<SEC-DOCUMENT>0001752724-24-118783.txt : 20240524
<SEC-HEADER>0001752724-24-118783.hdr.sgml : 20240524
<ACCEPTANCE-DATETIME>20240524123733
ACCESSION NUMBER:		0001752724-24-118783
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240331
FILED AS OF DATE:		20240524
DATE AS OF CHANGE:		20240524
PERIOD START:           	20241231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEW GERMANY FUND INC
		CENTRAL INDEX KEY:			0000858706
		ORGANIZATION NAME:           	
		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:		24982793

	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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      <isFinalFiling>N</isFinalFiling>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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>62000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>967972.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="968194.68000000"/>
        </securityLending>
      </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="0.92618319"/>
        <valUSD>1596293.26000000</valUSD>
        <pctVal>0.912756479747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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>80000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>1050332.16000000</valUSD>
        <pctVal>0.600577293001</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1045055.61000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DERMAPHARM HOLDING SE /EUR/</name>
        <lei>N/A</lei>
        <title>DERMAPHARM HOLDING SE /EUR/ 0.00000000</title>
        <cusip>D1T0ZJ103</cusip>
        <identifiers>
          <isin value="DE000A2GS5D8"/>
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        <balance>25000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>881035.20000000</valUSD>
        <pctVal>0.503773716169</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>79000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>2089759.35000000</valUSD>
        <pctVal>1.194919151526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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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>70000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>2961941.01000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ECKERT &amp; ZIEGLER SE /EUR/</name>
        <lei>391200EUDABLUKXCKG48</lei>
        <title>ECKERT &amp; ZIEGLER SE /EUR/ 0.00000000</title>
        <cusip>D2371P107</cusip>
        <identifiers>
          <isin value="DE0005659700"/>
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        <balance>37000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>1497284.77000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VERBIO SE /EUR/</name>
        <lei>529900W51PINCFFALS96</lei>
        <title>VERBIO SE /EUR/ 0.00000000</title>
        <cusip>D86145105</cusip>
        <identifiers>
          <isin value="DE000A0JL9W6"/>
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        <balance>13499.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>306801.02000000</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>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="0.92618319"/>
        <valUSD>1459344.05000000</valUSD>
        <pctVal>0.834449265180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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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        <balance>78000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>6943658.67000000</valUSD>
        <pctVal>3.970366600557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>20000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>1686059.52000000</valUSD>
        <pctVal>0.964084601923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HELLOFRESH SE /EUR/</name>
        <lei>391200ZAF4V6XD2M9G57</lei>
        <title>HELLOFRESH SE /EUR/ 0.00000000</title>
        <cusip>D3R2MA100</cusip>
        <identifiers>
          <isin value="DE000A161408"/>
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        <balance>145000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
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        <pctVal>0.590106703181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LANXESS AG /EUR/</name>
        <lei>529900PTLRE72EMYIJ77</lei>
        <title>LANXESS AG /EUR/ 0.00000000</title>
        <cusip>D5032B102</cusip>
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          <isin value="DE0005470405"/>
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        <balance>47500.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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      <invstOrSec>
        <name>NEMETSCHEK SE  /EUR/</name>
        <lei>529900R0S2IX1S358J38</lei>
        <title>NEMETSCHEK SE /EUR/ 0.00000000</title>
        <cusip>D56134105</cusip>
        <identifiers>
          <isin value="DE0006452907"/>
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        <balance>25900.00000000</balance>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>LEG IMMOBILIEN SE /EUR/</name>
        <lei>391200SO40AKONBO0Z96</lei>
        <title>LEG IMMOBILIEN SE /EUR/ 0.00000000</title>
        <cusip>D4960A103</cusip>
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          <isin value="DE000LEG1110"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>TAG IMMOBILIEN AG /EUR/</name>
        <lei>529900TAE68USJNXLR59</lei>
        <title>TAG IMMOBILIEN AG /EUR/ 0.00000000</title>
        <cusip>D8283Q174</cusip>
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      <invstOrSec>
        <name>FUCHS SE /EUR/</name>
        <lei>529900SNF9E1P5ZO4P98</lei>
        <title>FUCHS SE /EUR/ 0.00000000</title>
        <cusip>D27462379</cusip>
        <identifiers>
          <isin value="DE000A3E5D64"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WACKER CHEMIE AG /EUR/</name>
        <lei>N/A</lei>
        <title>WACKER CHEMIE AG /EUR/ 0.00000000</title>
        <cusip>D9540Z106</cusip>
        <identifiers>
          <isin value="DE000WCH8881"/>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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      <invstOrSec>
        <name>FREENET AG /EUR/</name>
        <lei>5299003GLDODCVP8DO20</lei>
        <title>FREENET AG /EUR/ 0.00000000</title>
        <cusip>D3689Q134</cusip>
        <identifiers>
          <isin value="DE000A0Z2ZZ5"/>
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        <balance>78000.00000000</balance>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>COVESTRO AG /EUR/</name>
        <lei>3912005AWHKLQ1CPLV11</lei>
        <title>COVESTRO AG /EUR/ 144A 0.00000000</title>
        <cusip>D15349109</cusip>
        <identifiers>
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        <balance>34465.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BEFESA SA /EUR/</name>
        <lei>222100VXGA8L6J4ZWG61</lei>
        <title>BEFESA SA /EUR/ 144A 0.00000000</title>
        <cusip>L0R30V103</cusip>
        <identifiers>
          <isin value="LU1704650164"/>
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        <balance>39621.00000000</balance>
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        <valUSD>1363787.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

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      <invstOrSec>
        <name>PATRIZIA SE /EUR/</name>
        <lei>N/A</lei>
        <title>PATRIZIA SE /EUR/ 0.00000000</title>
