<SEC-DOCUMENT>0000088053-16-002246.txt : 20160706
<SEC-HEADER>0000088053-16-002246.hdr.sgml : 20160706
<ACCEPTANCE-DATETIME>20160706162542
ACCESSION NUMBER:		0000088053-16-002246
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20160430
FILED AS OF DATE:		20160706
DATE AS OF CHANGE:		20160706
EFFECTIVENESS DATE:		20160706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL EUROPE, RUSSIA & TURKEY FUND, INC.
		CENTRAL INDEX KEY:			0000860489
		IRS NUMBER:				133556099
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06041
		FILM NUMBER:		161753996

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPE & RUSSIA FUND, INC.
		DATE OF NAME CHANGE:	20070108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPE & RUSSIA FUND INC
		DATE OF NAME CHANGE:	20030723

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPEAN EQUITY FUND INC /MD/
		DATE OF NAME CHANGE:	19970429
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>sr043016cee.htm
<DESCRIPTION>THE CENTRAL EUROPE, RUSSIA AND TURKEY FUND, INC.
<TEXT>
<HTML>
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<TITLE></TITLE>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">WASHINGTON, D. C. 20549</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">FORM N-CSRS</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Investment Company Act file number: 811-06041</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: center"><U>The Central Europe, Russia and Turkey Fund,
Inc.</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0">(Exact Name of Registrant as Specified
in Charter)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">345 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;<FONT STYLE="font-size: 10pt"><U>New
York, NY 10154-0004</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0">(Address of Principal Executive
Offices) (Zip Code)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Registrant&#8217;s Telephone Number, including Area
Code: <U>(212) 250-3220</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Paul Schubert</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">60 Wall Street</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><U>New York, NY 10005</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0.5in">(Name and Address of Agent for Service)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 126.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Date of fiscal year end:</TD>
    <TD STYLE="width: 315.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">10/31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Date of reporting period:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">4/30/2016</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72.25pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 1.</B></TD>
    <TD STYLE="width: 370.55pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>REPORT TO STOCKHOLDERS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_001.jpg" ALT="cee_covermask0" STYLE="height: 25px; width: 107px"></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="color: #00128D">April
30, 2016</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 24pt; color: #00128D"><B>Semiannual
Report</B></FONT><BR>
<FONT STYLE="font-size: 24pt; color: #00128D"><B>to Shareholders</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>The
Central Europe, Russia and Turkey&nbsp;Fund, Inc.</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="color: #00128D">Ticker
Symbol: CEE</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_002.jpg" ALT="cee_square0" STYLE="height: 51px; width: 51px"></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Contents</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>3</B></FONT><FONT STYLE="font-size: 12pt">
        Letter to the Shareholders </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>8</B></FONT><FONT STYLE="font-size: 12pt">
        Outlook Interview with the Portfolio Manager </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>10</B></FONT><FONT STYLE="font-size: 12pt">
        Performance Summary </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>12</B></FONT><FONT STYLE="font-size: 12pt">
        Schedule of Investments </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>17</B></FONT><FONT STYLE="font-size: 12pt">
        Statement of Assets and Liabilities </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>18</B></FONT><FONT STYLE="font-size: 12pt">
        Statement of Operations </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>19</B></FONT><FONT STYLE="font-size: 12pt">
        Statement of Changes in Net Assets </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>20</B></FONT><FONT STYLE="font-size: 12pt">
        Financial Highlights </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>21</B></FONT><FONT STYLE="font-size: 12pt">
        Notes to Financial Statements </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>29</B></FONT><FONT STYLE="font-size: 12pt">
        Additional Information </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>31</B></FONT><FONT STYLE="font-size: 12pt">
        Privacy Statement </FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The Fund seeks long-term
capital appreciation primarily through investment in equity or equity-linked securities of issuers domiciled in Central Europe,
Russia and Turkey.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Investments in funds
involve risks, including the loss of principal.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">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'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.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">This Fund is non-diversified
and can take larger positions in fewer issues, increasing its potential risk. Investing in foreign securities presents certain
risks, such as currency fluctuations, political and economic changes, and market risks. Any fund that focuses in a particular segment
of the market or region of the world will generally be more volatile than a fund that invests more broadly.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The European Union, the
United States and other countries have imposed sanctions on Russia as a result of the Russian military intervention in Ukraine.
These sanctions have adversely affected Russian individuals, issuers and the Russian economy, and Russia, in turn, has imposed
sanctions targeting Western individuals, businesses and products including food products. The various sanctions have adversely
affected, and may continue to adversely affect, not only the Russian economy but also the economies of many countries in Europe,
including Central Europe. Potential developments in the Ukraine, and the continuation of current sanctions or the imposition of
additional sanctions may materially adversely affect the value or liquidity of the Fund's portfolio.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Deutsche Asset Management
represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">NOT FDIC/NCUA INSURED&emsp;NO
BANK GUARANTEE&emsp;MAY LOSE VALUE&emsp; NOT&nbsp;A&nbsp;DEPOSIT&emsp;NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Letter
to the Shareholders </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">(Unaudited)</FONT></B><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Dear Shareholder,</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">For the fiscal half year ended April 30, 2016, the
Central Europe, Russia and Turkey Fund, Inc. delivered a total return in U.S. dollars USD of 7.33% based on net asset value (NAV)
and 4.40% based on market price. The Fund&rsquo;s benchmark, the MSCI Emerging Markets Europe ex Greece Index, returned 8.80% during
the same period.<SUP>1</SUP> The Fund's benchmark was changed on March 1, 2016 from the MSCI Emerging Markets Europe Index to the
MSCI Emerging Markets Europe ex Greece Index, as the Fund's Advisor believes that the MSCI Emerging Markets Europe ex Greece Index
is a more appropriate benchmark for the Fund because the Fund no longer invests in Greece.<SUP>2 </SUP>The MSCI Emerging Markets
Europe Index returned 6.36% over the six-month period. The Fund&rsquo;s discount to NAV averaged 12.23% for the&nbsp;period in
review, compared with 10.27% for the same period a year&nbsp;earlier.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Emerging European equities indices ended the reporting
period outperforming developed markets, which had been supported by a weakening USD.<SUP>3</SUP> Emerging European currencies were
in the process of stabilizing and commodities appeared to have found a floor. The biggest outperformer in the region was Hungary,
gaining 28.9% (BUX Index in USD terms).<SUP>4</SUP> Russia and Turkey posted absolute positive performances of 13.5% (RTS Index
in USD terms) and 14.0% (XU100 Index in USD terms), respectively, and Poland lost 7.0% (WIG20 Index in USD terms).<SUP>5,6,7</SUP></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">During the course of the reporting period, Russian
equities recovered strongly from January lows, driven by a recovery in oil prices as well as the appreciation of the RUB (Russian
ruble). The major drivers behind the current oil price increase have been expectations of a production freeze by major oil-exporting
countries and declining U.S. oil production. Domestically, there are indications of some stabilization of the macroeconomic environment
in Russia as industrial production and construction have entered positive territory. However, gross domestic product (GDP) growth
is likely to remain negative in 2016 and retail sales and real wages are still declining in year-over-year terms.<SUP>8</SUP> Individual
stock and sector performances mirrored this trend, as the consumer sector underperformed, while exporters outperformed the market.
