<SEC-DOCUMENT>0001752724-19-178519.txt : 20191126
<SEC-HEADER>0001752724-19-178519.hdr.sgml : 20191126
<ACCEPTANCE-DATETIME>20191126073047
ACCESSION NUMBER:		0001752724-19-178519
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190930
FILED AS OF DATE:		20191126
PERIOD START:           	20191231

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:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05983
		FILM NUMBER:		191247575

	BUSINESS ADDRESS:	
		STREET 1:		875 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022-6225
		BUSINESS PHONE:		212-454-4500

	MAIL ADDRESS:	
		STREET 1:		875 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022-6225

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LENOX FUND INC
		DATE OF NAME CHANGE:	19900115
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <regFileNumber>811-05983</regFileNumber>
      <regCik>0000858706</regCik>
      <regLei>549300TPS2RTTJ8O3C08</regLei>
      <regStreet1>345 Park Avenue</regStreet1>
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      <regCity>New York</regCity>
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      <seriesName>New Germany Fund Inc</seriesName>
      <seriesLei>549300TPS2RTTJ8O3C08</seriesLei>
      <repPdEnd>2019-12-31</repPdEnd>
      <repPdDate>2019-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totAssets>270651950.05</totAssets>
      <totLiabs>18581080.21</totLiabs>
      <netAssets>252070869.84</netAssets>
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      <invstOrSec>
        <name>DELIVERY HERO SE /EUR/</name>
        <lei>529900C3EX1FZGE48X78</lei>
        <title>DELIVERY HERO SE /EUR/ 0.00000000</title>
        <cusip>D1T0KZ103</cusip>
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          <isin value="DE000A2E4K43"/>
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      </invstOrSec>
      <invstOrSec>
        <name>NORDEX SE /EUR/</name>
        <lei>529900HVDYCUWVD0OE76</lei>
        <title>NORDEX SE /EUR/ 0.00000000</title>
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          <isin value="DE000A0D6554"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>LANXESS AG /EUR/</name>
        <lei>529900PTLRE72EMYIJ77</lei>
        <title>LANXESS AG /EUR/ 0.00000000</title>
        <cusip>D5032B102</cusip>
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          <isin value="DE0005470405"/>
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        <balance>59215.00000000</balance>
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      <invstOrSec>
        <name>1&amp;1 DRILLISCH AG /EUR/</name>
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        <title>1&amp;1 DRILLISCH AG /EUR/ 0.00000000</title>
        <cusip>D23138106</cusip>
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          <isin value="DE0005545503"/>
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      <invstOrSec>
        <name>TEAMVIEWER AG /EUR/</name>
        <lei>3912000FZ0R0KEK9JS42</lei>
        <title>TEAMVIEWER AG /EUR/ 0.00000000</title>
        <cusip>D8T895100</cusip>
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          <isin value="DE000A2YN900"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TRATON SE /EUR/</name>
        <lei>N/A</lei>
        <title>TRATON SE /EUR/ 0.00000000</title>
        <cusip>D8T4KC101</cusip>
        <identifiers>
          <isin value="DE000TRAT0N7"/>
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      <invstOrSec>
        <name>CARL ZEISS MEDITEC AG -  /EUR/</name>
        <lei>N/A</lei>
        <title>CARL ZEISS MEDITEC AG - BR /EUR/ 0.00000000</title>
        <cusip>D14895102</cusip>
        <identifiers>
          <isin value="DE0005313704"/>
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        <balance>16688.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ENCAVIS AG /EUR/</name>
        <lei>391200ECRGNL09Y2KJ67</lei>
        <title>ENCAVIS AG /EUR/ 0.00000000</title>
        <cusip>D2R4PT120</cusip>
        <identifiers>
          <isin value="DE0006095003"/>
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        <balance>57910.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HELLOFRESH SE /EUR/</name>
        <lei>391200ZAF4V6XD2M9G57</lei>
        <title>HELLOFRESH SE /EUR/ 0.00000000</title>
        <cusip>D3R2MA100</cusip>
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          <isin value="DE000A161408"/>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEMETSCHEK SE  /EUR/</name>
        <lei>529900R0S2IX1S358J38</lei>
        <title>NEMETSCHEK SE /EUR/ 0.00000000</title>
        <cusip>D56134105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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      <invstOrSec>
        <name>HANNOVER RUECKVERSICHERU SE /EUR/</name>
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        <title>HANNOVER RUECKVERSICHERU SE /EUR/ 0.00000000</title>
        <cusip>D3015J135</cusip>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>BECHTLE AG /EUR/</name>
        <lei>529900HA2QT774RUXW59</lei>
        <title>BECHTLE AG /EUR/ 0.00000000</title>
        <cusip>D0873U103</cusip>
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        <name>FRAPORT AG FRANKFURT AIR /EUR/</name>
        <lei>5299001ERX0K10IZUL40</lei>
        <title>FRAPORT AG FRANKFURT AIRPORT /EUR/ 0.00000000</title>
        <cusip>D3856U108</cusip>
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        <name>UNITED INTERNET AG-REG S /EUR/</name>
        <lei>3VEKWPJHTD4NKMBVG947</lei>
        <title>UNITED INTERNET AG-REG SHARE /EUR/ 0.00000000</title>
        <cusip>D8542B125</cusip>
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        <name>DERMAPHARM HOLDING SE /EUR/</name>
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        <title>DERMAPHARM HOLDING SE /EUR/ 0.00000000</title>
        <cusip>D1T0ZJ103</cusip>
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        <name>KION GROUP AG /EUR/</name>
        <lei>5299005KY91C4C6U9H17</lei>
        <title>KION GROUP AG /EUR/ 0.00000000</title>
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        <name>COMMERZBANK AG /EUR/</name>
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        <name>SYMRISE AG /EUR/</name>
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        <name>ZALANDO SE /EUR/</name>
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        <name>SIEMENS HEALTHINEERS AG /EUR/</name>
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        <name>EVOTEC SE /EUR/</name>
        <lei>529900F9KI6OYITO9B12</lei>
        <title>EVOTEC SE /EUR/ 0.00000000</title>