        <cusip>D5988D110</cusip>
        <identifiers>
          <isin value="DE000PAT1AG3"/>
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        <balance>52822.00000000</balance>
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        <valUSD>491615.09000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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      <invstOrSec>
        <name>CARL ZEISS MEDITEC AG -  /EUR/</name>
        <lei>N/A</lei>
        <title>CARL ZEISS MEDITEC AG - BR /EUR/ 0.00000000</title>
        <cusip>D14895102</cusip>
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          <isin value="DE0005313704"/>
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        <balance>44000.00000000</balance>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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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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        <balance>50000.00000000</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>
      <invstOrSec>
        <name>KNORR-BREMSE AG /EUR/</name>
        <lei>N/A</lei>
        <title>KNORR-BREMSE AG /EUR/ 0.00000000</title>
        <cusip>D4S43E114</cusip>
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          <isin value="DE000KBX1006"/>
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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>REDCARE PHARMACY NV /EUR/</name>
        <lei>529900JK6UXHY1YKZ082</lei>
        <title>REDCARE PHARMACY NV /EUR/ 144A 0.00000000</title>
        <cusip>N7975Z103</cusip>
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          <isin value="NL0012044747"/>
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        <balance>38228.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ELMOS SEMICONDUCTOR SE /EUR/</name>
        <lei>529900UMKKDCAP4P4H63</lei>
        <title>ELMOS SEMICONDUCTOR SE /EUR/ 0.00000000</title>
        <cusip>D2462G107</cusip>
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          <isin value="DE0005677108"/>
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        <balance>30000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JENOPTIK AG /EUR/</name>
        <lei>529900P34GDHGXK6VB37</lei>
        <title>JENOPTIK AG /EUR/ 0.00000000</title>
        <cusip>D3S19K104</cusip>
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          <isin value="DE000A2NB601"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GRENKE AG /EUR/</name>
        <lei>529900BHRYZ464GFD289</lei>
        <title>GRENKE AG /EUR/ 0.00000000</title>
        <cusip>D2854Z135</cusip>
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          <isin value="DE000A161N30"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KRONES AG /EUR/</name>
        <lei>N/A</lei>
        <title>KRONES AG /EUR/ 0.00000000</title>
        <cusip>D47441171</cusip>
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          <isin value="DE0006335003"/>
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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>
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          <isin value="DE0005664809"/>
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        <balance>81130.00000000</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>HENSOLDT AG /EUR/</name>
        <lei>894500686FYLLZD3M624</lei>
        <title>HENSOLDT AG /EUR/ 0.00000000</title>
        <cusip>D3R14P109</cusip>
        <identifiers>
          <isin value="DE000HAG0005"/>
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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>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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          <isin value="DE0005089031"/>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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      <invstOrSec>
        <name>THYSSENKRUPP AG /EUR/</name>
        <lei>549300UDG16DOYUPR330</lei>
        <title>THYSSENKRUPP AG /EUR/ 0.00000000</title>
        <cusip>D8398Q119</cusip>
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          <isin value="DE0007500001"/>
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        <assetCat>EC</assetCat>
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        <name>SCOUT24 SE /EUR/</name>
        <lei>5493007EIKM2ENQS7U66</lei>
        <title>SCOUT24 SE /EUR/ 144A 0.00000000</title>
        <cusip>D345XT105</cusip>
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        <name>SMA SOLAR TECHNOLOGY AG /EUR/</name>
        <lei>529900Q6JQHI8X451Q21</lei>
        <title>SMA SOLAR TECHNOLOGY AG /EUR/ 0.00000000</title>
        <cusip>D7008K108</cusip>
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        <name>AURUBIS AG /EUR/</name>
        <lei>5299005SHIN9ZK7GW242</lei>
        <title>AURUBIS AG /EUR/ 0.00000000</title>
        <cusip>D10004105</cusip>
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        <name>KION GROUP AG /EUR/</name>
        <lei>5299005KY91C4C6U9H17</lei>
        <title>KION GROUP AG /EUR/ 0.00000000</title>
        <cusip>D4S14D103</cusip>
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        <name>GERRESHEIMER AG /EUR/</name>
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        <title>GERRESHEIMER AG /EUR/ 0.00000000</title>
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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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        <name>FRESENIUS MEDICAL CARE AG &amp; CO /EUR/</name>
        <lei>549300CP8NY40UP89Q40</lei>
        <title>FRESENIUS MEDICAL CARE AG &amp; CO /EUR/ 0.00000000</title>
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        <name>1&amp;1 AG /EUR/</name>
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        <name>VOSSLOH AG /EUR/</name>
        <lei>5299003HAEOUVX3HWX43</lei>
        <title>VOSSLOH AG /EUR/ 0.00000000</title>
        <cusip>D9494V101</cusip>
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        <name>BILFINGER SE /EUR/</name>
        <lei>529900H0HULEN2BZ4604</lei>
        <title>BILFINGER SE /EUR/ 0.00000000</title>
        <cusip>D11648108</cusip>
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        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>4074677.78000000</valUSD>
        <pctVal>2.329890528122</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TALANX AG /EUR/</name>
        <lei>N/A</lei>
        <title>TALANX AG /EUR/ 0.00000000</title>
        <cusip>D82827110</cusip>
        <identifiers>
          <isin value="DE000TLX1005"/>
        </identifiers>
        <balance>67000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>5309748.66000000</valUSD>
        <pctVal>3.036100957569</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STABILUS SE /EUR/</name>
        <lei>529900JOSL94HJN4VZ28</lei>
        <title>STABILUS SE /EUR/ 0.00000000</title>
        <cusip>D76913108</cusip>
        <identifiers>
          <isin value="DE000STAB1L8"/>
        </identifiers>
        <balance>58146.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>3704033.94000000</valUSD>
        <pctVal>2.117957310639</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RTL GROUP /EUR/</name>
        <lei>N/A</lei>
        <title>RTL GROUP /EUR/ 0.00000000</title>
        <cusip>L80326108</cusip>
        <identifiers>
          <isin value="LU0061462528"/>
        </identifiers>