In order to raise the cash needed to cover the budget gap, the Russian government passed a decree in April saying that state-owned
companies are required to pay 50% of their earnings as dividends. The Russian equity market is offering a solid dividend yield,
and we believe investing in dividend-rich companies is a good strategy in&nbsp;the current yield environment.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">In Turkey, the macro data has been improving. The current
account deficit decreased from 5.8% of GDP in 2014 to 4.6% of GDP in 2015, and could reach 4% at the end of the year (depending
on commodity price levels and tourism). The Central Bank for the Republic of Turkey (&quot;CBRT&quot;) has cut its upper end by
75 bps in the last two months, from 10.75% to 10%. However, downside risks to economic growth are again increasing with the return
of political risks. At the beginning of May, the Turkish Prime Minister Ahmet Davutoglu stepped down. In Poland, equities have
again been under pressure, driven mainly by the political agenda of the new government. The Polish government has already implemented
a bank asset tax and is currently trying to determine the extent to which banks must participate in the losses of foreign exchange
mortgage loans.<SUP>9</SUP> Thus, the banking stocks with exposure to Swiss franc-denominated mortgage loans suffered most. Another
underperforming sector was utilities, which could come under considerable political influence in the coming months, when strategic
decisions regarding the struggling coal mining sector are made. The dividends at utility companies could decrease or disappear
depending on the potential investments they may&nbsp;be forced to fund.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Hungarian equities again benefited from strong consumer
confidence and&nbsp;private consumption, which is driven by a low unemployment rate, low inflation and low interest rates. Furthermore,
it is believed the market could benefit this year from a possible upgrade of Hungary's sovereign debt rating to investment grade.<SUP>10</SUP></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_003.jpg" ALT="cee_portsumbottom0" STYLE="height: 128px; width: 343px"></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_004.jpg" ALT="cee_portsumfollowing0" STYLE="height: 141px; width: 343px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Ten Largest Equity Holdings at April&nbsp;30, 2016 </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(47.4% of Net Assets)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Country</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Percent of Net Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1. Gazprom PAO</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Russia</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>11.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2. Lukoil PJSC</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Russia</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>8.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3. Sberbank of Russia PJSC</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Russia</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>8.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>4. Novatek OAO</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Russia</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>4.5%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5. Magnit PJSC</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Russia</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>3.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>6. Turkiye Garanti Bankasi AS</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Turkey</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>2.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7. Powszechny Zaklad Ubezpieczen SA</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Poland</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>2.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>8. MMC Norilsk Nickel PJSC</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Russia</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>2.6%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>9. Haci Omer Sabanci Holding AS</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Turkey</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>2.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>10. Rosneft OAO</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Russia</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>2.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding-top: 6pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Portfolio holdings and
        characteristics are subject to change and not indicative of future portfolio composition.</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">For more details about
        the Fund's Schedule of Investments, see page 12. For additional information about the Fund, including performance, dividends, presentations,
        press releases, market updates, daily NAV and shareholder reports, please visit deutschefunds.com.</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>Economic Outlook</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">In Russia there are indications that the macroeconomic
environment is stabilizing, but GDP growth is likely to stay negative in 2016. In the coming quarters, we will be watching for
signs of consumer spending stabilization as well as for progress on announced privatization plans. In Russia, we employ two major
stock selection themes, both related to quality: investing in companies that can increase their market share in crises and investing
in companies that pay attractive dividends.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">In Turkey, as a result of the Russian sanctions and
recent terrorist attacks, the decline in tourism revenues is likely to have a negative impact on both GDP growth and the current
account balance. On the domestic political front, volatility may increase, as the referendum on constitutional changes is still
on the agenda and a new CBRT governor has just been appointed in April. While the U.S. Federal Reserve Board's postponement of
rate hikes and further monetary stimulus by the European Central Bank can provide economic support to Turkey, political risks are
again emerging.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">In Poland, we still expect a very solid macroeconomic
environment. The economy continues to power ahead and labor market conditions continue to tighten. The 500 PLN child subsidy program
should trigger a further increase in private consumption.<SUP>11</SUP> However, political decisions are not yet&nbsp;allowing investors
to see favorable earnings outcomes of the listed companies. We continue to stay cautious in Poland.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Sincerely,</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><IMG SRC="image_005.jpg" ALT="cee_TEAMF0" STYLE="height: 56px; width: 92px"></TD>
    <TD STYLE="line-height: 115%"><IMG SRC="image_006.jpg" ALT="cee_TEAMF1" STYLE="height: 50px; width: 137px"></TD>
    <TD STYLE="line-height: 115%"><IMG SRC="image_007.jpg" ALT="cee_TEAMF2" STYLE="height: 46px; width: 118px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Christian Strenger</FONT><BR>
        <FONT STYLE="font-size: 10pt">Chairman</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>&nbsp;</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="width: 39%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Sylwia Szczepek</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Portfolio Manager</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="width: 33%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Brian Binder</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">President and Chief</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Executive Officer</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>The views expressed
in the preceding discussion regarding portfolio management matters are only through the end of the period of the report as stated
on the cover.</B> Portfolio management's views are subject to change at any time based on market and other conditions and should
not be construed as recommendations. Past performance is no guarantee of future results. Current and future portfolio holdings
are subject to risk, including geopolitical and other risks.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>1</SUP> The MSCI
Emerging Markets Europe ex Greece Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure
the equity market performance of the emerging-markets countries of Europe (excluding Greece). Index returns assume reinvestment
of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly in the MSCI Emerging
Markets Europe ex Greece Index.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>2</SUP> The MSCI
Emerging Markets Europe Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity
market performance of the emerging-markets countries of Europe. Index returns assume reinvestment of dividends and, unlike Fund
returns, do not reflect any fees or expenses. It is not possible to invest directly in the MSCI Emerging Markets Europe Index.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>3</SUP> The MSCI
World Index tracks the performance of stocks in select developed markets around the world, including the United States. Index returns
assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly
in the MSCI World Index.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>4</SUP> The BUX
Index is the official stock market index of blue-chip shares listed on the Budapest Stock Exchange. Index returns assume reinvestment
of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly in the BUX Index.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><SUP>5</SUP> The RTS Index is the capital-weighted
composite index calculated based on prices of the 50 most liquid Russian stocks of the largest and most dynamically developing
Russian issuers presented on the Moscow Exchange. Index returns assume reinvestment of dividends and, unlike Fund returns, do not
reflect any fees or expenses. It is not possible to invest directly in the RTS Index.<SUP> </SUP></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>6</SUP> The Istanbul
Stock Exchange National 100 Index (XU100 Index) is a capitalization-weighted index that tracks the performance of 100 companies
selected from the National Market, real estate investment trusts and venture capital investment trusts listed on The Istanbul Stock
Exchange. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not
possible to invest directly in the XU100 Index.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>7</SUP><FONT STYLE="color: #222222">
</FONT>The WIG20 Index is a capitalization-weighted stock market index of the 20 largest companies on the Warsaw Stock Exchange.
The WIG20 Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not
possible to invest directly in the WIG20 Index.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>8</SUP> Gross domestic
product (GDP) is the monetary value of all finished goods and services produced within a country during a specific time period.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>9</SUP> The<B> </B>Forex
(FX) is the market in which currencies are traded. The forex market is the largest, most liquid market in the world, with average
traded values that can be trillions of dollars per day.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>10</SUP><FONT STYLE="color: #222222">
</FONT>Sovereign debt refers to bonds issued by a national government.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><SUP>11</SUP> 500 PLN per child is a program in Poland
which gives an allowance to eligible families to defray basic costs such as those for education.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Outlook
Interview with the Portfolio Manager </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">(Unaudited)</FONT></B><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>Portfolio Manager</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Sylwia Szczepek, Vice President</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Portfolio Manager since
December 22, 2014.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT><FONT STYLE="font-size: 12pt">
What may be expected in Russia in a lower-for-longer oil price environment? </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT><FONT STYLE="font-size: 12pt">
It appears that the Russian leadership is finally realizing that oil prices might stay low for a longer time than anticipated.
The discussion has intensified about which reforms to implement and when to implement them. Former Finance Minister Alexei Kudrin,
regarded as a liberal reformer, had been recruited to draft a new economic strategy. Indeed, anemic growth of 1% to 2% with current
policies should not satisfy President Vladimir Putin. We believe that state withdrawal from the economy, where it controls more
than 60%, would promote growth and be positive for the stock market. We believe that progress in this regard is likely in the long
term. There are going to be parliamentary elections in September, followed by the presidential elections in 2018. It&nbsp;is&nbsp;unlikely
that any painful reforms will happen until both elections have&nbsp;passed. </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT><FONT STYLE="font-size: 12pt">
Are lower inflation numbers likely to remain in Turkey if oil maintains its current level? </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT><FONT STYLE="font-size: 12pt">
Year-end CPI inflation expectations for this year hover at around 8%.<SUP>1</SUP> However, every 10% change in the oil price has
an approximate 0.5 percentage point impact on inflation. One additional thing to keep in mind is the domestic natural gas price.
