<SEC-DOCUMENT>0001752724-21-113624.txt : 20210526
<SEC-HEADER>0001752724-21-113624.hdr.sgml : 20210526
<ACCEPTANCE-DATETIME>20210526172402
ACCESSION NUMBER:		0001752724-21-113624
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210331
FILED AS OF DATE:		20210526
PERIOD START:           	20211231

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:		21967510

	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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        <balance>27761.00000000</balance>
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        <valUSD>515947.51000000</valUSD>
        <pctVal>0.147055554198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>AMADEUS FIRE AG /EUR/</name>
        <lei>391200TJJ820ZDHNFJ33</lei>
        <title>AMADEUS FIRE AG /EUR/ 0.00000000</title>
        <cusip>D0349N105</cusip>
        <identifiers>
          <isin value="DE0005093108"/>
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        <balance>3336.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>NORDEX SE /EUR/</name>
        <lei>529900HVDYCUWVD0OE76</lei>
        <title>NORDEX SE /EUR/ 0.00000000</title>
        <cusip>D5736K135</cusip>
        <identifiers>
          <isin value="DE000A0D6554"/>
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        <balance>187039.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>43727.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85120871"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PROSIEBENSAT.1 MEDIA SE /EUR/</name>
        <lei>529900NY0WWQUKOMWQ37</lei>
        <title>PROSIEBENSAT.1 MEDIA SE /EUR/ 0.00000000</title>
        <cusip>D6216S143</cusip>
        <identifiers>
          <isin value="DE000PSM7770"/>
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        <balance>135597.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85120871"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GEA GROUP AG /EUR/</name>
        <lei>549300PHUU0ZZWO8EO07</lei>
        <title>GEA GROUP AG /EUR/ 0.00000000</title>
        <cusip>D28304109</cusip>
        <identifiers>
          <isin value="DE0006602006"/>
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        <balance>50000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85120871"/>
        <valUSD>2052963.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TEAMVIEWER AG /EUR/</name>
        <lei>N/A</lei>
        <title>TEAMVIEWER AG /EUR/ 0.00000000</title>
        <cusip>D8T895100</cusip>
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          <isin value="DE000A2YN900"/>
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      <invstOrSec>
        <name>DEUTSCHE PFANDBRIEFBANK  /EUR/</name>
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        <title>DEUTSCHE PFANDBRIEFBANK AG /EUR/ 144A 0.00000000</title>
        <cusip>D1R83Y100</cusip>
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          <isin value="DE0008019001"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HAMBURGER HAFEN UND LOGI /EUR/</name>
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        <title>HAMBURGER HAFEN UND LOGISTIK /EUR/ 0.00000000</title>
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          <isin value="DE000A0S8488"/>
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        <balance>58096.00000000</balance>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAF-HOLLAND SE /EUR/</name>
        <lei>222100QJQLUJHWREL058</lei>
        <title>SAF-HOLLAND SE /EUR/ 0.00000000</title>
        <cusip>L7999D106</cusip>
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          <isin value="DE000SAFH001"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.85120871"/>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CANCOM SE /EUR/</name>
        <lei>391200T4AUN1BPBXAO14</lei>
        <title>CANCOM SE /EUR/ 0.00000000</title>
        <cusip>D8238N102</cusip>
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          <isin value="DE0005419105"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.85120871"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BRENNTAG SE /EUR/</name>
        <lei>NNROIXVWJ7CPSR27SV97</lei>
        <title>BRENNTAG SE /EUR/ 0.00000000</title>
        <cusip>D12459117</cusip>
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          <isin value="DE000A1DAHH0"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.85120871"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PFEIFFER VACUUM TECHNOLO /EUR/</name>
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        <title>PFEIFFER VACUUM TECHNOLOGY /EUR/ 0.00000000</title>
        <cusip>D6058X101</cusip>
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        <title>ZALANDO SE /EUR/ 144A 0.00000000</title>
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        <title>AROUNDTOWN SA /EUR/ 0.00000000</title>
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        <name>HANNOVER RUECKVERSICHERU SE /EUR/</name>
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        <name>LEG IMMOBILIEN SE /EUR/</name>
        <lei>391200SO40AKONBO0Z96</lei>
        <title>LEG IMMOBILIEN SE /EUR/ 0.00000000</title>
        <cusip>D4960A103</cusip>
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        <name>TAG IMMOBILIEN AG /EUR/</name>
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        <title>TAG IMMOBILIEN AG /EUR/ 0.00000000</title>
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      </invstOrSec>
      <invstOrSec>
        <name>INSTONE REAL ESTATE GROU /EUR/</name>
        <lei>391200DINUIRPDZQHX03</lei>
        <title>INSTONE REAL ESTATE GROUP AG /EUR/ 144A 0.00000000</title>
        <cusip>D3706C100</cusip>
        <identifiers>
          <isin value="DE000A2NBX80"/>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <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>104555.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>KNORR-BREMSE AG /EUR/</name>
        <lei>N/A</lei>
        <title>KNORR-BREMSE AG /EUR/ 0.00000000</title>
        <cusip>D4S43E114</cusip>
        <identifiers>
          <isin value="DE000KBX1006"/>
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        <balance>25090.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>COMMERZBANK AG /EUR/</name>
        <lei>851WYGNLUQLFZBSYGB56</lei>
        <title>COMMERZBANK AG /EUR/ 0.00000000</title>
        <cusip>D172W1279</cusip>
        <identifiers>
          <isin value="DE000CBK1001"/>
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        <balance>169035.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SHOP APOTHEKE EUROPE NV /EUR/</name>
        <lei>529900JK6UXHY1YKZ082</lei>
        <title>SHOP APOTHEKE EUROPE NV /EUR/ 144A 0.00000000</title>
        <cusip>N7975Z103</cusip>
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          <isin value="NL0012044747"/>
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        <balance>12972.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>KWS SAAT SE AND CO KGAA /EUR/</name>
        <lei>529900FR2K4P9L9XLV21</lei>
        <title>KWS SAAT SE AND CO KGAA /EUR/ 0.00000000</title>
        <cusip>D39062100</cusip>
        <identifiers>
          <isin value="DE0007074007"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MORPHOSYS AG /EUR/</name>
        <lei>529900493806K77LRE72</lei>
        <title>MORPHOSYS AG /EUR/ 0.00000000</title>
        <cusip>D55040105</cusip>
        <identifiers>
          <isin value="DE0006632003"/>
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        <balance>23396.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>KRONES AG /EUR/</name>
        <lei>N/A</lei>
        <title>KRONES AG /EUR/ 0.00000000</title>
        <cusip>D47441171</cusip>
        <identifiers>
          <isin value="DE0006335003"/>
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        <balance>14332.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PORSCHE AUTOMOBIL HLDG-P /EUR/</name>
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        <title>PORSCHE AUTOMOBIL HLDG-PRF /EUR/ 0.00000000</title>
        <cusip>D6240C122</cusip>
        <identifiers>
          <isin value="DE000PAH0038"/>
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        <balance>117062.00000000</balance>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <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>123146.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HENSOLDT AG /EUR/</name>
