<SEC-DOCUMENT>0001752724-23-253714.txt : 20231116
<SEC-HEADER>0001752724-23-253714.hdr.sgml : 20231116
<ACCEPTANCE-DATETIME>20231116155541
ACCESSION NUMBER:		0001752724-23-253714
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230930
FILED AS OF DATE:		20231116
DATE AS OF CHANGE:		20231116
PERIOD START:           	20231231

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:		231414491

	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>2023-12-31</repPdEnd>
      <repPdDate>2023-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      </invstOrSec>
      <invstOrSec>
        <name>K+S AG-REG /EUR/</name>
        <lei>529900YURAYD4IJX2J91</lei>
        <title>K+S AG-REG /EUR/ 0.00000000</title>
        <cusip>D48164129</cusip>
        <identifiers>
          <isin value="DE000KSAG888"/>
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        <balance>171821.00000000</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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          <isLoanByFund>N</isLoanByFund>
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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>12300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.94446543"/>
        <valUSD>1455998.23000000</valUSD>
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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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          <loanByFundCondition isLoanByFund="Y" loanVal="591841.27000000"/>
        </securityLending>
      </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>142894.00000000</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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          <loanByFundCondition isLoanByFund="Y" loanVal="1721937.60000000"/>
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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>25000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.94446543"/>
        <valUSD>1035506.40000000</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AIXTRON SE /EUR/ /PERPETUAL/</name>
        <lei>5299004UJ4D51M25LD67</lei>
        <title>AIXTRON SE /EUR/ /PERPETUAL/ 0.00000000</title>
        <cusip>D0257Y135</cusip>
        <identifiers>
          <isin value="DE000A0WMPJ6"/>
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        <balance>110000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.94446543"/>
        <valUSD>4055415.76000000</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>
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          <isLoanByFund>N</isLoanByFund>
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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>67877.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.94446543"/>
        <valUSD>460387.48000000</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>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>85221.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.94446543"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VERBIO VEREINIGTE BIOENE /EUR/</name>
        <lei>529900W51PINCFFALS96</lei>
        <title>VERBIO VEREINIGTE BIOENERGI /EUR/ 0.00000000</title>
        <cusip>D86145105</cusip>
        <identifiers>
          <isin value="DE000A0JL9W6"/>
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        <balance>13499.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.94446543"/>
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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>
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      <invstOrSec>
        <name>TEAMVIEWER SE /EUR/</name>
        <lei>3912000FZ0R0KEK9JS42</lei>
        <title>TEAMVIEWER SE /EUR/ 0.00000000</title>
        <cusip>D8T895100</cusip>
        <identifiers>
          <isin value="DE000A2YN900"/>
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        <balance>97908.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.94446543"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DEUTSCHE PFANDBRIEFBANK  /EUR/</name>
        <lei>DZZ47B9A52ZJ6LT6VV95</lei>
        <title>DEUTSCHE PFANDBRIEFBANK AG /EUR/ 144A 0.00000000</title>
        <cusip>D1R83Y100</cusip>
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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>CTS EVENTIM AG &amp; CO KGAA /EUR/</name>
        <lei>529900FDHSN08UBJII80</lei>
        <title>CTS EVENTIM AG &amp; CO KGAA /EUR/ 0.00000000</title>
        <cusip>D1648T108</cusip>
        <identifiers>
          <isin value="DE0005470306"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.94446543"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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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>
        <identifiers>
          <isin value="DE000A1DAHH0"/>
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        <balance>22333.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.94446543"/>
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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>HELLOFRESH SE /EUR/</name>
        <lei>391200ZAF4V6XD2M9G57</lei>
        <title>HELLOFRESH SE /EUR/ 0.00000000</title>
        <cusip>D3R2MA100</cusip>
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        <name>LEG IMMOBILIEN SE /EUR/</name>
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        <name>DUERR AG /EUR/</name>
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        <title>DUERR AG /EUR/ 0.00000000</title>
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        <name>FUCHS SE /EUR/</name>
        <lei>529900SNF9E1P5ZO4P98</lei>
        <title>FUCHS SE /EUR/ 0.00000000</title>
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      <invstOrSec>
        <name>WACKER CHEMIE AG /EUR/</name>
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        <name>FREENET AG /EUR/</name>
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        <title>FREENET AG /EUR/ 0.00000000</title>
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        <name>COVESTRO AG /EUR/</name>
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        <title>COVESTRO AG /EUR/ 144A 0.00000000</title>
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        <name>BEFESA SA /EUR/</name>
        <lei>222100VXGA8L6J4ZWG61</lei>
        <title>BEFESA SA /EUR/ 144A 0.00000000</title>
        <cusip>L0R30V103</cusip>
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        <assetCat>EC</assetCat>
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        <name>PATRIZIA SE /EUR/</name>
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        <title>PATRIZIA SE /EUR/ 0.00000000</title>
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        <isRestrictedSec>N</isRestrictedSec>
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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>
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          <isin value="DE0005313704"/>
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        <balance>41000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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      </invstOrSec>
      <invstOrSec>
        <name>FIELMANN GROUP AG /EUR/</name>
        <lei>N/A</lei>
        <title>FIELMANN GROUP AG /EUR/ 0.00000000</title>
        <cusip>D2617N114</cusip>
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          <isin value="DE0005772206"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>CHERRY SE /EUR/</name>
        <lei>984500DF98AA2E011444</lei>
        <title>CHERRY SE /EUR/ 0.00000000</title>
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          <isin value="DE000A3CRRN9"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>KNORR-BREMSE AG /EUR/</name>
        <lei>N/A</lei>
        <title>KNORR-BREMSE AG /EUR/ 0.00000000</title>
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          <isin value="DE000KBX1006"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>REDCARE PHARMACY NV /EUR/</name>
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        <title>REDCARE PHARMACY NV /EUR/ 144A 0.00000000</title>
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          <isin value="NL0012044747"/>
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        <invCountry>NL</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ELMOS SEMICONDUCTOR SE /EUR/</name>
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        <title>ELMOS SEMICONDUCTOR SE /EUR/ 0.00000000</title>
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        <assetCat>EC</assetCat>
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      <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>
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          <isin value="DE0007074007"/>
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        <invCountry>DE</invCountry>
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      <invstOrSec>
        <name>MORPHOSYS AG /EUR/</name>
        <lei>529900493806K77LRE72</lei>
        <title>MORPHOSYS AG /EUR/ 0.00000000</title>
        <cusip>D55040105</cusip>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JENOPTIK AG /EUR/</name>