The oil price, which is one of the main determinants of natural gas prices, came down from around USD&nbsp;120 to USD 40 over the
last two years, but Turkey did not see a cut&nbsp;in domestic natural gas prices. If a price cut is delivered, it could exert&nbsp;downward
pressure on inflation figures. Every 10% cut in natural gas reduces headline consumer price inflation by around 0.2 percentage
points. It is also worth noting that energy currently has an 11% share in the CPI basket, and if the TRY (Turkish lira) keeps on
depreciating, its ability to keep inflation low will be very limited. In short, even if oil prices remain at these levels, it will
be difficult for Turkey to maintain this lower inflation figure in the absence of solutions to structural problems. </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT><FONT STYLE="font-size: 12pt">
Is domestic consumption the key investment theme for the Polish equity market in 2016? </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT><FONT STYLE="font-size: 12pt">
Yes. We believe that GDP growth is likely to be strong this year, with a high share of private consumption. Domestic economic growth
should also benefit from the all-time peak in employment, rising disposable income related to increasing wages (6% year-over-year
growth) and low interest rates. In addition to this, the 500 PLN per child subsidy should boost household consumption. New housing
unit sales are growing at 16% year-over-year, exceeding their 2007 peak, and new car sales are growing at 18% year-over-year. Consumer
stocks should benefit most from this development. </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>1</SUP> CPI measures
changes in the price level of a market basket of consumer goods and services purchased by households. Inflation is a sustained
increase in the general price level of goods and services in an economy over a period of time.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The views expressed in
the preceding discussion regarding portfolio management matters&nbsp;are only through the end of the period of the report as stated
on the cover. Portfolio&nbsp;management's views are subject to change at any time based on market and other&nbsp;conditions and
should not be construed as recommendations. Past performance is no&nbsp;guarantee of future results. Current and future portfolio
holdings are subject to risk, including geopolitical and other risks.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Performance
Summary </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">April 30, 2016 (Unaudited)</FONT></B><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>All performance shown
is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment
return and principal value fluctuate with changing market conditions so that, when sold, shares may be worth more or less than
their original cost. Current performance may be lower or higher than the performance data quoted. Please visit deutschefunds.com
for the Central Europe, Russia and Turkey Fund, Inc.'s (the &quot;Fund&quot;) most recent performance.</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Fund specific data
and performance are provided for information purposes only and are not intended for trading purposes.</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Average Annual Total Returns </B>as of 4/30/16</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>6-Month<SUP>&Dagger;</SUP></B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1-Year</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5-Year</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>10-Year</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Asset Value<SUP>(a)</SUP></B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7.33%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(10.40)%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(10.90)%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(3.88)%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Market Price<SUP>(a)</SUP></B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>4.40%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(13.95)%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(11.79)%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(4.49)%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">MSCI Emerging Markets Europe ex&nbsp;Greece&nbsp;Index<SUP>(b)</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8.80%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(8.88)%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(10.02)%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(4.26)%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">MSCI Emerging Markets Europe Index<SUP>(c)</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.36%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(11.65)%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(11.21)%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(4.89)%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>a</SUP> Total return
based on net asset value reflects changes in the Fund's net asset value during each period. Total return based on market value
reflects changes in market value during each period. Each figure includes reinvestments of income and capital gain distributions,
if any. Total returns based on net asset value and market price will differ depending upon the level of any discount from or premium
to net asset value at which the Fund's shares trade during the period. Expenses of the Fund include investment advisory and administration
fees and other fund expenses. Total returns shown take into account these fees and expenses. The annualized expense ratio of the
Fund for the six months ended April 30, 2016 was 1.43%.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>b</SUP> The MSCI
Emerging Markets Europe ex Greece Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure
the equity market performance of the emerging-markets countries of Europe (excluding Greece).</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>c</SUP> The MSCI
Emerging Markets Europe Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity
market performance of the emerging-markets countries of Europe.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">On March 1, 2016, the
Board of Directors approved a change in the benchmark index for the Fund from MSCI Emerging Markets Europe Index to MSCI Emerging
Markets Europe ex Greece Index. The Fund's Advisor believes the MSCI Emerging Markets Europe ex Greece Index is a more appropriate
benchmark for the Fund.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Index returns do not
reflect any fees or expenses and it is not possible to invest directly in the MSCI Emerging Markets Europe Index.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>&Dagger;</SUP> Total
returns shown for periods less than one year are not annualized.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Asset Value and Market Price</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>As of 4/30/16</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>As of 10/31/15</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net Asset Value</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 22.26</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 21.37</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Market Price</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 19.24</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 18.99</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Prices and Net Asset
Value fluctuate and are not guaranteed.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 78%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Distribution Information</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 21%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Per Share</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Six Months as of 4/30/16:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Income</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ .49</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Capital Gains</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ &mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Distributions are historical,
not guaranteed and will fluctuate. Distributions do not include return of capital or other non-income sources.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Schedule
of Investments </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">as of April 30, 2016 (Unaudited)</FONT></B><FONT STYLE="font-size: 12pt">
</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Shares</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Value ($)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Russia 52.4%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Common Stocks 48.4%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Commercial Banks 7.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Bank St Petersburg PJSC*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,180,620</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,766,520</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Sberbank of Russia PJSC*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,820,200</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Sberbank of Russia PJSC (ADR)*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,050,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,416,800</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>14,003,520</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Diversified Financial Services 1.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Moscow Exchange MICEX-RTS PJSC</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,300,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,053,090</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Diversified Telecommunication Services 0.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Rostelecom PJSC*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">800,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,218,240</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Food &amp; Staples Retailing 5.2%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Magnit PJSC</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">38,500</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,358,126</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Magnit PJSC (GDR) (Registered)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">45,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,557,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">X5 Retail Group NV (GDR) (Registered)*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">120,003</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,376,059</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>9,291,185</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Metals &amp; Mining 2.5%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">MMC Norilsk Nickel PJSC (ADR)<SUP>&dagger;</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">315,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>4,614,750</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Oil, Gas &amp; Consumable Fuels 28.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gazprom PAO (ADR)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,883,774</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">20,040,274</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Lukoil PJSC (ADR)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">375,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">15,881,250</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Novatek OAO (GDR) (Registered)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">85,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,160,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Rosneft OAO (GDR) (Registered)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">650,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,549,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Tatneft PAO (ADR)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">30,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">940,350</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Tatneft PAO (ADR)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">75,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,351,250</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>50,922,124</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Wireless Telecommunication Services 2.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">MegaFon PJSC (GDR) (Registered)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">224,496</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,581,704</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Mobile Telesystems PJSC (ADR)<SUP>&dagger;</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">260,527</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,409,875</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>4,991,579</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Preferred Stocks 4.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Commercial Banks 1.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Sberbank of Russia PJSC (Cost $2,565,442)*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,600,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,077,920</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Oil, Gas &amp; Consumable Fuels 2.9%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">AK Transneft OAO (Cost $1,906,145)*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">700</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,166,583</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Surgutneftegas OAO (Cost $2,813,276)*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,600,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,986,780</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5,153,363</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Russia</B> (Cost $88,200,241)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>94,325,771</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Turkey 20.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Common Stocks </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Airlines 1.4%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Turk Hava Yollari AO*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,015,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,505,635 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Beverages 1.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Anadolu Efes Biracilik ve Malt Sanayii AS</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">120,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">944,510</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Coca-Cola Icecek AS</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">157,778</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,316,629</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3,261,139</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Chemicals 0.5%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gubre Fabrikalari TAS</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">400,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>818,575</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Commercial Banks 7.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Akbank TAS</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">528,008</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,624,582</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Turkiye Garanti Bankasi AS*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,600,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,934,349</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Turkiye Halk Bankasi AS*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">885,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,403,724</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Turkiye Is Bankasi*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,079,748</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,896,735</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Turkiye Vakiflar Bankasi TAO*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">700,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,237,165</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>13,096,555</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Distributors 1.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Dogus Otomotiv Servis ve Ticaret AS<SUP>&dagger;</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">400,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,728,740</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Diversified Financial Services 2.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Haci Omer Sabanci Holding AS</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3,613,466</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Food Products 0.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ulker Biskuvi Sanayi AS</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">170,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,355,086</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Gas Utilities 1.5%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Aygaz AS</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">650,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,681,299</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Industrial Conglomerates 1.2%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">KOC Holding AS</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">425,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,224,518</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Metals &amp; Mining 0.4%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS<SUP>&dagger;</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,500,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>794,247</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Oil, Gas &amp; Consumable Fuels 0.9%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Tupras Turkiye Petrol Rafinerileri AS</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">61,022</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,612,277</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Wireless Telecommunication Services 1.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Turkcell Iletism Hizmetleri AS*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">550,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,380,952</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Turkey </B>(Cost $35,297,754)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>36,072,489</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 9pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>Poland 12.9%</B></FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>Common Stocks </B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Commercial Banks 4.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Bank Pekao SA*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">50,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,032,068</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Bank Zachodni WBK SA*<SUP>&dagger;</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">32,500</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,258,835</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Powszechna Kasa Oszczednosci Bank Polski SA*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">455,772</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,918,372</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7,209,275</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Diversified Telecommunication Services 1.