        <balance>33000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>1114509.53000000</valUSD>
        <pctVal>0.637273752097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="602441.48000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BECHTLE AG /EUR/</name>
        <lei>529900HA2QT774RUXW59</lei>
        <title>BECHTLE AG /EUR/ 0.00000000</title>
        <cusip>D0873U103</cusip>
        <identifiers>
          <isin value="DE0005158703"/>
        </identifiers>
        <balance>95000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>5023952.07000000</valUSD>
        <pctVal>2.872683184689</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUGO BOSS AG  -ORD /EUR/</name>
        <lei>529900LFVU534EBRXD13</lei>
        <title>HUGO BOSS AG  -ORD /EUR/ 0.00000000</title>
        <cusip>D34902102</cusip>
        <identifiers>
          <isin value="DE000A1PHFF7"/>
        </identifiers>
        <balance>78000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>4599910.69000000</valUSD>
        <pctVal>2.630217387849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIXT SE /EUR/</name>
        <lei>N/A</lei>
        <title>SIXT SE /EUR/ 0.00000000</title>
        <cusip>D69899116</cusip>
        <identifiers>
          <isin value="DE0007231326"/>
        </identifiers>
        <balance>17627.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>1759496.56000000</valUSD>
        <pctVal>1.006075717085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DWS</name>
        <lei>N/A</lei>
        <title>DWS Gov and Agency Sec Portfolio DWS Gov Cash Inst Shs</title>
        <cusip>147539670</cusip>
        <identifiers>
          <isin value="US1475396701"/>
        </identifiers>
        <balance>5070435.20000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5070435.20000000</valUSD>
        <pctVal>2.899262121761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="5070435.20000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DWS</name>
        <lei>N/A</lei>
        <title>DWS CENTRAL CASH MANAGEMENT GOVERNMENT FUND 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="495583"/>
        </identifiers>
        <balance>1136008.25000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1136008.25000000</valUSD>
        <pctVal>0.649566666236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EVONIK INDUSTRIES AG /EUR/</name>
        <lei>N/A</lei>
        <title>EVONIK INDUSTRIES AG /EUR/ 0.00000000</title>
        <cusip>D2R90Y117</cusip>
        <identifiers>
          <isin value="DE000EVNK013"/>
        </identifiers>
        <balance>140000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>2769970.35000000</valUSD>
        <pctVal>1.583862094156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IONOS SE /EUR/</name>
        <lei>N/A</lei>
        <title>IONOS SE /EUR/ 0.00000000</title>
        <cusip>D3R77H101</cusip>
        <identifiers>
          <isin value="DE000A3E00M1"/>
        </identifiers>
        <balance>196410.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>4516960.58000000</valUSD>
        <pctVal>2.582786723136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE LUFTHANSA-REG /EUR/</name>
        <lei>529900PH63HYJ86ASW55</lei>
        <title>DEUTSCHE LUFTHANSA-REG /EUR/ 0.00000000</title>
        <cusip>D1908N106</cusip>
        <identifiers>
          <isin value="DE0008232125"/>
        </identifiers>
        <balance>664089.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>5220600.00000000</valUSD>
        <pctVal>2.985125977523</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEUTZ AG /EUR/</name>
        <lei>5299005DETTV58V2PP63</lei>
        <title>DEUTZ AG /EUR/ 0.00000000</title>
        <cusip>D39176108</cusip>
        <identifiers>
          <isin value="DE0006305006"/>
        </identifiers>
        <balance>477920.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>3036720.17000000</valUSD>
        <pctVal>1.736388971753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SILTRONIC AG /EUR/</name>
        <lei>5299003NKV26NNGHHR90</lei>
        <title>SILTRONIC AG /EUR/ 0.00000000</title>
        <cusip>D6948S114</cusip>
        <identifiers>
          <isin value="DE000WAF3001"/>
        </identifiers>
        <balance>15000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>1331270.10000000</valUSD>
        <pctVal>0.761216902005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1331373.57000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STROEER MEDIA AG /EUR/_</name>
        <lei>529900MBF3N1ATE55378</lei>
        <title>STROEER MEDIA AG /EUR/_ 0.00000000</title>
        <cusip>D8169G100</cusip>
        <identifiers>
          <isin value="DE0007493991"/>
        </identifiers>
        <balance>53000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92618319"/>
        <valUSD>3227439.24000000</valUSD>
        <pctVal>1.845441657319</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2024-04-30</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>
    </signature>
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<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>ngf_033124.htm
<DESCRIPTION>SOI
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left; 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 March 31, 2024 (Unaudited)</TD></TR>
</TABLE>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 77%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Shares</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #949599 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;94.5%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Common Stocks&nbsp;90.0%</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 3.9% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Hensoldt AG&#8224;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">145,098</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>6,805,411</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 5.1% </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">1,885,897</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">2,769,970</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">K+S AG (Registered)&#8224;</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">967,973</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">47,500</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,272,400</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">18,608</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,100,520</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: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>8,996,760</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Commercial Services &amp; Supplies 2.3% </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">87,157</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,074,678</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 0.6% </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">145,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,032,020</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 1.4% </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">109,992</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,477,299</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 0.6% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Nordex SE* &#8224;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">80,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,050,332</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 