 1, 2014 and July 31, 2015.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">On July 27, 2015, the Fund announced that the Board of Directors approved the extension of the current repurchase authorization permitting the Fund to repurchase up to 1,610,000 shares during the period from August 1, 2015 through July 31, 2016.&nbsp;&nbsp;The Fund repurchased 158,707 shares between August 1, 2015 and December 31, 2015.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">In addition, on July 28, 2014 the Fund announced that its Board adopted a new Discount Management Program whereby the Fund will initiate one contingent tender offer during the period from August 1, 2014 through July 31, 2015 for 5% of the Fund&#8217;s shares outstanding at 98% of net asset value (&#8220;NAV&#8221;).&nbsp;&nbsp;The terms of the Discount Management Program require the Fund to conduct a tender offer if its shares trade at an average discount to NAV of more than 10% during a fifteen-week measurement period that has been determined by the Fund&#8217;s Board of Directors.&nbsp;&nbsp;During the measurement period that commenced on September 2, 2014 and expired on December 12, 2014, the Fund's shares traded at an average discount to NAV of less than 10%.&nbsp;&nbsp;Therefore the Fund was not required to conduct a tender offer.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 10.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">There were no material changes to the procedures by which stockholders may recommend nominees to the Fund&#8217;s Board.&nbsp;&nbsp;The Nominating and Governance Committee will consider nominee candidates properly submitted by stockholders in accordance with applicable law, the Fund's Articles of Incorporation or By-laws, resolutions of the Board and the qualifications and procedures set forth in the Nominating and Governance Committee Charter and this proxy statement. The Nominating and Governance Committee's Charter requires that a stockholder or group of stockholders seeking to submit a nominee candidate (i) must have beneficially owned at least 5% of the Fund's common stock for at least two years, (ii) may submit only one nominee candidate for any particular meeting of stockholders, and (iii) may submit a nominee candidate for only an annual meeting or other meeting of stockholders at which directors will be elected. The stockholder or group of stockholders must provide notice of the proposed nominee pursuant to the requirements found in the Fund's By-laws.&nbsp;&nbsp;Generally, this notice must be received not less than 90 days nor more than 120 days prior to the first anniversary of the date of mailing of the notice for the preceding year's annual meeting. Such notice shall include the specific information required by the Fund's By-laws. The Nominating and Governance Committee will evaluate nominee candidates properly submitted by stockholders on the same basis as it considers and evaluates candidates recommended by other sources.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 11.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CONTROLS AND PROCEDURES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="width: 78%; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Chief Executive and Financial Officers concluded that the Registrant&#8217;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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b) </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 4.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">There have been no changes in the registrant&#8217;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal controls over financial reporting.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 12.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EXHIBITS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 4.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">Registrant:</TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">The New Germany Fund, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Brian E. Binder</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Brian E. Binder</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">February 22, 2016</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Brian E. Binder</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Brian E. Binder</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">February 22, 2016</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Paul Schubert</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Paul Schubert</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer and Treasurer</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">February 22, 2016</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>codeofethics.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<html>
<head>
    <title>codeofethics.htm</title>
    <!--Licensed to: DEUTSCHE ASSET MANAGEMENT-->
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    <!--Copyright 1995 - 2013 Thomson Reuters. All rights reserved.-->
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<div style="LINE-HEIGHT: 27.35pt; TEXT-INDENT: 0pt; DISPLAY: block"><font style="font: 24pt Times New Roman"><b>Deutsche Asset
&amp; Wealth Management</b></font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 24pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-SIZE: 18pt">Principal Executive and Principal Financial Officer Code of Ethics</font></font></div>

<div><br>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For the Registered Management Investment Companies Listed on Appendix A</font></div>

<div><br>
</div>

<div style="text-align: center"><img src="worldlogo.jpg" alt=""><br>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Effective Date</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">[January 31, 2005]</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Revised Appendix A</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">[December 6, 2013]</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 15.95pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Table of Contents</font></div>