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        <name>DIALOG SEMICONDUCTOR PLC /EUR/</name>
        <lei>529900QA2LORU6646N15</lei>
        <title>DIALOG SEMICONDUCTOR PLC /EUR/ 0.00000000</title>
        <cusip>G5821P111</cusip>
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        <invCountry>GB</invCountry>
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        <name>JENOPTIK AG /EUR/</name>
        <lei>529900P34GDHGXK6VB37</lei>
        <title>JENOPTIK AG /EUR/ 0.00000000</title>
        <cusip>D3S19K104</cusip>
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      <invstOrSec>
        <name>TLG IMMOBILIEN AG /EUR/</name>
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      <invstOrSec>
        <name>DWS</name>
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      <invstOrSec>
        <name>PROSIEBENSAT.1 MEDIA SE /EUR/</name>
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      <invstOrSec>
        <name>EVONIK INDUSTRIES AG /EUR/</name>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>SARTORIUS STEDIM BIOTECH /EUR/</name>
        <lei>N/A</lei>
        <title>SARTORIUS STEDIM BIOTECH /EUR/ 0.00000000</title>
        <cusip>F8005V210</cusip>
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          <isin value="FR0013154002"/>
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      <invstOrSec>
        <name>BILFINGER SE /EUR/</name>
        <lei>529900H0HULEN2BZ4604</lei>
        <title>BILFINGER SE /EUR/ 0.00000000</title>
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        <name>METRO AG /EUR/</name>
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        <title>DEUTSCHE WOHNEN SE /EUR/ 0.00000000</title>
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      <invstOrSec>
        <name>PFEIFFER VACUUM TECHNOLO /EUR/</name>
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        <cusip>D6058X101</cusip>
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      <invstOrSec>
        <name>VOSSLOH AG /EUR/</name>
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        <title>VOSSLOH AG /EUR/ 0.00000000</title>
        <cusip>D9494V101</cusip>
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      <invstOrSec>
        <name>LEG IMMOBILIEN AG /EUR/</name>
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        <name>CTS EVENTIM AG &amp; CO KGAA /EUR/</name>
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        <name>SCOUT24 AG /EUR/</name>
        <lei>5493007EIKM2ENQS7U66</lei>
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        <name>OSRAM LICHT AG /EUR/</name>
        <lei>549300SXOGQHLID37W55</lei>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2758183.05000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROCKET INTERNET SE /EUR/</name>
        <lei>3912003IMZTQTU1V0F73</lei>
        <title>ROCKET INTERNET SE /EUR/ 144A 0.00000000</title>
        <cusip>D6S914104</cusip>
        <identifiers>
          <isin value="DE000A12UKK6"/>
        </identifiers>
        <balance>56314.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91743119"/>
        <valUSD>1454759.56000000</valUSD>
        <pctVal>0.577123235589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HYPOPORT AG /EUR/</name>
        <lei>391200GNIFXXP6KRYQ46</lei>
        <title>HYPOPORT AG /EUR/ 0.00000000</title>
        <cusip>D3149E101</cusip>
        <identifiers>
          <isin value="DE0005493365"/>
        </identifiers>
        <balance>3789.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91743119"/>
        <valUSD>943707.28000000</valUSD>
        <pctVal>0.374381728677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEUTZ AG /EUR/</name>
        <lei>5299005DETTV58V2PP63</lei>
        <title>DEUTZ AG /EUR/ 0.00000000</title>
        <cusip>D39176108</cusip>
        <identifiers>
          <isin value="DE0006305006"/>
        </identifiers>
        <balance>435496.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91743119"/>
        <valUSD>2525354.20000000</valUSD>
        <pctVal>1.001842934728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREENET AG /EUR/</name>
        <lei>5299003GLDODCVP8DO20</lei>
        <title>FREENET AG /EUR/ 0.00000000</title>
        <cusip>D3689Q134</cusip>
        <identifiers>
          <isin value="DE000A0Z2ZZ5"/>
        </identifiers>
        <balance>96201.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91743119"/>
        <valUSD>1980788.21000000</valUSD>
        <pctVal>0.785806075591</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QIAGEN N.V. /EUR/</name>
        <lei>54930036WK3GMCN17Z57</lei>
        <title>QIAGEN N.V. /EUR/ 0.00000000</title>
        <cusip>N72482123</cusip>
        <identifiers>
          <isin value="NL0012169213"/>
        </identifiers>
        <balance>143056.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91743119"/>
        <valUSD>4684168.44000000</valUSD>
        <pctVal>1.858274398375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRENNTAG AG /EUR/</name>
        <lei>NNROIXVWJ7CPSR27SV97</lei>
        <title>BRENNTAG AG /EUR/ 0.00000000</title>
        <cusip>D12459117</cusip>
        <identifiers>
          <isin value="DE000A1DAHH0"/>
        </identifiers>
        <balance>142601.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91743119"/>
        <valUSD>6901318.00000000</valUSD>
        <pctVal>2.737848290197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOCHTIEF AG /EUR/</name>
        <lei>N/A</lei>
        <title>HOCHTIEF AG /EUR/ 0.00000000</title>
        <cusip>D33134103</cusip>
        <identifiers>
          <isin value="DE0006070006"/>
        </identifiers>
        <balance>14050.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91743119"/>
        <valUSD>1601896.70000000</valUSD>
        <pctVal>0.635494573814</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JUNGHEINRICH - PRFD /EUR/</name>
        <lei>529900PHZORTU6FSXE73</lei>
        <title>JUNGHEINRICH - PRFD /EUR/ 0.00000000</title>
        <cusip>D37552102</cusip>
        <identifiers>
          <isin value="DE0006219934"/>
        </identifiers>
        <balance>157795.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91743119"/>
        <valUSD>3402091.76000000</valUSD>
        <pctVal>1.349656849345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SILTRONIC AG /EUR/</name>
        <lei>5299003NKV26NNGHHR90</lei>
        <title>SILTRONIC AG /EUR/ 0.00000000</title>
        <cusip>D6948S114</cusip>
        <identifiers>
          <isin value="DE000WAF3001"/>
        </identifiers>
        <balance>56047.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91743119"/>
        <valUSD>4258058.73000000</valUSD>