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Orange Polska SA</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,100,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,791,099</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Electric Utilities 1.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">PGE Polska Grupa Energetyczna SA</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">593,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,046,005</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Insurance 2.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Powszechny Zaklad Ubezpieczen SA</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">535,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>4,834,607</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Media 1.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cyfrowy Polsat SA*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">370,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,351,728</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Oil, Gas &amp; Consumable Fuels 2.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Grupa Lotos SA*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">100,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">776,964</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Polski Koncern Naftowy Orlen SA<SUP>&dagger;</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">155,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,789,594</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3,566,558</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Textiles, Apparel &amp; Luxury Goods 0.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">CCC SA</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">30,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,335,079</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Poland</B> (Cost $26,618,061)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>23,134,351</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 9pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Hungary 4.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Common Stocks </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Commercial Banks 1.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">OTP Bank PLC</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">75,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,986,509</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Oil, Gas &amp; Consumable Fuels 1.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">MOL Hungarian Oil &amp; Gas PLC</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">51,607</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3,154,393</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Pharmaceuticals 1.2%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Richter Gedeon Nyrt</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">105,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,086,894</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Hungary</B> (Cost $5,040,272)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7,227,796</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>&nbsp;</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>&nbsp;</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Czech Republic 1.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Common Stocks </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Electric Utilities 1.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">CEZ AS (Cost $3,863,410)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">160,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3,124,429</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>Austria 1.1%</B></FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>Common Stocks </B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Commercial Banks 1.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Raiffeisen Bank International AG* (Cost $1,807,044)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">120,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,916,580</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 9pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>Kazakhstan 0.7%</B></FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>Common Stocks </B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Metals &amp; Mining 0.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">GoldBridges Global Resources PLC* (Cost $1,824,443)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">50,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,207,965</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Securities Lending Collateral 4.5%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Daily Assets Fund &quot;Capital Shares&quot;, 0.49% (Cost&nbsp;$8,150,942)<SUP> </SUP>(a) (b)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,150,942</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>8,150,942</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 9pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Cash Equivalents 5.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Central Cash Management Fund, 0.37% (Cost&nbsp;$10,384,727)&nbsp;(b)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,384,740</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>10,384,727</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>% of Net Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Value ($)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Investment Portfolio</B> (Cost&nbsp;$181,186,894)**</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">103.2</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>185,545,050</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Other Assets and Liabilities, Net</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3.2)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(5,730,075)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">100.0</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>179,814,975</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">* Non-income producing
security.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">** The cost for federal
income tax purposes was $186,625,791. At April 30, 2016, net unrealized depreciation for all securities based on tax cost was $1,080,741.
This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost
of $21,736,575 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value
of $22,817,316.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>&dagger;</SUP> All
or a portion of these securities were on loan. The value of all securities loaned at April&nbsp;30, 2016 amounted to $7,763,542,
which is 4.3% of net assets.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">(a) Represents collateral
held in connection with securities lending. Income earned by the Fund is net of borrower rebates.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">(b) Affiliated fund managed
by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">ADR: American Depositary
Receipt</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">GDR: Global Depositary
Receipt</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">PJSC: Public Joint Stock
Company</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">For purposes of its industry
concentration policy, the Fund classifies issuers of portfolio securities at the industry sub-group level. Certain of the categories
in the above Schedule of Investments consist of multiple industry sub-groups or industries.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Fair Value Measurements</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Various inputs are used
in determining the value of the Fund&rsquo;s investments. These inputs are summarized in three broad levels. Level 1 includes quoted
prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including
the Fund&rsquo;s own assumptions in determining the fair value of investments). The level assigned to the securities valuations
may not be an indication of the risk associated with investing in those securities.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The following is a summary of the inputs used as of
April 30, 2016 in valuing the Fund&rsquo;s investments.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Level 1</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Level 2</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Level 3</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Common Stocks and/or Other Equity Investments (c)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Russia</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 94,325,771</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ &mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ &mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 94,325,771</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Turkey</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">36,072,489</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">36,072,489</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Poland</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">23,134,351</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">23,134,351</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Hungary</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,227,796</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,227,796</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Czech Republic</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,124,429</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,124,429</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Austria</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,916,580</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,916,580</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Kazakhstan</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,207,965</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,207,965</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Short-Term Instruments (c)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">18,535,669</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">18,535,669</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 185,545,050</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ &mdash;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ &mdash;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 185,545,050</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">There have been no transfers
between fair value measurement levels during the period ended April 30, 2016.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">(c) See Schedule of Investments
for additional detailed categorizations.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The accompanying notes
are an integral part of the financial statements.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Statement
of Assets and Liabilities</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">as of April 30, 2016 (Unaudited)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Investments in non-affiliated securities, at value (cost&nbsp;$162,651,225) &mdash; including $7,763,542 of securities loaned </FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 167,009,381</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Investment in Central Cash Management Fund (cost $10,384,727)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,384,727</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Investment in Daily Assets Fund (cost $8,150,942)*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,150,942</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total investments, at value (cost $181,186,894)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">185,545,050</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Foreign currency, at value (cost $293,294)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">298,359</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Receivable for investments sold</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,810,775</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Dividends receivable</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">94,012</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Foreign taxes recoverable</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,026</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Interest receivable</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">13,165</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Other assets</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">26,092</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total assets</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">188,790,479</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Liabilities</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Payable upon return of securities loaned</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,150,942</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Payable for investments purchased</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">338,419</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Investment advisory fee payable</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">103,296</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Payable for Fund shares repurchased</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">86,673</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Administration fee payable</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">30,990</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Payable for Directors' fees and expenses</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">30,966</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Accrued expenses and other liabilities</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">234,218</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total liabilities</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,975,504</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 179,814,975</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Assets Consist of</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Distributions in excess of net investment income</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(534,725)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Accumulated net realized loss on investments and foreign currency</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(45,684,495)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net unrealized appreciation
        (depreciation) on:</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Investments</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,358,156</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Foreign currency </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,056</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Paid-in capital</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">221,669,983</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 179,814,975</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Asset Value</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net assets value</B> per share ($179,814,975</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;&divide;&nbsp;</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,077,917 shares of common stock issued&nbsp;and&nbsp;outstanding, $.001 par value, 80,000,000 shares authorized)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 22.26</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">* Represents collateral
on securities loaned.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The accompanying notes
are an integral part of the financial statements.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Statement
of Operations</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">for the six months ended April 30, 2016 (Unaudited)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Investment Income</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Income:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Dividends (net of foreign
        withholding taxes of $246,821)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 1,425,603</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Income distributions &mdash; Central Cash Management Fund</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">13,219</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Securities lending income, including income from Daily&nbsp;Assets&nbsp;Fund, net of borrower rebates</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">47,535</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total investment income</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,486,357</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Expenses:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Investment advisory fee</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">580,895</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Administration fee</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">160,481</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Custody and accounting fee</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">138,104</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Services to shareholders</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,856</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reports to shareholders and shareholder meeting expenses</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">20,360</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Directors' fees and expenses</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">70,073</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Legal fees</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">69,579</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Audit and tax fees</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">48,828</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">NYSE listing fee</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11,204</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Insurance</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">20,097</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Miscellaneous</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">20,820</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net expenses</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,145,297</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net investment income</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>341,060</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Realized and Unrealized Gain (Loss)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net realized gain (loss)
        from:</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Investments</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(17,969,319)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Foreign currency</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">19,413</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized gain (loss)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(17,949,906)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Change in net unrealized