<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Page Number</font></div>

<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">I.</font></a></font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Overview</font></a>&#160;</font></div>
</td>
<td style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">3</a></font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">II.</font></a></font></div>
</td>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Purposes of the Officer Code</font></a>&#160;</font></div>
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<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">3</a></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">III.</font></a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Responsibilities of Covered Officers</font></a>&#160;</font></div>
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<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">4</a></font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">A.</font></a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Honest and Ethical Conduct</font></a>&#160;</font></div>
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<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">4</a></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">B.</font></a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Conflicts of Interest</font></a>&#160;</font></div>
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<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">4</a></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">C.</font></a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Use of Personal Fund Shareholder Information</font></a>&#160;</font></div>
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<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">6</a></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">D.</font></a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Public Communications</font></a>&#160;</font></div>
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<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">6</a></font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">E.</font></a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Compliance with Applicable Laws, Rules and Regulations</font></a>&#160;</font></div>
</td>
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<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">7</a></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">IV.</font></a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Violation Reporting</font></a>&#160;</font></div>
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<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">7</a></font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">A.</font></a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Overview</font></a>&#160;</font></div>
</td>
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<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">7</a></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">B.</font></a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">How to Report</font></a>&#160;</font></div>
</td>
<td style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">7</a></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">C.</font></a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Process for Violation Reporting to the Fund Board</font></a>&#160;</font></div>
</td>
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<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">7</a></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">D.</font></a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Sanctions for Code Violations</font></a>&#160;</font></div>
</td>
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<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">8</a></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">V.</font></a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Waivers from the Officer Code</font></a>&#160;</font></div>
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<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">8</a></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">VI.</font></a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Amendments to the Code</font></a>&#160;</font></div>
</td>
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<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">8</a></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">VII.</font></a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Acknowledgement and Certification of Adherence to the Officer Code</font></a>&#160;</font></div>
</td>
<td style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">8</a></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">IX.</font></a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Recordkeeping</font></a>&#160;</font></div>
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<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">9</a></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">X.</font></a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Confidentiality</font></a>&#160;</font></div>
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<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">9</a></font></div>
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<table border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td width="72%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#"><!--efplaceholder--><font style="DISPLAY: inline; TEXT-DECORATION: underline">Appendices</font></a>&#160;</font></td>
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<table border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td width="72%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#"><!--efplaceholder--><font style="DISPLAY: inline; TEXT-DECORATION: underline">Appendix A:&#160;&#160;List of Officers Covered under the Code, by Board</font></a>&#160;</font></td>
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<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#">10</a></font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Principal Executive Officer and Principal Financial Officer Code of Ethics (&#8220;Officer Code&#8221;) sets forth the policies, practices, and values expected to be exhibited in the conduct of the Principal Executive Officers and Principal Financial Officers of the investment companies (&#8220;Funds&#8221;) they serve (&#8220;Covered Officers&#8221;).&#160;&#160;A list of Covered Officers and Funds is included on Appendix A.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Boards of the Funds listed on Appendix A have elected to implement the Officer Code, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the SEC&#8217;s rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Deutsche Asset &amp; Wealth Management or its affiliates (&#8220;DeAWM&#8221;) serves as the investment adviser to each Fund.&#160;&#160;All Covered Officers are also employees of DeAWM or an affiliate.&#160;&#160;Thus, in addition to adhering to the Officer Code, these individuals must comply with DeAWM policies and procedures, such as the DeAWM Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#">1</a></font>&#160;&#160;In addition, such individuals also must comply with other applicable Fund policies and procedures.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The DeAWM Compliance Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of the Fund&#8217;s Board (or committee thereof), is primarily responsible for implementing and enforcing this Code.&#160;&#160;The Compliance Officer has the authority to interpret this Officer Code and its applicability to particular circumstances. Any questions about the Officer Code should be directed to the DeAWM Compliance Officer.</font></div>