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        <title>JENOPTIK AG /EUR/ 0.00000000</title>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>GRENKE AG /EUR/</name>
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        <title>GRENKE AG /EUR/ 0.00000000</title>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>KRONES AG /EUR/</name>
        <lei>N/A</lei>
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        <name>EVOTEC SE /EUR/</name>
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        <title>EVOTEC SE /EUR/ 0.00000000</title>
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        <name>HENSOLDT AG /EUR/</name>
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        <name>UNITED INTERNET AG-REG S /EUR/</name>
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        <name>THYSSENKRUPP AG /EUR/</name>
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        <name>SCOUT24 SE /EUR/</name>
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        <name>SMA SOLAR TECHNOLOGY AG /EUR/</name>
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        <name>KION GROUP AG /EUR/</name>
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        <name>GERRESHEIMER AG /EUR/</name>
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        <name>JUNGHEINRICH - PRFD /EUR/</name>
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        <name>FRAPORT AG FRANKFURT AIR /EUR/</name>
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        <title>FRAPORT AG FRANKFURT AIRPORT /EUR/ 0.00000000</title>
        <cusip>D3856U108</cusip>
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      <ncom:dateSigned>2023-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>The 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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<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 0 0 0.5in">&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; width: 15pc; vertical-align: bottom">Schedule of Investments</TD>
  <TD STYLE="text-align: right; padding-left: 10pt; text-indent: -0.01pt; vertical-align: bottom">as of September 30, 2023 (Unaudited)</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 STYLE="vertical-align: bottom">
    <TD STYLE="width: 78%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Shares</B></FONT></TD>
    <TD STYLE="width: 14%; 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 STYLE="padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt"><B>Germany&nbsp;95.0%</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;89.4%</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 1.6%</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">87,443</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,586,815</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>Automobile Components 1.5%</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">10,272</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">728,692</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Vitesco Technologies Group AG*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">21,666</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,760,642</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>2,489,334</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Biotechnology 0.3% </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">20,084</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>549,273</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Chemicals 6.7% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Covestro AG 144A*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">34,465</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,863,258</FONT></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">140,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,568,119</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">K+S AG (Registered)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">171,821</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,125,456</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">LANXESS AG<SUP>&#8224;</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">62,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,578,776</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">13,118</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,884,089</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>11,019,698</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Commercial Services &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">Bilfinger SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">73,694</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,531,203</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>Consumer Staples Distribution &amp; Retail 3.6% </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">200,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>5,988,573</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Diversified Telecommunication Services 1.8% </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">140,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>3,003,180</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 1.1% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Nordex SE* <SUP>&#8224;</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">142,894</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,761,844</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>Electronic Equipment, Instruments &amp; Components 0.9% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Jenoptik AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60,479</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,536,844</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Entertainment 2.6% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">CTS Eventim AG &amp; Co. KGaA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">75,400</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,299,035</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>Financial Services 1.1% </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">94,756</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">675,205</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">GRENKE AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">56,553</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,239,481</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>1,914,686</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Food Products 0.7% </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">21,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,236,255</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>Ground Transportation 0.6% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Sixt SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,833</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,007,064</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Health Care Equipment &amp; Supplies 2.2% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Carl Zeiss Meditec AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">41,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>3,595,282</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 Providers &amp; Services 2.3% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Fresenius Medical Care AG &amp; Co. KGaA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">90,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>3,891,725</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>Hotels, Restaurants &amp; Leisure 2.0% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Delivery Hero SE 144A*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">113,662</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>3,269,782</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 1.6% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Encavis AG* <SUP>&#8224;</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">183,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,581,857</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>Insurance 2.6% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">67,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,256,376</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>Interactive Media &amp; Services 4.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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<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: 78%"><FONT STYLE="font-size: 8pt">Scout24 SE 144A</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">104,863</FONT></TD>
