<SEC-DOCUMENT>0001752724-20-105120.txt : 20200527
<SEC-HEADER>0001752724-20-105120.hdr.sgml : 20200527
<ACCEPTANCE-DATETIME>20200527131220
ACCESSION NUMBER:		0001752724-20-105120
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200331
FILED AS OF DATE:		20200527
PERIOD START:           	20201231

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:		20914422

	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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      <repPdEnd>2020-12-31</repPdEnd>
      <repPdDate>2020-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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        <name>PUMA SE /EUR/</name>
        <lei>N/A</lei>
        <title>PUMA SE /EUR/ 0.00000000</title>
        <cusip>D62318148</cusip>
        <identifiers>
          <isin value="DE0006969603"/>
        </identifiers>
        <balance>86249.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>5148941.10000000</valUSD>
        <pctVal>2.361458255305</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>NEW WORK SE /EUR/</name>
        <lei>N/A</lei>
        <title>NEW WORK SE /EUR/ 0.00000000</title>
        <cusip>D5S1L6106</cusip>
        <identifiers>
          <isin value="DE000NWRK013"/>
        </identifiers>
        <balance>2533.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>544823.98000000</valUSD>
        <pctVal>0.249872558312</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>PROSIEBENSAT.1 MEDIA SE /EUR/</name>
        <lei>N/A</lei>
        <title>PROSIEBENSAT.1 MEDIA SE /EUR/ 0.00000000</title>
        <cusip>D6216S143</cusip>
        <identifiers>
          <isin value="DE000PSM7770"/>
        </identifiers>
        <balance>235363.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>1867417.59000000</valUSD>
        <pctVal>0.856453511190</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>KWS SAAT SE AND CO KGAA /EUR/</name>
        <lei>N/A</lei>
        <title>KWS SAAT SE AND CO KGAA /EUR/ 0.00000000</title>
        <cusip>D39062100</cusip>
        <identifiers>
          <isin value="DE0007074007"/>
        </identifiers>
        <balance>95828.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>4890016.59000000</valUSD>
        <pctVal>2.242707737526</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>SCOUT24 AG /EUR/</name>
        <lei>5493007EIKM2ENQS7U66</lei>
        <title>SCOUT24 AG /EUR/ 144A 0.00000000</title>
        <cusip>D345XT105</cusip>
        <identifiers>
          <isin value="DE000A12DM80"/>
        </identifiers>
        <balance>201724.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>12120112.49000000</valUSD>
        <pctVal>5.558645775681</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>SIEMENS HEALTHINEERS AG /EUR/</name>
        <lei>N/A</lei>
        <title>SIEMENS HEALTHINEERS AG /EUR/ 144A 0.00000000</title>
        <cusip>D6T479107</cusip>
        <identifiers>
          <isin value="DE000SHL1006"/>
        </identifiers>
        <balance>111561.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>4412882.71000000</valUSD>
        <pctVal>2.023879881870</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>N/A</lei>
        <title>JUNGHEINRICH - PRFD /EUR/ 0.00000000</title>
        <cusip>D37552102</cusip>
        <identifiers>
          <isin value="DE0006219934"/>
        </identifiers>
        <balance>43325.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>663250.73000000</valUSD>
        <pctVal>0.304186604833</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>CORESTATE CAPITAL HOLDIN /EUR/</name>
        <lei>N/A</lei>
        <title>CORESTATE CAPITAL HOLDING S. /EUR/ 0.00000000</title>
        <cusip>L1994V104</cusip>
        <identifiers>
          <isin value="LU1296758029"/>
        </identifiers>
        <balance>26722.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>781503.86000000</valUSD>
        <pctVal>0.358421024033</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEG IMMOBILIEN AG /EUR/</name>
        <lei>N/A</lei>
        <title>LEG IMMOBILIEN AG /EUR/ 0.00000000</title>
        <cusip>D4960A103</cusip>
        <identifiers>
          <isin value="DE000LEG1110"/>
        </identifiers>
        <balance>95368.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>10748257.80000000</valUSD>
        <pctVal>4.929472219436</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>HANNOVER RUECKVERSICHERU SE /EUR/</name>
        <lei>N/A</lei>
        <title>HANNOVER RUECKVERSICHERU SE /EUR/ 0.00000000</title>
        <cusip>D3015J135</cusip>
        <identifiers>
          <isin value="DE0008402215"/>
        </identifiers>
        <balance>18323.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>2634103.49000000</valUSD>
        <pctVal>1.208078575960</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>DIALOG SEMICONDUCTOR PLC /EUR/</name>
        <lei>N/A</lei>
        <title>DIALOG SEMICONDUCTOR PLC /EUR/ 0.00000000</title>
        <cusip>G5821P111</cusip>
        <identifiers>
          <isin value="GB0059822006"/>
        </identifiers>
        <balance>197981.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>5353393.57000000</valUSD>
        <pctVal>2.455226267742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DELIVERY HERO SE /EUR/</name>
        <lei>529900C3EX1FZGE48X78</lei>
        <title>DELIVERY HERO SE /EUR/ 0.00000000</title>
        <cusip>D1T0KZ103</cusip>
        <identifiers>
          <isin value="DE000A2E4K43"/>
        </identifiers>
        <balance>198508.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>14804588.48000000</valUSD>
        <pctVal>6.789826685432</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>SARTORIUS AG-VORZUG /EUR/</name>
        <lei>N/A</lei>
        <title>SARTORIUS AG-VORZUG /EUR/ 0.00000000</title>
        <cusip>D6705R119</cusip>
        <identifiers>
          <isin value="DE0007165631"/>
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        <balance>17387.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>4239685.72000000</valUSD>
        <pctVal>1.944446566575</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>FIELMANN AG /EUR/</name>