        <pctVal>1.689230783669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOFTWARE AG /EUR/</name>
        <lei>529900M1LIO0SLOBAS50</lei>
        <title>SOFTWARE AG /EUR/ 0.00000000</title>
        <cusip>D7045M190</cusip>
        <identifiers>
          <isin value="DE000A2GS401"/>
        </identifiers>
        <balance>37172.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91743119"/>
        <valUSD>1021445.67000000</valUSD>
        <pctVal>0.405221623049</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HELLA GMBH &amp; CO KGAA /EUR/</name>
        <lei>529900PLX4ADJFWIY024</lei>
        <title>HELLA GMBH &amp; CO KGAA /EUR/ 0.00000000</title>
        <cusip>D3R112160</cusip>
        <identifiers>
          <isin value="DE000A13SX22"/>
        </identifiers>
        <balance>114942.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91743119"/>
        <valUSD>5139263.72000000</valUSD>
        <pctVal>2.038816989548</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INSTONE REAL ESTATE GROU /EUR/</name>
        <lei>391200DINUIRPDZQHX03</lei>
        <title>INSTONE REAL ESTATE GROUP AG /EUR/ 144A 0.00000000</title>
        <cusip>D3706C100</cusip>
        <identifiers>
          <isin value="DE000A2NBX80"/>
        </identifiers>
        <balance>263286.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91743119"/>
        <valUSD>5487090.87000000</valUSD>
        <pctVal>2.176804830118</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STROEER MEDIA AG /EUR/_</name>
        <lei>529900MBF3N1ATE55378</lei>
        <title>STROEER MEDIA AG /EUR/_ 0.00000000</title>
        <cusip>D8169G100</cusip>
        <identifiers>
          <isin value="DE0007493991"/>
        </identifiers>
        <balance>24878.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91743119"/>
        <valUSD>1894123.85000000</valUSD>
        <pctVal>0.751425125482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DWS</name>
        <lei>N/A</lei>
        <title>DWS Gov&amp;Agency Sec Portfolio DWS Gov Cash Inst Shs</title>
        <cusip>147539670</cusip>
        <identifiers>
          <isin value="US1475396701"/>
        </identifiers>
        <balance>12084019.69000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12084019.69000000</valUSD>
        <pctVal>4.793897723156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="12084019.69000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2019-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>New Germany Fund Inc</ncom:nameOfApplicant>
      <ncom:signature>Diane Kenneally </ncom:signature>
      <ncom:signerName>Diane Kenneally </ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
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<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>DWS.NGF.SOI.htm
<DESCRIPTION>SOI
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 15pc; text-align: left; vertical-align: bottom">Schedule of Investments </TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; text-align: right; vertical-align: bottom">as of September 30, 2019 (Unaudited)</TD></TR>
</TABLE>


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

<P STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 74%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right"><A NAME="a_hd_3ead71740a54410ea6be20593f184757"></A><FONT STYLE="font-size: 8pt"><B>Shares</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right"><A NAME="a_hd_ec084845a458482fb9b6a74c9c691235"></A><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt"><B>Germany 84.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt"><B>Common Stocks 81.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Auto Components 2.0% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Hella GmbH &amp; Co. KGaA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">114,942</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>5,139,264</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Banks 1.7% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Commerzbank AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">752,191</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,363,445</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Biotechnology 1.1% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">MorphoSys AG*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24,464</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,695,908</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Chemicals 6.2% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Evonik Industries AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">125,368</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,095,148</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">K+S AG (Registered)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">55,344</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">767,032</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">LANXESS AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">59,215</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,614,483</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Symrise AG ''A''</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">83,779</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,142,012</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>15,618,675</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Commercial Services &amp; Supplies 1.1% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Bilfinger SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">94,206</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,751,946</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Construction &amp; Engineering 0.6% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">HOCHTIEF AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,050</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,601,897</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Diversified Financial Services 0.