    <TD STYLE="width: 14%; text-align: right"><FONT STYLE="font-size: 8pt"><B>7,290,161</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 STYLE="text-align: right">&nbsp;</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>IT Services 5.3% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Bechtle AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">95,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,449,925</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">45,131</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,260,560</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Ionos SE*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">196,410</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,982,131</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>8,692,616</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Life Sciences Tools &amp; Services 3.1% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Evotec SE*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">81,130</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,623,519</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Gerresheimer AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">33,542</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,531,894</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>5,155,413</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Machinery 12.5% </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">511,326</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,263,018</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Duerr AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">21,465</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">584,088</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">85,221</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,154,511</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">50,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,926,487</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">74,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,715,175</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">33,235</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,432,708</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Stabilus SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">44,500</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,494,824</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">57,549</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,406,849</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>20,977,660</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Media 1.1% </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">67,877</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">460,388</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Stroeer SE &amp; Co. KGaA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">29,871</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,331,514</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>1,791,902</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Metals &amp; Mining 2.8% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Aurubis AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,700</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,165,948</FONT></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">450,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,442,900</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>4,608,848</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Oil, Gas &amp; Consumable Fuels 0.3% </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">13,499</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>544,697</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>Passenger Airlines 3.2% </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">664,089</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>5,277,750</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>Pharmaceuticals 0.6% </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">25,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,035,506</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 0.9% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Amadeus Fire AG<SUP>&#8224;</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,300</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,455,998</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 2.9% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">66,037</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,568,571</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">PATRIZIA SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">52,822</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">420,578</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>4,989,149</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Semiconductors &amp; Semiconductor Equipment 4.5% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">AIXTRON SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">110,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,055,416</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Elmos Semiconductor SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">30,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,029,720</FONT></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">7,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">599,969</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">SMA Solar Technology AG* <SUP>&#8224;</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,924</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">840,877</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>7,525,982</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Software 1.9% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Nemetschek SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25,900</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,587,239</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">TeamViewer SE 144A*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">97,908</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,654,493</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>3,241,732</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Specialty Retail 0.8% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">About You Holding SE* <SUP>&#8224;</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">132,380</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">743,570</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Fielmann Group AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,489</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">713,706</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>1,457,276</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Technology Hardware, Storage &amp; Peripherals 0.3% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Cherry SE*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">94,182</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>470,179</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 6.7% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">HUGO BOSS AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">89,779</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,695,876</FONT></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">87,520</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,448,771</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>11,144,647</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Trading Companies &amp; Distributors 1.0% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&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">22,333</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,737,521</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>
  </TABLE>

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<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: 78%"><FONT STYLE="font-size: 8pt"><B>Transportation Infrastructure 0.6% </B></FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 14%">&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">17,696</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>941,323</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 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>Wireless Telecommunication Services 1.8% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">1&amp;1 AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,047</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">441,809</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Freenet AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">110,968</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,605,993</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>3,047,802</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 $163,603,926)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;&nbsp;&nbsp;148,904,988</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;5.6%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Chemicals 2.8% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">FUCHS SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">121,416</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,733,405</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 2.8% </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">153,772</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,620,655</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 $8,509,015)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;9,354,060</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 STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Germany </B>(Cost $172,112,941)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;158,259,048</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;2.5%</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>Consumer Staples Distribution &amp; Retail 2.