        <lei>N/A</lei>
        <title>FIELMANN AG /EUR/ 0.00000000</title>
        <cusip>D2617N114</cusip>
        <identifiers>
          <isin value="DE0005772206"/>
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        <balance>97138.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>5665749.67000000</valUSD>
        <pctVal>2.598482109402</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>NORDEX SE /EUR/</name>
        <lei>N/A</lei>
        <title>NORDEX SE /EUR/ 0.00000000</title>
        <cusip>D5736K135</cusip>
        <identifiers>
          <isin value="DE000A0D6554"/>
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        <balance>164753.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>1283679.59000000</valUSD>
        <pctVal>0.588733820430</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SAF-HOLLAND SE /EUR/</name>
        <lei>222100QJQLUJHWREL058</lei>
        <title>SAF-HOLLAND SE /EUR/ 0.00000000</title>
        <cusip>L7999A102</cusip>
        <identifiers>
          <isin value="LU0307018795"/>
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        <balance>245839.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>994962.35000000</valUSD>
        <pctVal>0.456319466370</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>
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      </invstOrSec>
      <invstOrSec>
        <name>EVONIK INDUSTRIES AG /EUR/</name>
        <lei>N/A</lei>
        <title>EVONIK INDUSTRIES AG /EUR/ 0.00000000</title>
        <cusip>D2R90Y117</cusip>
        <identifiers>
          <isin value="DE000EVNK013"/>
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        <balance>125368.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>2623628.54000000</valUSD>
        <pctVal>1.203274450865</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>
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      </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"/>
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        <balance>6672.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>442972.09000000</valUSD>
        <pctVal>0.203160237898</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>FRAPORT AG FRANKFURT AIR /EUR/</name>
        <lei>N/A</lei>
        <title>FRAPORT AG FRANKFURT AIRPORT /EUR/ 0.00000000</title>
        <cusip>D3856U108</cusip>
        <identifiers>
          <isin value="DE0005773303"/>
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        <balance>107408.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>4349386.00000000</valUSD>
        <pctVal>1.994758393179</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>
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      </invstOrSec>
      <invstOrSec>
        <name>EVOTEC SE /EUR/</name>
        <lei>529900F9KI6OYITO9B12</lei>
        <title>EVOTEC SE /EUR/ 0.00000000</title>
        <cusip>D1646D105</cusip>
        <identifiers>
          <isin value="DE0005664809"/>
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        <balance>122525.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>2746996.04000000</valUSD>
        <pctVal>1.259854472980</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DEUTZ AG /EUR/</name>
        <lei>N/A</lei>
        <title>DEUTZ AG /EUR/ 0.00000000</title>
        <cusip>D39176108</cusip>
        <identifiers>
          <isin value="DE0006305006"/>
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        <balance>396128.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>1460628.51000000</valUSD>
        <pctVal>0.669887882942</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>
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      </invstOrSec>
      <invstOrSec>
        <name>QIAGEN N.V. /EUR/</name>
        <lei>N/A</lei>
        <title>QIAGEN N.V. /EUR/ 0.00000000</title>
        <cusip>N72482123</cusip>
        <identifiers>
          <isin value="NL0012169213"/>
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        <balance>161222.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>6477225.08000000</valUSD>
        <pctVal>2.970648981912</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>
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      </invstOrSec>
      <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>10989.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>1065441.68000000</valUSD>
        <pctVal>0.488643393256</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>ENCAVIS AG /EUR/</name>
        <lei>N/A</lei>
        <title>ENCAVIS AG /EUR/ 0.00000000</title>
        <cusip>D2R4PT120</cusip>
        <identifiers>
          <isin value="DE0006095003"/>
        </identifiers>
        <balance>256469.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>2603404.00000000</valUSD>
        <pctVal>1.193998872447</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="2489586.02000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMADEUS FIRE AG /EUR/</name>
        <lei>N/A</lei>
        <title>AMADEUS FIRE AG /EUR/ 0.00000000</title>
        <cusip>D0349N105</cusip>
        <identifiers>
          <isin value="DE0005093108"/>
        </identifiers>
        <balance>1863.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>158854.25000000</valUSD>
        <pctVal>0.072855306123</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>N/A</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="0.91124476"/>
        <valUSD>1112278.00000000</valUSD>
        <pctVal>0.510123929227</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>AIRBUS SE /EUR/</name>
        <lei>N/A</lei>
        <title>AIRBUS SE /EUR/ 0.00000000</title>
        <cusip>N0280G100</cusip>
        <identifiers>
          <isin value="NL0000235190"/>
        </identifiers>
        <balance>190847.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>12427902.44000000</valUSD>
        <pctVal>5.699807444500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</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>N/A</lei>
        <title>SILTRONIC AG /EUR/ 0.00000000</title>