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Hypoport AG*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,789</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>943,707</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Diversified Telecommunication Services 1.0% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">United Internet AG (Registered)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">68,944</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,459,625</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Electrical Equipment 6.2% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Nordex SE*<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">496,788</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,414,989</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">OSRAM Licht AG<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">63,013</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,771,406</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Varta AG*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">75,065</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,404,787</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>15,591,182</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Electronic Equipment, Instruments &amp; Components 0.2% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Jenoptik AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,566</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>559,334</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Entertainment 0.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">CTS Eventim AG &amp; Co. KGaA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18,143</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,022,412</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Food &amp; Staples Retailing 0.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">METRO AG<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60,617</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>956,730</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Health Care Equipment &amp; Supplies 2.2% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Carl Zeiss Meditec AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,688</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,902,665</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Siemens Healthineers AG 144A</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">92,207</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,627,751</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>5,530,416</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Independent Power &amp; Renewable Electricity Producers 2.3% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Encavis AG<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">57,910</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">536,536</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Uniper SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">157,208</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,156,124</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>5,692,660</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Insurance 4.1% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Hannover Rueck SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24,071</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,069,419</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Talanx AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">145,392</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,282,040</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>10,351,459</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Interactive Media &amp; Services 4.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">New Work SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,637</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,263,583</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Scout24 AG 144A</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">170,898</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,742,382</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>11,005,965</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Internet &amp; Direct Marketing Retail 10.7% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Delivery Hero SE 144A*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">187,846</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,345,697</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">HelloFresh SE*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">582,085</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,831,859</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Rocket Internet SE 144A*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">56,314</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,454,760</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Zalando SE 144A*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">183,900</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,394,888</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>27,027,204</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>IT Services 0.3% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Bechtle AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,694</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>782,876</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Shares</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Life Sciences Tools &amp; Services 1.1% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Evotec SE*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">122,525</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,727,137</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Machinery 4.1% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Deutz AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">435,496</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,525,354</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">KION Group AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">79,780</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,195,830</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Pfeiffer Vacuum Technology AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,519</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">613,743</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Traton SE*<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">87,177</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,323,311</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Vossloh AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,005</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">659,438</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>10,317,676</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Media 1.