        <lei>894500686FYLLZD3M624</lei>
        <title>HENSOLDT AG /EUR/ 0.00000000</title>
        <cusip>D3R14P109</cusip>
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          <isin value="DE000HAG0005"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>HYPOPORT SE /EUR/</name>
        <lei>391200GNIFXXP6KRYQ46</lei>
        <title>HYPOPORT SE /EUR/ 0.00000000</title>
        <cusip>D3149E101</cusip>
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        <balance>4956.00000000</balance>
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      <invstOrSec>
        <name>UNITED INTERNET AG-REG S /EUR/</name>
        <lei>3VEKWPJHTD4NKMBVG947</lei>
        <title>UNITED INTERNET AG-REG SHARE /EUR/ 0.00000000</title>
        <cusip>D8542B125</cusip>
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        <name>THYSSENKRUPP AG /EUR/</name>
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        <title>THYSSENKRUPP AG /EUR/ 0.00000000</title>
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        <name>SCOUT24 AG /EUR/</name>
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        <title>SCOUT24 AG /EUR/ 144A 0.00000000</title>
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        <name>NEW WORK SE /EUR/</name>
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        <name>KION GROUP AG /EUR/</name>
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        <name>ALSTOM /EUR/</name>
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        <name>GLOBAL FASHION GROUP SA /EUR/</name>
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        <title>GLOBAL FASHION GROUP SA /EUR/ 0.00000000</title>
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        <title>VOSSLOH AG /EUR/ 0.00000000</title>
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        <name>FRIEDRICH VORWERK GROUP  /EUR/</name>
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        <title>FRIEDRICH VORWERK GROUP SE /EUR/ 0.00000000</title>
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        <cusip>D3R112160</cusip>
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        <lei>5299007UCGLCBLO3OE49</lei>
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        <title>STABILUS SA /EUR/ 0.00000000</title>
        <cusip>L8750H104</cusip>
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        <title>EVONIK INDUSTRIES AG /EUR/ 0.00000000</title>
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        <name>DEUTSCHE LUFTHANSA-REG /EUR/</name>
        <lei>529900PH63HYJ86ASW55</lei>
        <title>DEUTSCHE LUFTHANSA-REG /EUR/ 0.00000000</title>
        <cusip>D1908N106</cusip>
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          <isin value="DE0008232125"/>
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        <title>DEUTZ AG /EUR/ 0.00000000</title>
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      <ncom:dateSigned>2021-04-30</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>
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<FILENAME>ngfq1_final.htm
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<TEXT>
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<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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, 2021 (Unaudited)</TD></TR>
</TABLE>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 74%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right"><A NAME="a_hd_b8917130d58747329db90238abe47779"></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_a63065e5774749bc89b56f06f43029d5"></A><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt"><B>Germany&nbsp;&nbsp;85.1%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Common Stocks&nbsp;&nbsp;75.3%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Aerospace &amp; Defense 1.0% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Hensoldt AG*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">235,306</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>3,621,331</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>Airlines 1.2% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Deutsche Lufthansa AG (Registered)*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">316,801</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,207,470</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>Auto Components 4.5% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Hella GmbH &amp; Co. KGaA*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">139,895</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,859,152</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">548,422</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,989,149</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>15,848,301</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Automobiles 1.6% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Knaus Tabbert AG*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">68,608</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>5,496,966</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Banks 0.3% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Commerzbank AG*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">169,035</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,038,188</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 0.6% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">MorphoSys AG*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">23,396</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,041,632</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>Building Products 1.8% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Steico SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">72,243</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>6,416,253</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>Capital Markets 1.7% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">flatexDEGIRO AG*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">63,676</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>5,909,719</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 4.8% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Evonik Industries AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">54,531</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,932,141</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">56,631</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,182,082</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">58,908</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,155,809</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Wacker Chemie AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">23,955</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,415,072</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>16,685,104</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Diversified Financial Services 0.8% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Hypoport SE*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,591</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,968,875</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Diversified Telecommunication Services 0.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">United Internet AG (Registered)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">38,899</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,562,890</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Electric Utilities 0.3% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Friedrich Vorwerk Group SE*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,913</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>943,142</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Electrical Equipment 1.7% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Nordex SE*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">187,039</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>6,016,301</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 1.6% </B></FONT></TD>