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<div><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font> The obligations imposed by the Officer Code are separate from, and in addition to, any obligations imposed under codes of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, and any other code of conduct applicable to Covered Officers in whatever capacity they serve.&#160;&#160;The Officer Code does not incorporate any of those other codes and, accordingly, violations of those codes will not necessarily be considered violations of the Officer Code and waivers granted under those codes would not necessarily require a waiver to be granted under this Code.&#160;&#160;Sanctions imposed under those codes may be considered in determining appropriate sanctions for any violation of this Code.</div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">promote honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">promote full, fair, accurate, timely and understandable disclosures in reports and documents that the Funds file with or submit to the SEC (and in other public communications from the Funds) and that are within the Covered Officer&#8217;s responsibilities;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">promote compliance with applicable laws, rules and regulations;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">encourage the prompt internal reporting of violations of the Officer Code to the DeAWM Compliance Officer; and</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">establish accountability for adherence to the Officer Code.</font></div>
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</font><font  style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Honest and Ethical Conduct</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">It is the duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Officer Code and any other applicable policies and procedures designed to promote this behavior.&#160;&#160;Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the Fund(s) they serve.&#160;&#160;&#160;Covered Officers must be honest and candid while maintaining confidentiality of information where required by law, DeAWM policy or Fund policy.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Covered Officers also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting or being misleading about material facts or allowing their independent judgment to be subordinated.&#160;&#160;Covered Officers also should maintain skills appropriate and necessary for the performance of their duties for the Fund(s).&#160;&#160;Covered Officers also must responsibly use and control all Fund assets and resources entrusted to them.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Covered Officers may not retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Officer Code or applicable laws or regulations.&#160;&#160;Covered Officers should create an environment that encourages the exchange of information, including concerns of the type that this Code is designed to address.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">B.</font><font  style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Conflicts of Interest</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A &#8220;conflict of interest&#8221; occurs when a Covered Officer&#8217;s personal interests interfere with the interests of the Fund for which he or she serves as an officer. Covered Officers may not improperly use their position with a Fund for personal or private gain to themselves, their family, or any other person.&#160;&#160;Similarly, Covered Officers may not use their personal influence or personal relationships to influence decisions or other Fund business or operational matters where they would benefit personally at the Fund&#8217;s expense or to the Fund&#8217;s detriment.&#160;&#160;Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund&#8217;s expense or to the Fund&#8217;s detriment.&#160;&#160;Some examples of conflicts of interest follow (this is not an all-inclusive list):&#160;&#160;being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member who is an employee of a Fund service provider or is otherwise associated with the Fund; or having an ownership interest in, or having any consulting or employment relationship with, any Fund service provider other than DeAWM or its affiliates.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act.&#160;&#160;For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as &#8220;affiliated persons&#8221; of the Fund.&#160;&#160;Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior could be considered a violation of this Code.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As to conflicts arising from, or as a result of the advisory relationship (or any other relationships) between the Fund and DeAWM, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to DeAWM&#8217;s fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for DeAWM, or for both) be involved in establishing policies and implementing decisions which will have different effects on DeAWM and the Fund.&#160;&#160;The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between the Fund and DeAWM, and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Fund.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer&#8217;s duties to the Fund and his or her personal interests beyond those contemplated or anticipated by applicable regulatory schemes.&#160;&#160;If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the DeAWM Compliance Officer.&#160;&#160;If a Covered Officer, in lieu of reporting such a matter to the DeAWM Compliance Officer, may report the matter directly to the Fund&#8217;s Board (or committee thereof), as appropriate (e.g., if the conflict involves the DeAWM Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter to the DeAWM Compliance Officer).</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, DeAWM personnel aware of the matter should promptly contact the DeAWM Compliance Officer.&#160;&#160;There will be no reprisal or retaliation against the person reporting the matter.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Upon receipt of a report of a possible conflict, the DeAWM Compliance Officer will take steps to determine whether a conflict exists.&#160;&#160;In so doing, the DeAWM Compliance Officer may take any actions he or she determines to be appropriate in his or her sole discretion and may use all reasonable resources, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#">2</a></font>&#160;&#160;The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund&#8217;s Board (or committee thereof).&#160;&#160;Otherwise, such costs will be borne by DeAWM or other appropriate Fund service provider.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After full review of a report of a possible conflict of interest, the DeAWM Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists.&#160;&#160;If, however, the DeAWM Compliance Officer determines that an actual conflict exists, the Compliance Officer will resolve the conflict solely in the interests of the Fund, and will report the conflict and its resolution to the Fund&#8217;s Board (or committee thereof).&#160;&#160;If the DeAWM Compliance Officer determines that the appearance of a conflict exists, the DeAWM Compliance Officer will take appropriate steps to remedy such appearance.&#160;&#160;In lieu of determining whether a conflict exists and/or resolving a conflict, the DeAWM Compliance Officer instead may refer the matter to the Fund&#8217;s Board (or committee thereof), as appropriate.&#160;&#160;However, the DeAWM Compliance Officer must refer the matter to the Fund&#8217;s Board (or committee thereof) if the DeAWM Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After responding to a report of a possible conflict of interest, the DeAWM Compliance Officer will discuss the matter with the person reporting it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate).</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Solely because a conflict is disclosed to the DeAWM Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the DeAWM Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from the Code&#8217;s requirements.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the DeAWM Compliance Officer.</font></div>