        <cusip>D6948S114</cusip>
        <identifiers>
          <isin value="DE000WAF3001"/>
        </identifiers>
        <balance>9088.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>680768.67000000</valUSD>
        <pctVal>0.312220855609</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>TELEFONICA DEUTSCHLAND H /EUR/</name>
        <lei>N/A</lei>
        <title>TELEFONICA DEUTSCHLAND HOLDI /EUR/ 0.00000000</title>
        <cusip>D8T9CK101</cusip>
        <identifiers>
          <isin value="DE000A1J5RX9"/>
        </identifiers>
        <balance>275269.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>682399.17000000</valUSD>
        <pctVal>0.312968651634</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>UNITED INTERNET AG-REG S /EUR/</name>
        <lei>N/A</lei>
        <title>UNITED INTERNET AG-REG SHARE /EUR/ 0.00000000</title>
        <cusip>D8542B125</cusip>
        <identifiers>
          <isin value="DE0005089031"/>
        </identifiers>
        <balance>79934.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>2357024.89000000</valUSD>
        <pctVal>1.081002050004</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>KION GROUP AG /EUR/</name>
        <lei>N/A</lei>
        <title>KION GROUP AG /EUR/ 0.00000000</title>
        <cusip>D4S14D103</cusip>
        <identifiers>
          <isin value="DE000KGX8881"/>
        </identifiers>
        <balance>18890.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>817586.70000000</valUSD>
        <pctVal>0.374969692728</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>ROCKET INTERNET SE /EUR/</name>
        <lei>N/A</lei>
        <title>ROCKET INTERNET SE /EUR/ 144A 0.00000000</title>
        <cusip>D6S914104</cusip>
        <identifiers>
          <isin value="DE000A12UKK6"/>
        </identifiers>
        <balance>42472.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>858533.59000000</valUSD>
        <pctVal>0.393749160106</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>PFEIFFER VACUUM TECHNOLO /EUR/</name>
        <lei>N/A</lei>
        <title>PFEIFFER VACUUM TECHNOLOGY /EUR/ 0.00000000</title>
        <cusip>D6058X101</cusip>
        <identifiers>
          <isin value="DE0006916604"/>
        </identifiers>
        <balance>4519.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>648656.90000000</valUSD>
        <pctVal>0.297493438285</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>VOSSLOH AG /EUR/</name>
        <lei>N/A</lei>
        <title>VOSSLOH AG /EUR/ 0.00000000</title>
        <cusip>D9494V101</cusip>
        <identifiers>
          <isin value="DE0007667107"/>
        </identifiers>
        <balance>20263.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>702677.07000000</valUSD>
        <pctVal>0.322268702542</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>MORPHOSYS AG /EUR/</name>
        <lei>N/A</lei>
        <title>MORPHOSYS AG /EUR/ 0.00000000</title>
        <cusip>D55040105</cusip>
        <identifiers>
          <isin value="DE0006632003"/>
        </identifiers>
        <balance>24464.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>2417553.76000000</valUSD>
        <pctVal>1.108762398582</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>HAMBURGER HAFEN UND LOGI /EUR/</name>
        <lei>N/A</lei>
        <title>HAMBURGER HAFEN UND LOGISTIK /EUR/ 0.00000000</title>
        <cusip>D3211S103</cusip>
        <identifiers>
          <isin value="DE000A0S8488"/>
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        <balance>21249.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>296380.07000000</valUSD>
        <pctVal>0.135928756887</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>UNIPER SE /EUR/</name>
        <lei>N/A</lei>
        <title>UNIPER SE /EUR/ 0.00000000</title>
        <cusip>D8530Z100</cusip>
        <identifiers>
          <isin value="DE000UNSE018"/>
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        <balance>126579.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>3124036.30000000</valUSD>
        <pctVal>1.432776403387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>114942.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>3350208.04000000</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>HELLOFRESH SE /EUR/</name>
        <lei>N/A</lei>
        <title>HELLOFRESH SE /EUR/ 0.00000000</title>
        <cusip>D3R2MA100</cusip>
        <identifiers>
          <isin value="DE000A161408"/>
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        <balance>491830.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>16515867.81000000</valUSD>
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        <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>ZALANDO SE /EUR/</name>
        <lei>N/A</lei>
        <title>ZALANDO SE /EUR/ 144A 0.00000000</title>
        <cusip>D98423102</cusip>
        <identifiers>
          <isin value="DE000ZAL1111"/>
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        <balance>252812.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>9707481.75000000</valUSD>
        <pctVal>4.452141221185</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>LANXESS AG /EUR/</name>
        <lei>N/A</lei>
        <title>LANXESS AG /EUR/ 0.00000000</title>
        <cusip>D5032B102</cusip>
        <identifiers>
          <isin value="DE0005470405"/>
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        <balance>59215.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>2366664.14000000</valUSD>
        <pctVal>1.085422898106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PATRIZIA AG /EUR/</name>
        <lei>N/A</lei>
        <title>PATRIZIA AG /EUR/ 0.00000000</title>
        <cusip>D5988D110</cusip>
        <identifiers>
          <isin value="DE000PAT1AG3"/>
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        <balance>39498.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>910247.21000000</valUSD>
        <pctVal>0.417466571607</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INSTONE REAL ESTATE GROU /EUR/</name>
        <lei>N/A</lei>
        <title>INSTONE REAL ESTATE GROUP AG /EUR/ 144A 0.00000000</title>