1.1% </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">59,345</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,845,354</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 4.0% </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">78,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>6,943,659</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 1.3% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">85,894</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,244,302</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 1.0% </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">17,627</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,759,497</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 4.0% </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">44,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,501,287</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Eckert &amp; Ziegler SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">37,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,497,285</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: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>6,998,572</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Health Care Providers &amp; Services 2.0% </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</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>3,464,217</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 1.9% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Delivery Hero SE ''A'' 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>3,253,944</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 1.1% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Encavis AG*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">108,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,965,421</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 3.0% </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>5,309,749</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 4.5% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Scout24 SE 144A</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">104,863</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>7,909,590</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>IT Services 6.7% </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">5,023,952</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">71,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,069,785</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">4,516,961</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: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>11,610,698</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">1,267,515</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">37,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,170,665</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: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>5,438,180</B></FONT></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: 77%">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: gray 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Shares</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: gray 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Machinery 13.7% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Deutz AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">477,920</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,036,720</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">70,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,961,941</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">26,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,369,362</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">5,600,836</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">38,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,034,209</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">58,146</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,704,034</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">44,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,171,061</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: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>23,878,163</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Media 1.8% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">53,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>3,227,439</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Metals &amp; Mining 1.5% </B></FONT></TD>
    <TD>&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">1,104,885</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">305,745</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,641,981</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: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>2,746,866</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Oil, Gas &amp; Consumable Fuels 0.2% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Verbio SE</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>306,801</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 3.0% </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>5,220,600</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 0.5% </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>881,035</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>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</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>1,596,293</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 4.7% </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">64,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,499,042</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">491,615</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">161,809</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,214,388</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: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>8,205,045</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Semiconductors &amp; Semiconductor Equipment 3.8% </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">79,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,089,760</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">2,393,695</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Siltronic AG&#8224;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,331,270</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">SMA Solar Technology AG*</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">746,541</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: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>6,561,266</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Software 2.3% </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">2,564,879</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">1,459,344</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: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>4,024,223</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Specialty Retail 1.3% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">50,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,297,602</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 5.3% </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">78,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,599,911</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">104,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,718,375</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: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>9,318,286</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 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">20,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,686,059</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Transportation Infrastructure 1.0% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Fraport AG Frankfurt Airport Services Worldwide*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32,371</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,707,704</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Wireless Telecommunication Services 1.