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<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font> &#160;For example, retaining a Fund&#8217;s independent accounting firm may require pre-approval by the Fund&#8217;s audit committee.</div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">C.</font><font  style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Use of Personal Fund Shareholder Information</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 437pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A Covered Officer may not use or disclose personal information about Fund shareholders, except in the performance of his or her duties for the Fund.&#160;&#160;Each Covered Officer also must abide by the Funds&#8217; and DeAWM&#8217;s privacy policies under SEC Regulation S-P.</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 437pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">D.</font><font  style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Public Communications</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 437pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In connection with his or her responsibilities for or involvement with a Fund&#8217;s public communications and disclosure documents (e.g., shareholder reports, registration statements, press releases), each Covered Officer must provide information to Fund service providers (within the DeAWM organization or otherwise) and to the Fund&#8217;s Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 437pt"><br>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Further, within the scope of their duties, Covered Officers having direct or supervisory authority over Fund disclosure documents or other public Fund communications will, to the extent appropriate within their area of responsibility, endeavor to ensure full, fair, timely, accurate and understandable disclosure in Fund disclosure documents.&#160;&#160;Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate creation and review of all public reports and regulatory filings.&#160;&#160;Within the scope of his or her responsibilities as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Fund, as well as the business and financial operations of the Fund.&#160;&#160;Each Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes and procedures, including DeAWM&#8217;s Disclosure Controls and Procedures, which govern the process by which Fund disclosure documents are created and reviewed.</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 437pt"><br>
</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">To the extent that Covered Officers participate in the creation of a Fund&#8217;s books or records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">E.</font><font  style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Compliance with Applicable Laws, Rules and Regulations</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In connection with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations, accounting standards, and Fund policies/procedures that apply to his or her role, responsibilities and duties with respect to the Funds (&#8220;Applicable Laws&#8221;). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 437pt"><br>
</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If a Covered Officer knows of any material violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly report the matter to the DeAWM Compliance Officer.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">IV.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Violation Reporting</font></div>
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</font><font  style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Overview</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Each Covered Officer must promptly report to the DeAWM Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code.&#160;&#160;Failure to report a violation may be a violation of the Officer Code.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Examples of violations of the Officer Code include, but are not limited to, the following:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Unethical or dishonest behavior</font></div>
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<table cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Obvious lack of adherence to policies surrounding review and approval of public communications and regulatory filings</font></div>
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<div>
<table cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Failure to report violations of the Officer Code</font></div>
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<table cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Known or obvious deviations from Applicable Laws</font></div>
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<div>
<table cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Failure to acknowledge and certify adherence to the Officer Code</font></div>
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</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The DeAWM Compliance Officer has the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known or suspected Code violations, including consulting with the Fund&#8217;s Board, the independent Board members, a Board committee, the Fund&#8217;s legal counsel and/or counsel to the independent Board members.&#160;&#160;The Compliance Officer also has the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#">3</a></font> The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund&#8217;s Board (or committee thereof).&#160;&#160;Otherwise, such costs will be borne by DeAWM.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="LINE-HEIGHT: 9.1pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
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<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font> For example, retaining a Fund&#8217;s independent accounting firm may require pre-approval by the Fund&#8217;s audit committee.</font></div>

<div style="LINE-HEIGHT: 9.1pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="LINE-HEIGHT: 9.1pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
</div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">B.</font><font  style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">How to Report</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any known or suspected violations of the Officer Code must be promptly reported to the DeAWM Compliance Officer.</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">C.</font><font  style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Process for Violation Reporting to the Fund Board</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The DeAWM Compliance Officer will promptly report any violations of the Code to the Fund&#8217;s Board (or committee thereof).</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">D.</font><font  style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Sanctions for Code Violations</font></div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 72pt">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Violations of the Code will be taken seriously.&#160;&#160;In response to reported or otherwise known violations, DeAWM and the relevant Fund&#8217;s Board may impose sanctions within the scope of their respective authority over the Covered Officer at issue.&#160;&#160;Sanctions imposed by DeAWM could include termination of employment.&#160;&#160;Sanctions imposed by a Fund&#8217;s Board could include termination of association with the Fund.</font></div>