        appreciation (depreciation) on:</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Investments</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">28,427,035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Foreign currency </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(11,353)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Change in net unrealized appreciation (depreciation)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">28,415,682</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net gain (loss) </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>10,465,776</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net increase (decrease) in net assets resulting from operations</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 10,806,836</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The accompanying notes
are an integral part of the financial statements.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Statement
of Changes in Net Assets</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="height: 13.8pt">
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 60%; padding: 9pt 2.9pt 10pt; height: 13.8pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Increase (Decrease) in Net Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 19%; padding: 9pt 2.9pt 10pt; height: 13.8pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Six Months Ended April&nbsp;30,&nbsp;2016 (Unaudited)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 19%; padding: 9pt 2.9pt 10pt; height: 13.8pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Year Ended October&nbsp;31, 2015</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="height: 18px">&nbsp;</TD></TR>
<TR STYLE="height: 13.8pt">
    <TD STYLE="height: 18px">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Operations:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net investment income
        (loss)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 341,060</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 3,734,711</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized gain (loss)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(17,949,906)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(15,648,675)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Change in net unrealized appreciation (depreciation)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">28,415,682</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(36,420,518)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net increase (decrease) in net assets resulting from operations</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,806,836</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(48,334,482)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Distributions to shareholders
        from:</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net investment income</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3,954,677)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(8,829,817)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized gains</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total distributions to shareholders</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3,954,677)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(8,829,817)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Capital share share transactions:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net proceeds from reinvestment
        of dividends</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">909,950</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,940,138</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares accepted for tender</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(9,363,000)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares repurchased </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2,656,586)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(18,076,394)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net increase (decrease) in net assets from capital share transactions</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1,746,636)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(25,499,256)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total increase (decrease) in net assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,105,523</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(82,663,555)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net assets at beginning of period</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">174,709,452</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">257,373,007</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net assets at end of period (including distributions in excess of net investment income of $534,725 and undistributed net investment income of $3,078,892, as of April 30, 2016 and October 31, 2015, respectively)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 179,814,975</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 174,709,452</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Other Information</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares outstanding at beginning of period</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,174,042</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9,346,095</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares reinvested</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">56,912</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">96,862</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares accepted for tender</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(433,673)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares repurchased</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(153,037)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(835,242)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares outstanding at end of period </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,077,917</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,174,042</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The accompanying notes
are an integral part of the financial statements.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Financial
Highlights</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="padding-bottom: 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Six Months Ended 4/30/16 (Unaudited)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="5" STYLE="padding-bottom: 10pt; text-align: center; line-height: 115%"><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Years Ended October 31,</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2012</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2011</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Per Share Operating Performance</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.6pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net asset value, beginning of&nbsp;period</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 21.37</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 27.54</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 37.91</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 36.35</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 38.13</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 43.81</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><I>Income (loss) from
        investment operations:</I></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net investment income
        (loss)<SUP>a</SUP></FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.04</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.43</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.43</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.68</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.75</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.47</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.6pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized and unrealized gain&nbsp;(loss) on investments and foreign currency</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.32</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(5.86)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(8.62)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.69</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.08)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(6.00)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.6pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total from investment operations</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.36</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(5.43)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(8.19)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2.37</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.67</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(5.53)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><I>Less distributions
        from:</I></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net investment income</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.49)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.97)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.78)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.73)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.37)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.26)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized gains</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1.71)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.35)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2.12)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total distributions</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.49)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.97)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2.49)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1.08)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2.49)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.26)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Accretion resulting from tender&nbsp;offer</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.02</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.06</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.07</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Dilution in net asset value from dividend reinvestment</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.02)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.02)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.08)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.04)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.10)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Increase resulting from share repurchases</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.04</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.23</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.33</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.24</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.14</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.11</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.6pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net asset value, end of&nbsp;period</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 22.26</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 21.37</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 27.54</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 37.91</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 36.35</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 38.13</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.6pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Market value, end of period</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 19.24</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 18.99</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 24.36</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 34.22</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 32.98</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 34.47</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Investment Return for the Period<SUP>b</SUP></B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.6pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Based upon market value&nbsp;(%)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.40<SUP>**</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(18.25)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(22.31)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.92</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2.97</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(12.68)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.6pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Based upon net asset value&nbsp;(%)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7.33<SUP>**</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(18.63)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(20.65)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7.35</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2.63</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(12.43)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Ratios to Average Net Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.6pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total expenses&nbsp;(%)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.43<SUP>*</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.37</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.31</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.19</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.19</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.11</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.6pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net investment income&nbsp;(%)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.21<SUP>**</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.84</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.37</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.86</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2.11</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.05</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.6pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Portfolio turnover (%)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">30<SUP>**</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">82</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">93</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">59</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">31</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.6pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">33</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.6pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net assets at end of period ($&nbsp;thousands)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.6pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">179,815</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.6pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">174,709</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.6pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">257,373</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.6pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">425,596</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.6pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">477,404</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.6pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">505,929</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding-top: 6pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>a</SUP> Based on
        average shares outstanding during the period.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>b</SUP> Total investment
        return based on net asset value reflects changes in the Fund's net asset value during each period. Total return based on market
        value reflects changes in market value during each period. Each figure includes reinvestments of dividend and capital gain distributions,
        if any. These figures will differ depending upon the level of any discount from or premium to net asset value at which the Fund's
        shares trade during the period.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>*</SUP> Annualized</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>**</SUP> Not annualized</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Notes
to Financial Statements </B></FONT><B><FONT STYLE="font-size: 10pt">(Unaudited)</FONT></B><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>A. Accounting Policies</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Central Europe, Russia and Turkey Fund, Inc. (the
&quot;Fund&quot;) is a non-diversified, closed-end management investment company incorporated in Maryland. The Fund commenced investment
operations on March 6, 1990.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The preparation of financial statements in accordance
with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions
that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Security Valuation.</B></FONT><FONT STYLE="font-size: 12pt">
The Fund calculates its net asset value (&quot;NAV&quot;) per share for publication at the close of regular trading on Deutsche
B&ouml;rse XETRA, normally at 11:30 a.m., New York time. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Various inputs are used in determining the value of
the Fund'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&nbsp;3 includes significant unobservable inputs (including the Fund'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 or liquidity associated with investing in those securities.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Equity securities are valued at the most recent sale
price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade prior
to the time of valuation. Securities for which no sales are reported are valued at the calculated mean between the most recent
bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities
are generally categorized as Level 1.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Investments in open-end investment companies are valued
and traded at their NAV each business day and are categorized as Level 1.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Securities and other assets for which market quotations
are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner
that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally
categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include,
but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any
contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer
or of comparable companies; quotations or evaluated prices from broker-dealers and/or the appropriate stock exchange (for exchange-traded
securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer
and the market(s) in which the security is purchased and sold; and, with respect to debt securities, the maturity, coupon, creditworthiness,
currency denomination, and the movement of the market in which the security is normally traded. The value determined under these
procedures may differ from published values for the same securities.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Disclosure about the classification of the fair value
measurements is included in a table following the Fund's Schedule of Investments.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Securities Transactions
and Investment Income.</B></FONT><FONT STYLE="font-size: 12pt"> Investment transactions are accounted for on a trade date plus
one basis for daily NAV calculation. However, for financial reporting purposes, investment security transactions are reported on
trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign
withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the
Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis.