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">1&amp;1 AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">19,578</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">338,637</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">78,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,196,369</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: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>2,535,006</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #949599 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Common Stocks</B> (Cost $151,438,740)</FONT></TD>
    <TD STYLE="border-top: #949599 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;&nbsp;157,372,071</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Preferred Stocks&nbsp;4.5%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Chemicals 1.6% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">FUCHS SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">57,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,824,819</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 2.9% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Jungheinrich AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">138,954</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>5,142,982</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #949599 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Preferred Stocks</B> (Cost $5,405,981)</FONT></TD>
    <TD STYLE="border-top: #949599 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;7,967,801</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #949599 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Germany</B> (Cost $156,844,721)</FONT></TD>
    <TD STYLE="border-top: #949599 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;&nbsp;165,339,872</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>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 77%">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: gray 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt"><B>Shares</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: gray 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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;3.6%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Common Stocks </B></FONT></TD>
    <TD>&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 STYLE="text-align: right">&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>6,259,319</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;1.4%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Common Stocks </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Commercial Services &amp; Supplies 0.8% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Befesa SA 144A</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,621</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,363,788</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 0.6% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">RTL Group SA&#8224;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">33,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,114,509</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #949599 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Luxembourg</B> (Cost $4,180,595)</FONT></TD>
    <TD STYLE="border-top: #949599 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;2,478,297</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;2.9%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">DWS Government &amp; Agency Securities Portfolio ''DWS Government Cash Institutional Shares'', 5.26% <BR>
(Cost $5,070,435) (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">5,070,435</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;&nbsp;5,070,435</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;0.5%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">DWS Central Cash Management Government Fund, 5.36% <BR>
(Cost $806,593) (b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">806,593</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;806,593</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>% of Net </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Total Investment Portfolio </B>(Cost $170,333,861)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">102.9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;&nbsp;179,954,516</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">(2.9)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;&nbsp;(5,110,119)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #949599 1pt solid"><FONT STYLE="font-size: 8pt"><B>Net Assets</B></FONT></TD>
    <TD STYLE="border-top: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">100.0</FONT></TD>
    <TD STYLE="border-top: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;174,844,397</B></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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD 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>
  </TABLE>
<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">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of the Fund&#8217;s transactions with affiliated
    investments during the period ended March 31, 2024 are as follows:</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Value ($) at 12/31/2023</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Purchases Cost<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Sales Proceeds<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Net <BR>
Realized<BR>
Gain/ <BR>
(Loss)<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Net<BR>
Change in<BR>
Unrealized<BR>
Appreciation/<BR>
(Depreciation)<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Income<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Capital<BR>
Gain<BR>
Distributions<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Number<BR>
of Shares<BR>
at<BR>
3/31/2024</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Value ($)<BR>
at<BR>