        <cusip>D3706C100</cusip>
        <identifiers>
          <isin value="DE000A2NBX80"/>
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        <balance>288889.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AROUNDTOWN SA /EUR/</name>
        <lei>N/A</lei>
        <title>AROUNDTOWN SA /EUR/ 0.00000000</title>
        <cusip>L0269F109</cusip>
        <identifiers>
          <isin value="LU1673108939"/>
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        <balance>378196.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>1890057.05000000</valUSD>
        <pctVal>0.866836644086</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TALANX AG /EUR/</name>
        <lei>N/A</lei>
        <title>TALANX AG /EUR/ 0.00000000</title>
        <cusip>D82827110</cusip>
        <identifiers>
          <isin value="DE000TLX1005"/>
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        <balance>49323.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>1675773.78000000</valUSD>
        <pctVal>0.768559932994</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRENKE AG /EUR/</name>
        <lei>N/A</lei>
        <title>GRENKE AG /EUR/ 0.00000000</title>
        <cusip>D2854Z135</cusip>
        <identifiers>
          <isin value="DE000A161N30"/>
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        <balance>13872.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>818243.39000000</valUSD>
        <pctVal>0.375270870386</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="778186.38000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEMETSCHEK SE  /EUR/</name>
        <lei>N/A</lei>
        <title>NEMETSCHEK SE /EUR/ 0.00000000</title>
        <cusip>D56134105</cusip>
        <identifiers>
          <isin value="DE0006452907"/>
        </identifiers>
        <balance>14227.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>706943.50000000</valUSD>
        <pctVal>0.324225414835</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>THYSSENKRUPP AG /EUR/</name>
        <lei>549300UDG16DOYUPR330</lei>
        <title>THYSSENKRUPP AG /EUR/ 0.00000000</title>
        <cusip>D8398Q119</cusip>
        <identifiers>
          <isin value="DE0007500001"/>
        </identifiers>
        <balance>645047.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>3375145.99000000</valUSD>
        <pctVal>1.547942811182</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="3069573.81000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE WOHNEN SE /EUR/</name>
        <lei>N/A</lei>
        <title>DEUTSCHE WOHNEN SE /EUR/ 0.00000000</title>
        <cusip>D2046U176</cusip>
        <identifiers>
          <isin value="DE000A0HN5C6"/>
        </identifiers>
        <balance>194955.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>7425982.95000000</valUSD>
        <pctVal>3.405777693016</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>CROPENERGIES AG /EUR/</name>
        <lei>N/A</lei>
        <title>CROPENERGIES AG /EUR/ 0.00000000</title>
        <cusip>D16327104</cusip>
        <identifiers>
          <isin value="DE000A0LAUP1"/>
        </identifiers>
        <balance>3441.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>30095.94000000</valUSD>
        <pctVal>0.013802897447</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>COMMERZBANK AG /EUR/</name>
        <lei>851WYGNLUQLFZBSYGB56</lei>
        <title>COMMERZBANK AG /EUR/ 0.00000000</title>
        <cusip>D172W1279</cusip>
        <identifiers>
          <isin value="DE000CBK1001"/>
        </identifiers>
        <balance>752191.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>2731015.89000000</valUSD>
        <pctVal>1.252525498652</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>DERMAPHARM HOLDING SE /EUR/</name>
        <lei>N/A</lei>
        <title>DERMAPHARM HOLDING SE /EUR/ 0.00000000</title>
        <cusip>D1T0ZJ103</cusip>
        <identifiers>
          <isin value="DE000A2GS5D8"/>
        </identifiers>
        <balance>84601.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>3518679.11000000</valUSD>
        <pctVal>1.613771389243</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>TLG IMMOBILIEN AG /EUR/</name>
        <lei>N/A</lei>
        <title>TLG IMMOBILIEN AG /EUR/ 0.00000000</title>
        <cusip>D8T622108</cusip>
        <identifiers>
          <isin value="DE000A12B8Z4"/>
        </identifiers>
        <balance>96812.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>1544751.25000000</valUSD>
        <pctVal>0.708469085363</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>SHOP APOTHEKE EUROPE NV /EUR/</name>
        <lei>N/A</lei>
        <title>SHOP APOTHEKE EUROPE NV /EUR/ 144A 0.00000000</title>
        <cusip>N7975Z103</cusip>
        <identifiers>
          <isin value="NL0012044747"/>
        </identifiers>
        <balance>725.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91124476"/>
        <valUSD>40417.24000000</valUSD>
        <pctVal>0.018536554060</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>N/A</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="0.91124476"/>
        <valUSD>5294068.11000000</valUSD>
        <pctVal>2.428017838951</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>10509227.12000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10509227.12000000</valUSD>
        <pctVal>4.819845606586</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="10509227.12000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-04-30</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 and Chief Financial Officer </ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
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<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>NewGermanySOI.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="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 15pc; vertical-align: bottom">Schedule of Investments </TD>