Proceeds from litigation payments, if any, are included in net realized gain (loss) for investments. </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Securities Lending.</B></FONT><FONT STYLE="font-size: 12pt">
Brown Brothers Harriman &amp; Co., as lending agent, lends securities of the Fund to certain financial institutions under the terms
of the Security Lending Agreement. The Fund retains the benefit of owning the securities it has loaned and continues to receive
interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the
borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having
a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent
will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending
agreement. As of period end, any securities on loan were collateralized by cash. The Fund may invest the cash collateral into a
joint trading account in an affiliated money market fund. During the period ended April&nbsp;30, 2016, the Fund invested the cash
collateral in Daily Assets Fund, an affiliated money market fund managed by Deutsche Investment Management Americas Inc. Deutsche
Investment Management Americas Inc. receives a management/administration fee (0.10% annualized effective rate as of April&nbsp;30,
2016) on the cash collateral invested in Daily Assets Fund. The Fund receives compensation for lending its securities either in
the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either
the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities
within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral
should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the
collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is
greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of
any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">As of the six months ended April 30, 2016, the Fund
had securities on loan, which were classified as common stock in the Schedule of Investments.. The value of the related collateral
exceeded the value of the securities loaned at period end.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Foreign Currency Translation.</B></FONT><FONT STYLE="font-size: 12pt">
The books and records of the Fund are maintained in United States dollars. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Assets and liabilities denominated in foreign currency
are translated into United States dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities,
income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. Net realized
and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates
on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net
investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses
on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with
net realized and unrealized gain/appreciation and loss/depreciation on investments.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Contingencies.</B></FONT><FONT STYLE="font-size: 12pt">
In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification
clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against
the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote. </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Taxes.</B></FONT><FONT STYLE="font-size: 12pt">
The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated
investment companies, and to distribute all of its taxable income to its shareholders. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Additionally, the Fund may be subject to taxes imposed
by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated.
Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest
income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected
as a component of net realized gain/loss on investments.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">At October 31, 2015, the Fund had $22,637,000 of capital
loss carryforwards, which may be applied against realized net taxable capital gains indefinitely.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund has reviewed the tax positions for the open
tax years as of October 31, 2015 and has determined that no provision for income tax and/or uncertain tax provisions is required
in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examinations
by the Internal Revenue Service.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Dividends and Distributions
to Shareholders.</B></FONT><FONT STYLE="font-size: 12pt"> The Fund records dividends and distributions to its shareholders on the
ex-dividend date. The timing and character of certain income and capital gain distributions are determined annually in accordance
with United States federal income tax regulations, which may differ from accounting principles generally accepted in the United
States of America. These differences primarily relate to investments in foreign currency denominated investments, investments in
foreign passive investment companies, recognition of certain foreign currency gains (losses) as ordinary income (loss) and certain
securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for
a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make
reclassifications among certain of its capital accounts without impacting the NAV of the Fund. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The tax character of current year distributions will
be determined at the end of the current fiscal year.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>B. Investment Advisory
and Administration Agreements</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund is party to an Investment Advisory Agreement
with Deutsche Asset Management International GmbH (&quot;Deutsche AM International GmbH&quot;). The Fund also has an Administration
Agreement with Deutsche Investment Management Americas Inc. (&quot;DIMA&quot;). Deutsche AM International GmbH and DIMA are affiliated
companies.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Under the Investment Advisory Agreement with Deutsche
AM International GmbH, Deutsche AM International GmbH directs the investments of the Fund in accordance with its investment objectives,
policies and restrictions. Deutsche AM International GmbH determines the securities, instruments and other contracts relating to
investments to be purchased, sold or entered into by the Fund.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Investment Advisory Agreement provides Deutsche
AM International GmbH with a fee, computed weekly and payable monthly, at the annual rate of 0.80% of the&nbsp;Fund's average weekly
net assets up to and including $100 million, 0.60% of such assets in excess of $100 million and up to and including $500&nbsp;million,
0.55% of such assets in excess of $500 million and up to and including $750 million, and 0.50% of such assets in excess of $750&nbsp;million.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Accordingly, for the six months ended April 30, 2016,
the fee pursuant to the Investment Advisory Agreement was equivalent to an annualized rate of 0.72% of the Fund's average daily
net assets.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Under the Administration Agreement with DIMA, DIMA
provides all of the non-investment advisory services to the Fund. The Administration Agreement provides DIMA with a fee, computed
weekly and payable monthly, of 0.20% of the Fund's average weekly net assets.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>C. Transactions with
Affiliates</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Deutsche AM Service Company (&quot;DSC&quot;), an affiliate
of DIMA, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency
agreement between DSC and DST Systems, Inc. (&quot;DST&quot;), DSC has delegated certain transfer agent and dividend-paying agent
paying functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months
ended April 30, 2016, the amount charged to the Fund by DSC aggregated $4,856, of which $500 is unpaid.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Under an agreement with DIMA, DIMA is compensated for
providing typesetting and certain regulatory filing services to the Fund. For the six months ended April 30, 2016, the amount charged
to the Fund by DIMA included in the Statements of Operations under &quot;Reports to shareholders&quot; aggregated $5,430, of which
$5,429 is unpaid.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Deutsche Bank AG, the German parent of DIMA and Deutsche
AM International GmbH, and its affiliates may receive brokerage commissions as a result of executing agency transactions in portfolio
securities on behalf of the Fund, that the Board determined were effected in compliance with the Fund's Rule 17e-1 procedures.
For the six months ended April 30, 2016, Deutsche Bank did not receive brokerage commissions from the Fund.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Certain Officers of the Fund are also officers of either
DIMA or Deutsche AM International GmbH.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund pays each Director who is not an &quot;interested
person&quot; of DIMA or Deutsche AM International GmbH retainer fees plus specified amounts for attended board and committee meetings.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund may invest cash balances in Central Cash Management
Fund, which is managed by DIMA. The Fund indirectly bears its proportionate share of the expenses of Central Cash Management Fund.
Central Cash Management Fund does not pay DIMA an investment management fee. Central Cash Management Fund seeks a high level of
current income consistent with the liquidity and the preservation of capital.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>D. Portfolio Securities</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Purchases and sales of investment securities, excluding
short-term investments, for the six months ended April 30, 2016 were $46,232,287 and $51,120,549, respectively.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>E. Investing in Emerging
Markets Europe</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Investing in emerging markets may involve special risks
and considerations not typically associated with investing in developed markets. These risks include currency fluctuations, high
rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic
developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed
settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers
in developed markets.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The European Union, the United States and other countries
have imposed sanctions on Russia as a result of the Russian military intervention in Ukraine. These sanctions have adversely affected
Russian individuals, issuers and the Russian economy, and Russia, in turn, has imposed sanctions targeting Western individuals,
businesses and products including food products. The various sanctions have adversely affected, and may continue to adversely affect,
not only the Russian economy but also the economies of many countries in Europe, including Central Europe. Potential developments
in the Ukraine, and the continuation of current sanctions or the imposition of additional sanctions may materially adversely affect
the value or liquidity of the Fund's portfolio.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>F. Capital</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">During the six months ended April 30, 2016 and the
year ended October&nbsp;31, 2015, the Fund purchased 153,037 and 835,242 of its shares of common stock on the open market at a
total cost of $2,656,586 and $18,076,394 ($17.36 and $21.64 average per share), respectively. The average discount of these purchased
shares comparing the purchased price to the NAV per share at the time of purchase was 10.78% and 10.15%, respectively.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">During the year ended October 31, 2015, the Fund accepted
433,673 tendered shares of common stock at a total cost of $9,363,000 at a repurchase price of $21.59 per share, which was equal
to 98% of the NAV per share on July 27, 2015. During the year ended October 31, 2014, the Fund accepted 566,397 tendered shares
of common stock at a total cost of $15,660,877 at a repurchase price of $27.65 per share, which was equal to 98% of the NAV per
share on March 18, 2014. In addition, during the year ended October&nbsp;31, 2014, the Fund also accepted 504,456 tendered shares
of common stock at a total cost of $15,073,145 at a repurchase price of $29.88 per share, which was equal to 98% of the NAV per
share on September 10, 2014.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">During the six months ended April 30, 2016 and the
year ended October&nbsp;31, 2015, the Fund issued for dividend reinvestment 56,912 and 96,862 shares, respectively. The average
discount of these issued shares comparing the issue price to NAV per share at the time of the issuance was 11.37% and 10.14%, respectively.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>G. Share Repurchases
and Tender Offers</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">On July 28, 2014, the Fund announced that the Board
of Directors approved an extension of the repurchase authorization permitting the Fund to repurchase up to 1,010,000 shares during
the period from August 1, 2014 through July 31, 2015. On April 27, 2015, the Fund announced that the Board of Directors approved
a 100,000 share increase in the repurchase authorization permitting the Fund to repurchase up to 1,110,000 shares during the period
from August 1, 2014 through July 31, 2015. The Fund repurchased 1,008,078 shares between August 1, 2014 and July 31, 2015. On July
27, 2015, the Fund announced that the Board of Directors approved an extension of&nbsp;the current repurchase authorization permitting
the Fund to repurchase up to 867,000 shares during the period from August 1, 2015 through July&nbsp;31, 2016. The Fund repurchased
218,779 shares between August 1, 2015 and April 30, 2016.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Repurchases will be made from time to time when they
are believed to be in the best interests of the Fund. There can be no assurance that the Fund's repurchases or Discount Management
Program will reduce the spread between the market price of the Fund's shares referred to below and its NAV per share.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Monthly updates concerning the Fund's repurchase program
are available on its Web site at deutschefunds.com.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">On July 28, 2014, the Fund announced that the Board
of Directors adopted a new Discount Management Program whereby the Fund would initiate one contingent tender offer during the period
from August 1, 2014 through July 31, 2015 for 5% of the Fund&rsquo;s shares outstanding at 98% of NAV. The terms of the Discount
Management Program required the Fund to conduct a tender offer if its shares traded at an average discount to NAV of more than