    <TD>&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">63,223</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>5,474,022</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 1.5% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">93,118</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>5,054,050</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>Independent Power &amp; Renewable Electricity Producers 2.2% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Encavis AG<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">264,618</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,029,929</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">74,037</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,685,901</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>7,715,830</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 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>Insurance 2.3%</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">Hannover Rueck SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">30,575</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,596,260</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">56,243</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,389,246</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>7,985,506</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Interactive Media &amp; Services 3.0% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">New Work SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,854</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,084,627</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">96,841</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,360,842</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>10,445,469</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Internet &amp; Direct Marketing Retail 8.9% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">230,672</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,235,184</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">141,838</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,937,041</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>31,172,225</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>IT Services 2.0% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Bechtle AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,772</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,211,376</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">CANCOM SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">71,376</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,120,513</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">GFT Technologies SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">27,761</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">515,948</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Secunet Security Networks AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">801</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">255,015</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>7,102,852</B></FONT></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>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Evotec SE*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">123,146</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,447,215</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 8.1% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Deutz AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,171,121</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,764,056</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">GEA Group AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">50,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,052,963</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">JOST Werke AG 144A*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">110,684</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,021,704</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">43,346</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,287,707</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Knorr-Bremse AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25,090</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,136,807</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Krones AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,332</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,165,137</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">4,322</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">787,010</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">24,690</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,232,747</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>28,448,131</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Media 0.8% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">ProSiebenSat.1 Media SE*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">135,597</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,777,384</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 4.6% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">thyssenkrupp AG*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,202,327</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>16,081,241</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>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">VERBIO Vereinigte BioEnergie AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,864</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>123,482</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 0.9% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Dermapharm Holding SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">43,727</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>3,134,113</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Professional Services 0.1% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Amadeus Fire AG*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,336</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>489,108</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 5.3% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">427,024</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,764,110</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">LEG Immobilien SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">31,617</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,166,032</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">70,026</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,776,957</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">TAG Immobilien AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,775</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">765,621</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>18,472,720</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Software 1.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">TeamViewer AG 144A*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">114,047</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,880,979</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>Specialty Retail 2.4% </B></FONT></TD>
    <TD>&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">104,555</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>8,358,664</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 1.7% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Puma SE*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">62,242</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>6,108,604</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>Thrifts &amp; Mortgage Finance 0.3% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Deutsche Pfandbriefbank AG 144A*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">95,270</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,110,278</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Shares</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Trading Companies &amp; Distributors 5.8%</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">Brenntag SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">238,411</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>20,390,206</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 0.