<div>&#160;</div>

<div><a name="ref.ID0ELH"><!--EFPlaceholder--></a>&#160;</div>
</div>

<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">V.&#160;&#160;</font></div>
</td>
<td width="1149">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Waivers from the Officer Code</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A Covered Officer may request a waiver from the Officer Code by transmitting a written request for a waiver to the DeAWM Compliance Officer.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#">4</a></font>&#160;&#160;The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying purposes of the Officer Code. The DeAWM Compliance Officer will present this information to the Fund&#8217;s Board (or committee thereof).&#160;&#160;The Board (or committee) will determine whether to grant the requested waiver.&#160;&#160;If the Board (or committee) grants the requested waiver, the DeAWM Compliance Officer thereafter will monitor the activities subject to the waiver, as appropriate, and will promptly report to the Fund&#8217;s Board (or committee thereof) regarding such activities, as appropriate.</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The DeAWM Compliance Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block">
<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div>
<hr style="COLOR: black" align="left" noshade size="1" width="10%">
</div>

<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font> Of course, it is not a waiver of the Officer Code if the Fund&#8217;s Board (or committee thereof) determines that a matter is not a deviation from the Officer Code&#8217;s requirements or is otherwise not covered by the Code.</font><br>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">VI.&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Amendments to the Code</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The DeAWM Compliance Officer will review the Officer Code from time to time for its continued appropriateness and will propose any amendments to the Fund&#8217;s Board (or committee thereof) on a timely basis.&#160;&#160;In addition, the Board (or committee thereof) will review the Officer Code at least annually for its continued appropriateness and may amend the Code as necessary or appropriate.</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The DeAWM Compliance Officer will coordinate and facilitate any required public disclosures of Code amendments.</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">VII.&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Acknowledgement and Certification of Adherence to the Officer Code</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br>
&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Each Covered Officer must sign a statement upon appointment as a Covered Officer and annually thereafter acknowledging that he or she has received and read the Officer Code, as amended or updated, and confirming that he or she has complied with it (see Appendix B: Acknowledgement and Certification of Obligations Under the Officer Code).</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Understanding and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer&#8217;s obligation.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The DeAWM Compliance Officer will maintain such Acknowledgements in the Fund&#8217;s books and records.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Scope of Responsibilities</font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A Covered Officer&#8217;s responsibilities under the Officer Code are limited to:</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Fund matters over which the Officer has direct responsibility or control, matters in which the Officer routinely participates, and matters with which the Officer is otherwise involved (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.</font>, matters within the scope of the Covered Officer&#8217;s responsibilities as a Fund officer); and</font></div>
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<table cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Fund matters of which the Officer has actual knowledge.</font></div>
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<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">IX.&#160;&#160;</font></div>
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<td width="1150">
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Recordkeeping</font></div>
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</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The DeAWM Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Officer Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.</font></div>

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</div>

<div style="LINE-HEIGHT: 15.95pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

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<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">X.&#160;&#160;</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Confidentiality</font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All reports and records prepared or maintained pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly.&#160;&#160;Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the DeAWM Compliance Officer, the Fund&#8217;s Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.</font></div>

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<div><a name="ref.ID0EGSAE">&#160;</a><a name="ref.ID0EWBAG">&#160;</a></div>

<div><a name="ref.ID0EESAG"><!--EFPlaceholder--></a>&#160;</div>

<div>&#160;</div>

<div style="LINE-HEIGHT: 15.95pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Appendices</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Appendix A:</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">List of Officers Covered under the Code, by Board:</font></div>

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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fund Board</font></div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Treasurer</font></div>
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</td>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brian Binder<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#">5</a></font></font></div>
</td>
<td align="left" valign="top" width="19%" style="BORDER-BOTTOM: black 0.75pt solid">
<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Paul Schubert</font></div>
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<td align="left" valign="top" width="28%" style="BORDER-BOTTOM: black 2.25pt double">
<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Germany*</font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brian Binder</font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Paul Schubert</font></div>
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<td align="left" valign="top" width="19%" style="BORDER-BOTTOM: black 2.25pt double">
<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Paul Schubert</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">*</font></div>
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<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Central Europe, Russia and Turkey Fund, Inc., The European Equity Fund, Inc. and The New Germany Fund, Inc.</font></div>
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</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">DeAWM Compliance Officer:</font></div>

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</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Joseph S. Yuen</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Head of Gifts/Entertainment &amp; the Code of Ethics</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">212-250-4773</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">917-512-9286 fax</font></div>

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&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As of:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;December 6, 2013</font></div>

<div><br>
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<hr style="COLOR: black" align="left" noshade size="1" width="10%">
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</div>