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">ProSiebenSat.1 Media SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">128,281</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,767,404</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Stroeer SE &amp; Co. KGaA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24,878</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,894,124</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>3,661,528</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Metals &amp; Mining 2.6% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">thyssenkrupp AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">468,287</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>6,485,049</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Pharmaceuticals 1.2% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Dermapharm Holding SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">74,397</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,926,637</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Professional Services 0.1% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Amadeus Fire AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,712</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>189,221</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Real Estate Management &amp; Development 10.0% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Deutsche Wohnen SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">220,849</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,061,894</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Instone Real Estate Group AG 144A*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">263,286</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,487,091</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">LEG Immobilien AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">78,069</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,934,997</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">TLG Immobilien AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">96,812</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,632,851</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>25,116,833</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Semiconductors &amp; Semiconductor Equipment 1.7% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Siltronic AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">56,047</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,258,059</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Software 2.5% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Nemetschek SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,227</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">726,058</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Software AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">37,172</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,021,446</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">TeamViewer AG*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">167,069</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,516,209</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>6,263,713</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Textiles, Apparel &amp; Luxury Goods 3.8% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Puma SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">124,640</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>9,645,890</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Trading Companies &amp; Distributors 2.7% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Brenntag AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">142,601</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>6,901,318</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Transportation Infrastructure 3.3% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Fraport AG Frankfurt Airport Services Worldwide</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">97,438</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>8,265,061</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Wireless Telecommunication Services 1.2% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">1&amp;1 Drillisch AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">35,858</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,117,837</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Freenet AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">96,201</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,980,788</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>3,098,625</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Common Stocks </B>(Cost $169,215,292)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;203,951,452</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt"><B>Preferred Stocks 3.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Health Care Equipment &amp; Supplies 1.9% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Sartorius AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25,697</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,688,829</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Machinery 1.3% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Jungheinrich AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">157,795</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>3,402,092</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Preferred Stocks </B>(Cost $5,508,507)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;8,090,921</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Total Germany </B>(Cost $174,723,799)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;212,042,373</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt"><B>Netherlands 12.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt"><B>Common Stocks </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Aerospace &amp; Defense 10.2% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Airbus SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">197,449</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>25,654,154</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Life Sciences Tools &amp; Services 1.8% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">QIAGEN NV*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">143,056</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,684,168</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Netherlands </B>(Cost $8,724,631)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;30,338,322</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Shares</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt"><B>Luxembourg 1.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt"><B>Common Stocks </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Real Estate Management &amp; Development 1.2% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Aroundtown SA (Cost $3,356,975) </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">378,196</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>3,093,401</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt"><B>United Kingdom 1.