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">58,096</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,288,582</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 $155,042,175)</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;263,816,833</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;9.8%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Automobiles 3.5% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Porsche Automobil Holding SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">117,062</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>12,434,960</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 2.6% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Sartorius AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18,482</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>9,232,221</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Machinery 3.1% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Jungheinrich AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">226,147</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>10,892,777</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>Road &amp; Rail 0.6% </B></FONT></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">Sixt SE</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">25,708</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>2,008,417</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Total Preferred Stocks </B>(Cost $21,677,671)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;34,568,375</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Total Germany </B>(Cost $176,719,846)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;298,385,208</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt"><B>Netherlands&nbsp;&nbsp;9.5%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Common Stocks </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Aerospace &amp; Defense 7.3% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Airbus SE*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">226,024</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>25,634,555</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 0.8% </B></FONT></TD>
    <TD>&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">12,972</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,834,548</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 1.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">QIAGEN NV*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">97,773</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,740,426</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Netherlands </B>(Cost $11,801,164)</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;33,209,529</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt"><B>Luxembourg&nbsp;&nbsp;3.3%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Common Stocks </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Commercial Services &amp; Supplies 1.8% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Befesa SA 144A</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">92,744</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>6,221,368</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 0.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Global Fashion Group SA*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">118,716</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,560,642</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 0.2% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Stabilus SA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,269</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>653,353</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 0.9% </B></FONT></TD>
    <TD>&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">462,624</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>3,298,988</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 $10,762,817)</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;11,734,351</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt"><B>France&nbsp;&nbsp;0.4%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Common Stocks </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Machinery 0.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Alstom SA* (Cost $1,552,796)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">29,581</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,477,645</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt"><A NAME="a_hd_5d89629ff2524f1da1e4ace8445795f0"></A><FONT STYLE="font-size: 8pt"><B>Securities Lending Collateral</B></FONT><A NAME="a_hd_9dc40fecbb794613b9f7ebaee1c76e62"></A><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;</B></FONT><A NAME="a_hd_7988be1b86f3470c8a9cb90e57afb86c"></A><FONT STYLE="font-size: 8pt"><B>1.4%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&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'', 0.01% (Cost $4,984,057) (a) (b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">4,984,057</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;4,984,057</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><A NAME="a_hd_8da0aba651f045d48fd83aafa16706f8"></A><FONT STYLE="font-size: 8pt"><B>Cash Equivalents</B></FONT><A NAME="a_hd_86fa00d4382f46c89e7e297412399b88"></A><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;</B></FONT><A NAME="a_hd_ad846db25a594ae899230d0ba280bc8d"></A><FONT STYLE="font-size: 8pt"><B>2.0%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">DWS Central Cash Management Government Fund, 0.04% (Cost $7,161,384) (b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">7,161,384</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;7,161,384</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>% of Net</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Total Investment Portfolio</B> (Cost $212,982,064)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">101.7</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;356,952,174</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">(1.7)</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,099,237)</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;350,852,937</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 1pt">&nbsp;</FONT><FONT STYLE="font-size: 8pt">For
    information on the Fund&rsquo;s policies regarding the valuation of investments and other significant accounting policies, please refer
    to the Fund&rsquo;s most recent semi-annual or annual financial statements.</FONT></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">A summary of the Fund&rsquo;s transactions with affiliated investments during the period ended March 31, 2021 are as follows:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Value ($) at 12/31/2020</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Purchases Cost<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Sales Proceeds<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Net <BR>
Realized<BR>
Gain/ <BR>
(Loss)<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 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: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Capital<BR>
Gain<BR>
Distributions<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Number<BR>
of Shares<BR>
at<BR>
3/31/2021</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Value ($)<BR>
at<BR>