    <TD STYLE="text-align: right; padding-left: 10pt; text-indent: -10pt; vertical-align: bottom">as of March 31, 2020 (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: 72%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; text-align: right"><A NAME="a_hd_a0128a6225684b2fa8e648a4ecf9a932"></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_55a4b323bc954177af91108448e9cf33"></A><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Germany&nbsp;&nbsp;84.5%</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Common Stocks&nbsp;&nbsp;82.3%</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Auto Components 2.0% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">3,350,208</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">SAF-Holland SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">245,839</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">994,962</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>4,345,170</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Banks 1.3% </B></FONT></TD>
    <TD STYLE="text-align: right">&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>2,731,016</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 STYLE="text-align: right">&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>2,417,554</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 7.2% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">2,623,629</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">2,366,664</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">115,898</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,810,849</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>15,801,142</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Construction &amp; Engineering 0.2% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">6,672</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>442,972</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 0.9% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">GRENKE AG<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,872</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">818,243</FONT></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">1,112,278</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>1,930,521</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Diversified Telecommunication Services 1.4% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Telefonica Deutschland Holding AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">275,269</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">682,399</FONT></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">79,934</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,357,025</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>3,039,424</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Electrical Equipment 0.6% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">164,753</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,283,680</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 Products 2.2% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">KWS Saat SE &amp; Co. KGaA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">95,828</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,890,017</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 2.5% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">10,989</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,065,442</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">111,561</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,412,882</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>5,478,324</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Independent Power &amp; Renewable Electricity Producers 2.6% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">256,469</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,603,404</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">126,579</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,124,036</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>5,727,440</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Insurance 2.0% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">18,323</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,634,103</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">49,323</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,675,774</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>4,309,877</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Interactive Media &amp; Services 5.1% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">2,533</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">544,824</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">175,534</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,546,548</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>11,091,372</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Internet &amp; Direct Marketing Retail 18.0% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">189,241</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,113,462</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">430,736</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,464,304</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">42,472</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">858,534</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">252,812</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,707,482</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>39,143,782</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>IT Services 1.3% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">21,641</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,776,239</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 1.3% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Evotec SE* <SUP>&dagger;</SUP></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>2,746,996</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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&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>Machinery 1.7%</B></FONT></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">Deutz AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">396,128</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,460,628</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">18,890</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">817,587</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">648,657</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">20,263</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">702,677</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>3,629,549</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Media 0.9% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">235,363</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,867,418</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>Metals &amp; Mining 1.5% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">thyssenkrupp AG* <SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">645,047</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>3,375,146</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>Oil, Gas &amp; Consumable Fuels 0.0% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">CropEnergies AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,441</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>30,096</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 1.6% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">84,601</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>3,518,679</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 STYLE="text-align: right">&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">1,863</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>158,854</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 11.4% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">194,955</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,425,983</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">288,889</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,596,889</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">92,327</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,405,528</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">PATRIZIA AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,498</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">910,247</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">1,544,751</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>24,883,398</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Semiconductors &amp; Semiconductor Equipment 0.3% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">9,088</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>680,769</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 5.6% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">706,943</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">290,230</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,590,157</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>12,297,100</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Specialty Retail 2.6% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Fielmann AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">97,138</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>5,665,750</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>Textiles, Apparel &amp; Luxury Goods 2.4% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">86,249</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>5,148,941</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 2.4% </B></FONT></TD>
    <TD STYLE="text-align: right">&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>5,294,068</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 2.1% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">107,408</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,349,386</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Hamburger Hafen und Logistik AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">21,249</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">296,380</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>4,645,766</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 $167,918,666)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;179,351,060</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><FONT STYLE="font-size: 8pt"><B>Preferred Stocks&nbsp;&nbsp;2.2%</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Health Care Equipment &amp; Supplies</B> 1<B>.9% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">17,387</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,239,686</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 0.3% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">43,325</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>663,251</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 $1,827,530)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;4,902,937</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Total Germany </B>(Cost $169,746,196)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;184,253,997</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><FONT STYLE="font-size: 8pt"><B>Netherlands&nbsp;&nbsp;8.7%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Common Stocks</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Aerospace &amp; Defense 5.7% </B></FONT></TD>
    <TD STYLE="text-align: right">&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">190,847</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>12,427,903</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>Internet &amp; Direct Marketing Retail 0.0% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Shop Apotheke Europe NV 144A*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">725</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>40,417</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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&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 3.0%</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">QIAGEN NV*</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">161,222</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>6,477,225</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Total Netherlands </B>(Cost $8,621,613)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;18,945,545</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><FONT