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt"><B>Common Stocks </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Semiconductors &amp; Semiconductor Equipment 1.0% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Dialog Semiconductor PLC* (Cost $1,626,159) </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">52,704</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,494,939</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt"><B>France 0.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt"><B>Common Stocks </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Life Sciences Tools &amp; Services 0.9% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Sartorius Stedim Biotech (Cost $1,270,910) </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,687</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,195,490</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 12.2pt; text-indent: -12.2pt"><A NAME="a_hd_2103c5a51bbe42bea9d1a813a54bca4b"></A><FONT STYLE="font-size: 8pt"><B>Securities Lending Collateral</B></FONT><A NAME="a_hd_81798a00fc414ab38464f8c8d73bda1f"></A> <FONT STYLE="font-size: 8pt"><B>3.7%</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">DWS Government &amp; Agency Securities Portfolio &quot;DWS Government Cash Institutional Shares&quot;, 1.84% (Cost $9,239,558) (a) (b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">9,239,558</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;9,239,558</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><A NAME="a_hd_ddc4113f77074dd28d4397399e039d9b"></A><FONT STYLE="font-size: 8pt"><B>Cash Equivalents</B></FONT><A NAME="a_hd_c2d43647ed534ffb8908e3fd9f9913e6"></A> <FONT STYLE="font-size: 8pt"><B>1.1%</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">DWS Central Cash Management Government Fund, 1.96% (Cost $2,775,340) (b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">2,775,340</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;2,775,340</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>% of Net </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Total Investment Portfolio</B> (Cost $201,717,372)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">104.1</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;262,179,423</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Other Assets and Liabilities, Net</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.1)</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;(10,201,517)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Net Assets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">100.0</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;251,977,906</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><BR>
For information on the Fund&rsquo;s policies regarding the valuation of investments and other significant accounting policies,
please refer to the Fund&rsquo;s most recent semi-annual or annual financial statements.<BR>
<BR>
</P>

<P STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">A summary of the Fund&rsquo;s transactions with affiliated investments during the period ended September 30, 2019 are as follows:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Value ($) at 12/31/2018</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Purchases Cost<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Sales Proceeds<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Net <BR>
Realized<BR>
Gain/ <BR>
(Loss)<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Net<BR>
Change in<BR>
Unrealized<BR>
Appreciation/<BR>
(Depreciation)<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Income<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Capital<BR>
Gain<BR>
Distributions<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Number<BR>
of Shares<BR>
at<BR>
9/30/2019</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Value ($)<BR>
at<BR>
9/30/2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9"><FONT STYLE="font-size: 8pt"><B>Securities Lending Collateral 4.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9"><FONT STYLE="font-size: 8pt">DWS Government &amp; Agency Securities Portfolio &quot;DWS Government Cash Institutional Shares&quot;, 1.84% (a) (b)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">13,387,408</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">4,147,850(c)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">224,901</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;9,239,558</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;9,239,558</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9"><FONT STYLE="font-size: 8pt"><B>Cash Equivalents 1.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9"><FONT STYLE="font-size: 8pt">DWS Central Cash Management Government Fund, 1.96% (b)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">15,444,192</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">37,142,501</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">49,811,353</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;64,313</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2,775,340</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2,775,340</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>28,831,600</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>37,142,501</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>53,959,203</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>289,214</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>12,014,898</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>12,014,898</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font-size: 8pt">Non-income producing security.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">&dagger;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">All or a portion of these securities were on loan. The value of all securities loaned at September 30, 2019 amounted to $8,675,338, which is 3.4% of net assets.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended September 30, 2019.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 8pt">144A:</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 94%">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of its industry concentration
policy, the Fund classifies issuers of portfolio securities at the industry sub-group level.&nbsp;&nbsp;Certain of the categories
in the above Schedule of Investments consist of multiple industry sub-groups or industries.&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Securities are listed in the country of domicile.