10% during a fifteen-week measurement period determined by the Board of Directors. During the measurement period that commenced
on January 12, 2015 and expired on April 24, 2015, the Fund's shares traded at an average discount to NAV of 10.01%. Therefore,
the Fund conducted a tender offer which commenced on June 25, 2015 and expired on July 24, 2015. The Fund accepted 433,673 tendered
shares (which represent 5% of the Fund's outstanding shares of common stock) at a price equal to 98% of the NAV per share as of
the close of the regular trading session of the New York Stock Exchange on July 27, 2015. Approximately 5,792,342 shares of common
stock, or approximately 68% of the Fund's common shares outstanding, were tendered through the expiration date. Because the offer
was oversubscribed, not all of the tendered shares were accepted for payment by the Fund. Under the final pro-ration calculation,
approximately 7% of the tendered shares were accepted for payment. The shares accepted for payment received cash at a repurchase
price of $21.59 per share, which was equal to 98% of the NAV per share on July 27, 2015.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>H. Concentration of
Ownership</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">From time to time, the Fund may have a concentration
of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders
could have a material impact on the Fund. At April 30, 2016, there were three shareholders that held approximately 20%, 14% and
8%, respectively, of the outstanding shares of the Fund.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Additional
Information</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Automated Information Lines</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 74%; border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>Deutsche AM Closed-End Fund Info Line </B></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>(800) 349-4281</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Web Site</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>deutschefunds.com</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Obtain fact sheets, financial
        reports, press releases and webcasts when available.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Written Correspondence</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Deutsche Asset Management</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Attn: Secretary of the
        Deutsche Funds</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">One Beacon Street</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Boston, MA 02108</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Legal Counsel</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Sullivan &amp; Cromwell
        LLP</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">125 Broad Street</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">New York, NY 10004</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Dividend Reinvestment Plan&nbsp;Agent</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>DST Systems, Inc.</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">333 W. 11th Street, 5th
        Floor</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Kansas City, MO 64105</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Shareholder Service Agent and Transfer Agent</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Deutsche AM Service
        Company</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">P.O. Box 219066</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Kansas City, MO 64121-9066</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>(800) 294-4366</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Custodian</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Brown Brothers Harriman
        &amp; Company</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">50 Post Office Square</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Boston, MA 02110</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Independent Registered Public Accounting Firm</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>PricewaterhouseCoopers
        LLP</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">101 Seaport Boulevard,
        Suite 500</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Boston, MA 02210</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Proxy Voting</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">A description of the Fund's policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the 12-month period ended June 30 is available on our web site &mdash; deutschefunds.com or on the SEC's web site &mdash; sec.gov. To obtain a written copy of the Fund's policies and procedures without charge, upon request, call us toll free at (800)&nbsp;349-4281.</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Portfolio Holdings</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This form will be available on the SEC's Web site at sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800)&nbsp;SEC-0330. The fund's portfolio holdings as of the month-end are posted on deutschefunds.com on or after the last day of the following month. More frequent posting of portfolio holdings information may be made from time to time on deutschefunds.com. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Investment Management</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Deutsche Asset Management International GmbH (&quot;Deutsche
        AM International GmbH&quot; or the&nbsp;&quot;Advisor&quot;), which is part of Deutsche Asset Management, is the investment advisor
        for the fund. Deutsche AM International GmbH provides a full range of investment advisory services to both institutional and retail
        clients.</P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Deutsche AM International
        GmbH is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged
        in&nbsp;a&nbsp;wide variety of financial services, including investment management, retail, private and commercial banking, investment
        banking and insurance.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Deutsche Asset Management is the retail brand name
        in&nbsp;the U.S. for the asset management activities of Deutsche Bank AG and Deutsche AM International GmbH. Deutsche Asset Management
        is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Voluntary Cash Purchase Program and Dividend Reinvestment Plan</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The Fund offers shareholders
        a Voluntary Cash Purchase Program and Dividend Reinvestment Plan (&quot;Plan&quot;) which provides for optional cash purchases
        and for the automatic reinvestment of dividends and distributions payable by the Fund in additional Fund shares. Plan participants
        may invest as little as $100 in any month and may invest up to $36,000 annually. The Plan allows current shareholders who are not
        already participants in the Plan and first time investors to enroll in the Plan by making an initial cash deposit of at least $250
        with the plan agent. Share purchases are combined to receive a beneficial brokerage fee. A brochure is available by writing or
        telephoning the transfer agent:</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Deutsche AM Service Company</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">P.O. Box 219066</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Kansas City, MO 64105</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Tel.: 1-800-349-4281
        (in the U.S.) or</FONT><BR>
        <FONT STYLE="font-size: 10pt">00-800-2287-2750 (outside of the U.S.)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>NYSE Symbol</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">CEE</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Nasdaq Symbol</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">XCEEX</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>CUSIP Number</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">153436100</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Privacy
Statement</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 12pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>FACTS</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 12pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>What Does Deutsche Asset Management Do With Your Personal&nbsp;Information?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Why?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>What?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The types of personal
        information we collect and share can include:</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        Social Security number</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        Account balances</P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        Purchase and transaction history</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        Bank account information</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        Contact information such as mailing address, e-mail address and telephone number</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>How?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons Deutsche Asset Management chooses to share and whether you can limit this sharing. </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Reasons we can share your personal information</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 12pt; padding-bottom: 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Does Deutsche Asset Management share?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Can you limit this&nbsp;sharing?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>For our everyday business purposes &mdash; </B>such&nbsp;as&nbsp;to process your transactions, maintain your&nbsp;account(s), respond to court orders or legal&nbsp;investigations </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Yes</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">No</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>For our marketing purposes &mdash; </B>to offer our products and services to you</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Yes</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">No</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>For joint marketing with other financial companies</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">No</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We do not share</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>For our affiliates' everyday business purposes&nbsp;&mdash; </B>information about your transactions&nbsp;and experiences</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">No</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We do not share</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>For our affiliates' everyday business purposes&nbsp;&mdash; </B>information about your creditworthiness</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">No</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We do not share</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>For non-affiliates to market to you</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">No</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We do not share</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Questions?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Call (800) 728-3337 or e-mail us at service@db.com</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 21%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 12pt 2.9pt 10pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Who we are</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Who is providing this&nbsp;notice?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 74%; border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Deutsche AM Distributors, Inc.; Deutsche Investment Management Americas Inc.; Deutsche AM&nbsp;Trust Company; the Deutsche Funds </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>What we do</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>How does Deutsche Asset Management protect&nbsp;my personal information?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These&nbsp;measures include computer safeguards and secured files and&nbsp;buildings.</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>How does Deutsche Asset Management collect&nbsp;my personal information?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">We collect your personal
        information, for example. When you:</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        open an account</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        give us your contact information</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        provide bank account information for ACH or wire transactions</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        tell us where to send money</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        seek advice about your investments</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Why can't I limit all sharing?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Federal law gives you
        the right to limit only</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        sharing for affiliates' everyday business purposes &mdash; information&nbsp;about your creditworthiness</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        affiliates from using your information to market to you</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        sharing for non-affiliates to market to you</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">State laws and individual
        companies may give you additional rights to limit sharing.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Definitions</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Affiliates</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (&quot;DB&quot;) name, such as DB AG Frankfurt and DB Alex Brown. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Non-affiliates</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Companies not related
        by common ownership or control. They can be financial and non-financial companies.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Non-affiliates we share
        with include account service providers, service quality monitoring services, mailing service providers and verification services
        to help in the fight against money laundering and fraud.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Joint marketing</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">A formal agreement between non-affiliated financial companies that&nbsp;together market financial products or services to you. Deutsche&nbsp;Asset Management does not jointly market.</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Rev. 08/2015</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Notes</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Notes</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Notes</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Notes</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Notes</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Notes</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