STYLE="font-size: 8pt"><B>United Kingdom&nbsp;&nbsp;2.5%</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Common Stocks</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Semiconductors &amp; Semiconductor Equipment 2.5% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Dialog Semiconductor PLC * (Cost $7,233,202) </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">197,981</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>5,353,393</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><FONT STYLE="font-size: 8pt"><B>Luxembourg&nbsp;&nbsp;1.2%</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Common Stocks</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</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 STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Aroundtown SA</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">1,890,057</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Corestate Capital Holding SA*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,722</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">781,504</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>2,671,561</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Luxembourg </B>(Cost $4,627,777)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;2,671,561</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><FONT STYLE="font-size: 8pt"><B>France&nbsp;&nbsp;1.0%</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Common Stocks</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Life Sciences Tools &amp; Services 1.0% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Sartorius Stedim Biotech (Cost $838,141) </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,435</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,095,600</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><FONT STYLE="font-size: 8pt"><B>Securities Lending Collateral&nbsp;&nbsp;4.8%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">DWS Government &amp; Agency Securities Portfolio ''DWS Government Cash Institutional Shares'', 0.33% (a) (b) (Cost $10,509,227) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">10,509,227</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;10,509,227</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt"><B>Cash Equivalents&nbsp;&nbsp;0.0%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">DWS Central Cash Management Government Fund, 0.32% (b) (Cost $58,350) </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">58,350</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;58,350</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>% of Net </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Total Investment Portfolio</B> (Cost $201,634,506)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">102.7</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;223,887,673</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">(2.7)</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,855,420)</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="text-align: right; border-top: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;&#9;218,032,253</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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: bottom">
    <TD STYLE="width: 100%">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information on the Fund&rsquo;s policies
        regarding the valuation of investments and other significant accounting policies,</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">please refer to the Fund&rsquo;s most recent
        semi-annual or annual financial statements.</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">A summary of the Fund&rsquo;s transactions
with affiliated investments during the period ended March 31, 2020 are as follows:&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, 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: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Value ($) at 12/31/2019</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Purchases Cost<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Sales Proceeds<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Net <BR>
Realized<BR>
Gain/ <BR>
(Loss)<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 19%; 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: 13%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Capital<BR>
Gain<BR>
Distributions<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Number<BR>
of Shares<BR>
at<BR>
3/31/2020</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Value ($)<BR>
at<BR>
3/31/2020</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5"><FONT STYLE="font-size: 8pt"><B>Securities Lending Collateral 4.8%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9"><FONT STYLE="font-size: 8pt">DWS Government &amp; Agency Securities Portfolio ''DWS Government Cash Institutional Shares'', 0.33% (a) (b)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">9,548,819</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">960,408</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">34,052</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">10,509,227</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">10,509,227</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5"><FONT STYLE="font-size: 8pt"><B>Cash Equivalents 0.0%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5"><FONT STYLE="font-size: 8pt">DWS Central Cash Management Government Fund, 0.32% (b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">393,417</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">17,407,089</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">17,742,156</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"><FONT STYLE="font-size: 8pt">6,983</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,350</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,350</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>9,942,236</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>18,367,497</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>17,742,156</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"><FONT STYLE="font-size: 8pt"><B>41,035</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>10,567,577</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>10,567,577</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>