3/31/2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5"><FONT STYLE="font-size: 8pt"><B>Securities Lending Collateral 2.9%</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'', 5.26% (a) (b)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt">5,067,060</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">3,375 (c)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#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: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2,674</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">5,070,435</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">5,070,435</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5"><FONT STYLE="font-size: 8pt"><B>Cash Equivalents 0.5%</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="text-align: center; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;527,370</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;7,713,067</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;7,433,844</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: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;8,825</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;806,593</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;806,593</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>5,594,430</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>7,716,442</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;7,433,844</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="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt"><B>11,499</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: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>5,877,028</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>5,877,028</B></FONT></TD></TR>
  </TABLE>
<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%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">*</P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 95%">
    <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">Non-income producing security.</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">&#8224;</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, 2024 amounted to $4,753,484, which is 2.7% of net assets.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: 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, 2024.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><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">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: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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;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">&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>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <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>
    <P STYLE="font: 8pt Calibri Light,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Calibri Light,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
    <P STYLE="font: 9pt Calibri Light,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding-bottom: 0.1in"><FONT STYLE="font-size: 8pt"><B>Fair Value Measurements</B></FONT></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 March 31, 2024 in valuing the Fund&#8217;s investments.</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: #949599 1pt solid"><FONT STYLE="font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #949599 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level 1</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #949599 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level 2</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #949599 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level 3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #949599 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">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: 9pt; width: 47%"><FONT STYLE="font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 8%"><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 7%"><FONT STYLE="font-size: 8pt">&#9;165,339,872</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 6%"><FONT STYLE="font-size: 8pt">$&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 6%"><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 1.4pt; width: 8%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;&nbsp;$</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1.4pt; width: 7%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;165,339,872</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 8pt">Netherlands</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">6,259,319</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&#8212;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 1.4pt; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1.4pt; vertical-align: bottom"><FONT STYLE="font-size: 8pt">6,259,319</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 8pt">Luxembourg</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">2,478,297</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&#8212;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 1.4pt; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1.4pt; vertical-align: bottom"><FONT STYLE="font-size: 8pt">2,478,297</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D2D3D5 1pt solid; padding-top: 1.4pt"><FONT STYLE="font-size: 8pt">Short-Term Instruments (d)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D2D3D5 1pt solid; padding-top: 1.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D2D3D5 1pt solid; padding-top: 1.4pt; text-align: right"><FONT STYLE="font-size: 8pt">5,877,028</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D2D3D5 1pt solid; padding-top: 1.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D2D3D5 1pt solid; padding-top: 1.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD>
    <TD STYLE="border-top: #D2D3D5 1pt solid; vertical-align: bottom; padding-top: 1.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D2D3D5 1pt solid; padding-top: 1.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD>
    <TD STYLE="text-align: center; border-top: #D2D3D5 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="text-align: right; border-top: #D2D3D5 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; vertical-align: bottom"><FONT STYLE="font-size: 8pt">5,877,028</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #949599 1pt solid; border-bottom: #949599 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #949599 1pt solid; border-bottom: #949599 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>&#9;$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #949599 1pt solid; border-bottom: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;179,954,516</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #949599 1pt solid; border-bottom: #949599 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-top: #949599 1pt solid; border-bottom: #949599 1pt solid; text-align: right"> <FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8212;</B></FONT></TD>
    <TD STYLE="border-top: #949599 1pt solid; vertical-align: bottom; border-bottom: #949599 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #949599 1pt solid; border-bottom: #949599 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#8212;</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: #949599 1pt solid; border-bottom: #949599 1pt solid; padding-right: 1.4pt; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&nbsp;&#9;$</B></FONT></TD>
    <TD STYLE="text-align: right; border-top: #949599 1pt solid; border-bottom: #949599 1pt solid; padding-right: 1.4pt; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>179,954,516</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" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; line-height: 107%">(d) See Schedule of Investments for additional detailed categorizations.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9">
    <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"><B>OBTAIN
    AN OPEN-END FUND PROSPECTUS </B></FONT></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; text-align: justify">&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-080548-2 (1/25)</P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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