For purposes of the Fund's investment objective policy to invest in German companies, non<FONT STYLE="font-family: MSMincho-WinCharSetFFFF-H">-</FONT>Germany
domiciled securities may qualify as German companies as defined in the Fund's Statement of Investment Objectives, Policies and
Investment Restrictions.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9"><FONT STYLE="font-size: 8pt"><B>Fair Value Measurements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">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></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9"><FONT STYLE="font-size: 8pt">The following is a summary of the inputs used as of September 30, 2019 in valuing the Fund&rsquo;s investments.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level 1</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level 2</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level 3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.05in"><FONT STYLE="font-size: 8pt">Common Stocks and/or Other Equity Investments (d)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.5in; text-indent: -0.25in; width: 30%"><FONT STYLE="font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 3%"><A NAME="a_hs_bf6649d0c1634ba88dd276a5d2a6ab9c"></A><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 11%; padding-right: 0.05in"> <FONT STYLE="font-size: 8pt">212,042,373</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; width: 3%"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_81836e1c8298460bb36819c4f1f01522"></A>$</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 0.05in; width: 11%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; width: 3%"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_da6d3c4d6f1242689b34c7e9d6d2aea1"></A>$</FONT></TD>
    <TD STYLE="text-align: center; width: 11%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: center; width: 3%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: center; width: 11%; vertical-align: bottom"> <FONT STYLE="font-size: 8pt">&#9;212,042,373</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">Netherlands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; text-align: right"><A NAME="a_hs_4f6b1f88bfaa4810b8e40705990e62b3"></A><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;30,338,322</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_fc5f81f2695f49ecb5eeac032a509049"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_41a57a72e37549f79ecc2c76b8908ab8"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;30,338,322</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">Luxembourg</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; text-align: right"><A NAME="a_hs_cacf546615e6499ab7b76b8753c67356"></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; text-align: center">&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 8pt">&nbsp;3,093,401</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_67ab8ff476214386b3f9b8290bb5fd1c"></A>&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_47efc363edf94e85b6797729ce4773d5"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,093,401</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">United Kingdom</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; text-align: right"><A NAME="a_hs_5dda3b6ea0aa4f30bd3f72118148bb5c"></A><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 8pt">2,494,939 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_f47d3bd4859146b196f979be09c1a6f6"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_0d418614803c47c9ab28ba044a2ed545"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,494,939</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">France</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; text-align: right"><A NAME="a_hs_6faee3546f8d4fa98bcc87705994f555"></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,195,490 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_7fb481f9ebe44c0d91fd6ca9216c50dc"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_14ab181955224734a5c63c125f92b8a8"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,195,490</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.05in"><FONT STYLE="font-size: 8pt">Short-Term Instruments (d)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;12,014,898</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;12,014,898</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><A NAME="a_hs_2121aa5d54344ef4ac5c86d449f98e37"></A><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$
</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; padding-right: 0.05in"><FONT STYLE="font-size: 8pt"><B>262,179,423</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;<A NAME="a_hs_8cb2ba53f24044bfbe27eedfb0ced258"></A>$&#9;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;<A NAME="a_hs_29b1732ef4c84500a17c52f964fe4614"></A>$</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;&mdash;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&nbsp;$ &#9;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>262,179,423</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.05in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9"><FONT STYLE="font-size: 8pt">(d) See Schedule of Investments for additional detailed categorizations.</FONT></TD></TR>
</TABLE>
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