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Redcare Pharmacy NV 144A* (Cost $3,431,517)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">38,228</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,088,056</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;2.0%</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 1.2% </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">62,869</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,925,080</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>Media 0.8% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">RTL Group SA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,376,440</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 $6,154,914)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;&nbsp;&nbsp;3,301,520</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>Securities Lending Collateral&nbsp;2.5%</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'', 5.25% (Cost $4,233,507) (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">4,233,507</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;4,233,507</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>Cash Equivalents&nbsp;0.6%</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, 5.36% (Cost $1,069,375) (b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">1,069,377</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;1,069,377</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>% of Net </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Total Investment Portfolio</B> (Cost $187,002,254)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">102.6</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;&#9;170,951,508</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">(2.6)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,373,320)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Net Assets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">100.0</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;166,578,188</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&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: 1pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">For information on the Fund&#8217;s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund&#8217;s most recent semi-annual or annual financial statements.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">A summary of the Fund&#8217;s transactions with affiliated investments during the period ended September 30, 2023 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 ($) at 12/31/2022</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Purchases Cost<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 9%; 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: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Capital<BR>
Gain<BR>
Distributions<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Number<BR>
of Shares<BR>
at<BR>
9/30/2023</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Value ($)<BR>
at<BR>
9/30/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5"><FONT STYLE="font-size: 8pt"><B>Securities Lending Collateral 2.5%</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'', 5.25% (a) (b)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8211;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;4,233,507 (c)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">41,403</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">4,233,507</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">4,233,507</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5"><FONT STYLE="font-size: 8pt"><B>Cash Equivalents 0.6%</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, 5.36% (b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">2,208,318</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">22,727,239</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">23,866,180</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">103,606</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">1,069,377</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">1,069,377</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>2,208,318</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>26,960,746</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>23,866,180</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>&#8211;</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>145,009</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>5,302,884</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>5,302,884</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font-size: 8pt">Non-income producing security.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">&#8224;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">All or a portion of these securities were on loan. The value of all securities loaned at September 30, 2023 amounted to $4,159,985, which is 2.5% of net assets.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended September 30, 2023.</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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 8pt">144A:</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-size: 8pt">Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.</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" STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">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. </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" STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</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: 80%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9">&nbsp;</TD></TR>
  <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&#8217;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&#8217;s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk associated with investing in those securities.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9"><FONT STYLE="font-size: 8pt">The following is a summary of the inputs used as of September 30, 2023 in valuing the Fund&#8217;s investments.&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level 1</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level 2</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level 3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD 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: 38%"><FONT STYLE="font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="text-align: right; width: 3%"><FONT STYLE="font-size: 8pt">&#9;$</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; width: 5%"><FONT STYLE="font-size: 8pt">&#9;158,259,048</FONT></TD>
    <TD STYLE="text-align: right; width: 3%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;$</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 0.05in; width: 5%"><FONT STYLE="font-size: 8pt">&#9;&#8212;</FONT></TD>
    <TD STYLE="text-align: right; width: 3%"><FONT STYLE="font-size: 8pt">&#9;$</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; width: 5%"><FONT STYLE="font-size: 8pt">&#9;&#8212;</FONT></TD>
    <TD STYLE="text-align: right; width: 3%"><FONT STYLE="font-size: 8pt">&#9;$</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; width: 5%"><FONT STYLE="font-size: 8pt">&#9;158,259,048</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;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">4,088,056</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">4,088,056</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;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">3,301,520</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&#8212;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">3,301,520</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"><FONT STYLE="font-size: 8pt">5,302,884</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#8212;</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"><FONT STYLE="font-size: 8pt">&#8212;</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"><FONT STYLE="font-size: 8pt">5,302,884</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="text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&#9;$</B></FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&#9;170,951,508</B></FONT></TD>
    <TD STYLE="text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;$</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 0.05in; text-align: center; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&#9;&#8212;</B></FONT></TD>
    <TD STYLE="text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&#9;$</B></FONT></TD>
    <TD STYLE="padding-right: 0.05in; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;&#8212;</B></FONT></TD>
    <TD STYLE="text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&#9;$</B></FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&#9;170,951,508</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 COLSPAN="9">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<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">The shares of most closed-end funds, including the
Fund, are not continuously offered. Once issued, shares of closed-end funds are bought and sold in the open market. Shares of closed-end
funds frequently trade at a discount to net asset value. The price of the fund&#8217;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-PH3</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">R-080548-2 (1/25)</P>



<P STYLE="margin: 0">&nbsp;</P>

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