<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 March 31, 2020 amounted to $10,175,491, which is 4.7% 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 March 31, 2020.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 1pt Calibri, Helvetica, Sans-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: 100%">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <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.</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></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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="5"><FONT STYLE="font-size: 8pt"><B>Fair Value Measurements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" 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="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5"><FONT STYLE="font-size: 8pt">The following is a summary of the inputs used as of March 31, 2020 in valuing the Fund&rsquo;s investments.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, 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="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 COLSPAN="7"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Common Stocks and/or Other Equity Investments (d) </FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.5in; text-indent: -0.25in; width: 40%"><FONT STYLE="font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 3%"><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.7pt; text-align: right; width: 11%"><FONT STYLE="font-size: 8pt">&#9;184,253,997</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 3%"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_c414d787c4184674a58bbedd65ece98d"></A>$</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 0.05in; width: 11%"><FONT STYLE="font-size: 8pt">&#9;&mdash;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 3%"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_ce675b85fb404257806f8b54370da960"></A>$</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 0.05in; width: 11%"><FONT STYLE="font-size: 8pt">&#9;&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 3%"><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.7pt; text-align: right; width: 11%"><FONT STYLE="font-size: 8pt">&#9;184,253,997</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">Netherlands</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_fba67979ba984c06a2c3324fbc379eb7"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">18,945,545</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_66b00e4c4431475781427bfd55116616"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_77c01801243049a0b6aea5be76c81cfa"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_2b867f61efda4987a3e7310b0029ea66"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">18,945,545</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">United Kingdom</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_bfba58b7ea2246bb883cbb6b69ca9262"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">5,353,393</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_cccc7efe35e8459eb7aa27b6c3ab332c"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_85a57603442d467b8457178a3204cc56"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_9338bbf0314b47a9851381ceba9f7616"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">5,353,393</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">Luxembourg</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_a25bc107a66044f2a1698d209eb5f721"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">2,671,561</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_82f7eade19f249dfa30224b53fcbaa19"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_6713ca5f8fec4f8b8416643309a21643"></A>&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;&mdash;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_69743bd9620e423b93d79e8f65e4a418"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">2,671,561</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">France</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_78bb78ebde2b4f75a83a4d14db14aa32"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">2,095,600</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_a2d0bceae826439cbb357455601eaa1d"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_9e6d4cbe919c407abe6256aa820b6caf"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_252e94533c1e4862aa7781fadf6899c1"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">2,095,600</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.05in"><FONT STYLE="font-size: 8pt">Short-Term Instruments (d)</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">10,567,577</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">10,567,577</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;$</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 0.05in; border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt"><B>223,887,673</B></FONT></TD>
    <TD STYLE="text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;<A NAME="a_hs_4b75397708364ce6b9a70acd337a6818"></A>$</B></FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;&mdash;</B></FONT></TD>
    <TD STYLE="text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;<A NAME="a_hs_9369f52d2fa341f3bf1368ae9ef2621f"></A>$</B></FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;&mdash;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;<A NAME="a_hs_0ab9c14e96024e708dc85601adb7cb27"></A>$</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt"><B>223,887,673</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>
</TABLE>
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    <TD STYLE="width: 100%"><FONT STYLE="font-size: 8pt">(d) See Schedule of Investments for additional detailed categorizations.</FONT></TD></TR>
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