<div><a name="ref.ID0E4KBG">&#160; </a>

<div style="LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5</font> As of December 1, 2013</font></div>
</div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Appendix B: Acknowledgement and Certification</font></div>

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</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 18.25pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Initial Acknowledgement and Certification</font></div>

<div style="LINE-HEIGHT: 18.25pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">of Obligations Under the Officer Code</font></div>

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<br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Print Name&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Department&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Location&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Telephone</font></div>

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</div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I acknowledge and certify that I am a Covered Officer under the Deutsche Asset &amp; Wealth Management Principal Executive and Financial Officer Code of Ethics (&#8220;Officer Code&#8221;), and therefore subject to all of its requirements and provisions.</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I have disclosed any conflicts of interest of which I am aware to the DeAWM Compliance Officer.</font></div>
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</div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I will act in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I will report any known or suspected violations of the Officer Code in a timely manner to the DeAWM Compliance Officer.</font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Signature&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date</font></div>

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<div style="LINE-HEIGHT: 18.25pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Annual Acknowledgement and Certification</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Print Name&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Department&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Location&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Telephone</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I acknowledge and certify that I am a Covered Officer under the Deutsche Asset &amp; Wealth Management Principal Executive and Financial Officer Code of Ethics (&#8220;Officer Code&#8221;), and therefore subject to all of its requirements and provisions.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I have adhered to the Officer Code.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I have not knowingly been a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts of interest that I did not report to the DeAWM Compliance Officer in accordance with the Officer Code&#8217;s requirements.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I have acted in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With respect to the duties I perform for the Fund as a Fund officer, I believe that effective processes are in place to create and file public reports and documents in accordance with applicable regulations.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With respect to the duties I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under my supervision for compliance with Applicable Laws.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I have reported any known or suspected violations of the Officer Code in a timely manner to the DeAWM Compliance Officer.</font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Appendix C:&#160;&#160;Definitions</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal Executive Officer</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Individual holding the office of President of the Fund or series of Funds, or a person performing a similar function.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal Financial Officer</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Individual holding the office of Treasurer of the Fund or series of Funds, or a person performing a similar function.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Registered Investment Management Investment Company</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Registered investment companies other than a face-amount certificate company or a unit investment trust.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Waiver</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A waiver is an approval of an exemption from a Code requirement.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Implicit Waiver</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An implicit waiver is the failure to take action within a reasonable period of time regarding a material departure from a requirement or provision of the Officer Code that has been made known to the DeAWM Compliance Officer or the Fund&#8217;s Board (or committee thereof).</font></div>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATION
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>President</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Form N&#45;CSR Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Brian E. Binder, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of The New Germany Fund, Inc., on Form N&#45;CSR;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</TD></TR>
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">February 22, 2016</TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><U>/s/Brian E. Binder</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Brian E. Binder</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">President</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Chief Financial Officer and Treasurer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Form N&#45;CSR Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Paul Schubert, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">1)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of The New Germany Fund, Inc., on Form N&#45;CSR;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting</TD></TR>
<TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">February 22, 2016</TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><U>/s/Paul Schubert</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Paul Schubert</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Chief Financial Officer and Treasurer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>ex99906cert.htm
<DESCRIPTION>906 CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>President</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 906 Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Brian E. Binder, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">1.</TD>
    <TD STYLE="width: 90%; padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of The New Germany Fund, Inc., on Form N&#45;CSR;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSR (the &#8220;Report&#8221;) fully complies with the requirements of &sect; 13 (a) or &sect; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">February 22, 2016</TD>
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><U>/s/Brian E. Binder</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Brian E. Binder</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Chief Financial Officer and Treasurer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 906 Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Paul Schubert, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">1.</TD>
    <TD STYLE="width: 90%; padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of The New Germany Fund, Inc., on Form N&#45;CSR;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSR (the &#8220;Report&#8221;) fully complies with the requirements of &sect; 13 (a) or &sect; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">February 22, 2016</TD>
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><U>/s/Paul Schubert</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Paul Schubert</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Chief Financial Officer and Treasurer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<SEQUENCE>5
<FILENAME>image_025.jpg
<DESCRIPTION>GRAPHIC
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<DOCUMENT>
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begin 644 image_031.jpg
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M^/GZ_]H " $!   _ /9J****************************************
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end
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<DOCUMENT>
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begin 644 image_032.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