3/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5"><FONT STYLE="font-size: 8pt"><B>Securities Lending Collateral 1.4%</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'', 0.01% (a) (b)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">14,465,113</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">9,481,056(c)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">10,748</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">4,984,057</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">4,984,057</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5"><FONT STYLE="font-size: 8pt"><B>Cash Equivalents 2.0%</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, 0.04% (b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">4,571,092</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">40,719,025</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">38,128,733</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="text-indent: 10pt; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">455</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">7,161,384</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">7,161,384</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>19,036,205</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>40,719,025</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>47,609,789</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>11,203</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>12,145,441</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>12,145,441</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">&nbsp;&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>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 95%; 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: 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, 2021 amounted to $4,826,198, which is 1.4% of net assets.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: 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: 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: 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, 2021.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 8pt">144A:</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 95%; text-align: justify"><FONT STYLE="font-size: 8pt">Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of its industry concentration policy,
    the Fund classifies issuers of portfolio securities at the industry sub-group level.&nbsp;&nbsp;Certain of the categories in the above
    Schedule of Investments consist of multiple industry sub-groups or industries.</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-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">&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 COLSPAN="9"><FONT STYLE="font-size: 8pt"><B>Fair Value Measurements</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Various inputs are used in determining the value of the Fund&rsquo;s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund&rsquo;s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk associated with investing in those securities.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9"><FONT STYLE="font-size: 8pt">The following is a summary of the inputs used as of March 31, 2021 in valuing the Fund&rsquo;s investments.&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Level 1</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Level 2</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Level 3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: right"><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 STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in; width: 40%"><FONT STYLE="font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="text-align: right; width: 8%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_adc2cd35aa2e4e57a43b81d45f77bb7e"></A>$</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; width: 7%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;298,385,208</FONT></TD>
    <TD STYLE="text-align: right; width: 8%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">
    &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&#9;<A NAME="a_hs_f7dc4b3baa7f4932b69caf116224b7cd"></A>$</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; width: 7%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;&mdash;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_060512e75ebd4ea480ad1a28c2ff8a4c"></A>$</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; width: 7%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;&mdash;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_09d245ffd22749578c7ec5877bfafadb"></A>$</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; width: 7%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;298,385,208</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="text-align: left; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_ea31c4ddecb7446e83b19bedf5a52ebc"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">33,209,529</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_b0a82c99cc9745a5aa4e6cc3b9b8a4c1"></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: left; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_9ba9402c786b4b4d8d44657ed50ea436"></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: left; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_3923af84bce5493897c43cf52a0c3d1f"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">33,209,529</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="text-align: left; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_6d1d95fb4e1d4f4689abafd2ffeb07ce"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">11,734,351</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_a6f18e592722432481957e61c8996c61"></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: left; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_077aba45d1c744a3a5ef6445abd42f2f"></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: left; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_e6fe315831914641b51be2e094481913"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">11,734,351</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="text-align: left; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_c9a5cf172736463a9e03eb9096b70b86"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">1,477,645</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_cb630685e32a4174874ad7fa488c0ceb"></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: left; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_ba447a3ad98f4239ae1095f0b49e3e5c"></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: left; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;<A NAME="a_hs_3c4824e8a42a4087af30b709d11f5d24"></A>&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">1,477,645</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="text-align: left; 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">12,145,441</FONT></TD>
    <TD STYLE="text-align: left; 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: left; 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: left; 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">12,145,441</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; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;<A NAME="a_hs_45883df538b14c5dbaa32154f8eafd65"></A>$&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>356,952,174</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;<A NAME="a_hs_5bf04f76e7244e5ca66f6710a54402fb"></A>$</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; text-align: right; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;<A NAME="a_hs_cd4066c89f4841eea3843086e213cd53"></A>$</B></FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;&mdash;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;<A NAME="a_hs_ab28396b56cd43e389fefba3566f2faf"></A>$</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;356,952,174</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.05in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9"><FONT STYLE="font-size: 8pt">(d) See Schedule of Investments for additional detailed categorizations.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>




<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>OBTAIN AN OPEN-END FUND PROSPECTUS </B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>To obtain a summary prospectus, if available, or
prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully
consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and
other important information about the investment product. Please read the prospectus carefully before you invest.</B></P>

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

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Closed-end funds, unlike open-end funds, are not continuously
offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange.
Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund&rsquo;s shares is determined by a
number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade
at, below or above net asset value.</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The brand DWS represents DWS Group GmbH &amp; Co. KGaA
and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc.
and RREEF America L.L.C. which offer advisory services.</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">NGF-PH1</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">R-080548-1 (1/23)</P>

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