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        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>There are three closed-end funds investing in European
        equities advised and administered by wholly owned subsidiaries of the Deutsche Bank Group:</B></P>
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        The Central Europe, Russia and Turkey Fund, Inc. &mdash; investing primarily in equity or equity-linked securities of issuers domiciled
        in Central Europe, Russia and Turkey (with normally at least 80% in securities of issuers in such countries).</P>
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        The European Equity Fund, Inc. &mdash; investing primarily in equity or equity-linked securities of companies domiciled in countries
        that are members of the European Union (with normally at least 80% in securities of issuers in such countries).</P>
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        The New Germany Fund, Inc. &mdash; investing primarily in equity or equity-linked securities of middle market German companies
        with up to 20% in other Western European companies (with no more than 15% in any single country).</P>
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Please consult your broker for advice on any of the
        above or call 1-800-349-4281 (in the U.S.) or 00-800-2287-2750 (outside of the U.S.) for shareholder reports.</P>
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Central Europe, Russia and Turkey Fund is non-diversified
        and can take larger positions in fewer issues, increasing its potential risk. Investing in foreign securities presents certain
        risks, such as currency fluctuations, political and economic changes, and market risks. Any fund that focuses in a particular segment
        of the market will generally be more volatile than a fund that invests more broadly.</P></TD></TR>
</TABLE>
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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>





<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72.25pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 370.55pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 2.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>CODE OF ETHICS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 3.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>AUDIT COMMITTEE FINANCIAL EXPERT</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 4.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 5.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>AUDIT COMMITTEE OF LISTED REGISTRANTS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 6.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>SCHEDULE OF INVESTMENTS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 7.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 8.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 9.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

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<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 131.25pt; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1.25in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(a)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 67.5pt; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(b)&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 76.5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(c)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1.25in; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(d)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Period</P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Total Number of</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Shares Purchased</P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Average Price Paid</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">per Share</P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Total Number of</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Shares Purchased as</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Part of Publicly Announced</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Plans or Programs</P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Maximum Number of</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Shares that May Yet Be</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Purchased Under the</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Plans or Programs</P></TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">November 1 through November 30</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">33,037</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.97 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">33,037</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">768,221</FONT></TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">December 1 through December 31</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">16,500</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.04 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">16,500</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">751,721</FONT></TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">January 1 through January 31</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">25,100</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.27 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">25,100</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">726,621</FONT></TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">February 1 through February 29</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">34,500</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.90 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">34,500</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">692,121</FONT></TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">March 1 through March 31</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">18,600</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.90 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">18,600</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">673,521</FONT></TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">April 1 through April 30</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">25,300</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.01 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">25,300</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">648,221</FONT></TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Total </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">153,037</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.36 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">153,037</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="height: 11.5pt">
    <TD COLSPAN="5" ROWSPAN="4" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; height: 11.5pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">On July 27, 2015 the Fund announced that its Board of Directors has authorized the extension of the repurchase program permitting the Fund to repurchase of up to 867,000 shares during the period August 1, 2015- July 31, 2016. The Fund repurchased 218,779 shares between August 1, 2015 and March 31, 2016.</FONT></TD>
    <TD STYLE="height: 15px">&nbsp;</TD></TR>
<TR STYLE="height: 11.5pt">
    <TD STYLE="height: 15px">&nbsp;</TD></TR>
<TR STYLE="height: 11.5pt">
    <TD STYLE="height: 15px">&nbsp;</TD></TR>
<TR STYLE="height: 11.5pt">
    <TD STYLE="height: 15px">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 10.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New"><FONT STYLE="font-family: Times New Roman,serif">There were no material changes to the procedures by which stockholders may recommend nominees to the Fund&#8217;s Board.&nbsp;&nbsp;The Nominating and Governance Committee will consider nominee candidates properly submitted by stockholders in accordance with applicable law, the Fund's Articles of Incorporation or By-laws, resolutions of the Board and the qualifications and procedures set forth in the Nominating and Governance Committee Charter and this proxy statement. The Nominating and Governance Committee's Charter requires that a stockholder or group of stockholders seeking to submit a nominee candidate (i) must have beneficially owned at least 5% of the Fund's common stock for at least two years, (ii) may submit only one nominee candidate for any particular meeting of stockholders, and (iii) may submit a nominee candidate for only an annual meeting or other meeting of stockholders at which directors will be elected. The stockholder or group of stockholders must provide notice of the proposed nominee pursuant to the requirements found in the Fund's By-laws.&nbsp;&nbsp;Generally, this notice must be received not less than 90 days nor more than 120 days prior to the first anniversary of the date of mailing of the notice for the preceding year's annual meeting. Such notice shall include the specific information required by the Fund's By-laws. The Nominating and Governance Committee will evaluate nominee candidates properly submitted by stockholders on the same basis as it considers and evaluates candidates recommended by other sources.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 11.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>CONTROLS AND PROCEDURES</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0.5in; font-family: Times New Roman,serif; text-indent: -0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72.25pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 36.65pt; padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">(a) </TD>
    <TD STYLE="width: 333.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">The Chief Executive and Financial Officers concluded that the Registrant&#8217;s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">(b)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">There have been no changes in the registrant&#8217;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal controls over financial reporting.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><BR CLEAR="ALL">
 <B>ITEM 12.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt"><B>EXHIBITS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">(a)(1)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-indent: -0.9pt">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">(a)(2)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-indent: -0.9pt">Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">(b)&#9;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 148.5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Registrant:</TD>
    <TD STYLE="width: 288.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">The Central Europe, Russia and Turkey Fund, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><U>/s/Brian E. Binder</U></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Brian E. Binder</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">6/29/2016</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 148.5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">By:</TD>
    <TD STYLE="width: 288.9pt; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><U>/s/Brian E. Binder</U></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Brian E. Binder</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">6/29/2016</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><U>/s/Paul Schubert</U></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Paul Schubert</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Chief Financial Officer and Treasurer</P></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">6/29/2016</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>President</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Form N&#45;CSRS Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">I, Brian E. Binder, certify that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">1)</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">I have reviewed this report, filed on behalf of The Central Europe, Russia and Turkey Fund, Inc., on Form N&#45;CSRS;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 41.4pt">&nbsp;</TD>
    <TD STYLE="width: 40.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 159.6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.9pt; border-collapse: collapse; font-size: 10pt">
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 211.5pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">6/29/2016</TD>
    <TD STYLE="width: 265.5pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif; text-decoration: underline"><U>/s/Brian E. Binder</U></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="font: bold 14pt Times New Roman,serif; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">Brian E. Binder</TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-family: Verdana,sans-serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Chief Financial Officer and Treasurer</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Form N&#45;CSRS Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">I, Paul Schubert, certify that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">1)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">I have reviewed this report, filed on behalf of The Central Europe, Russia and Turkey Fund, Inc., on Form N&#45;CSRS;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting</TD></TR>
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    <TD STYLE="width: 262pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; font-family: Times New Roman,serif; text-decoration: underline"><U>/s/Paul Schubert</U></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; font-family: Times New Roman,serif">Paul Schubert</TD></TR>
<TR STYLE="height: 16.05pt; vertical-align: top">
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; font-family: Times New Roman,serif">Chief Financial Officer and Treasurer</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>ex99906cert.htm
<DESCRIPTION>906 CERTIFICATION
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>President</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Section 906 Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">I, Brian E. Binder, certify that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">1.</TD>
    <TD STYLE="width: 396.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">I have reviewed this report, filed on behalf of The Central Europe, Russia and Turkey Fund, Inc., on Form N&#45;CSRS;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSRS (the &#8220;Report&#8221;) fully complies with the requirements of &sect; 13 (a) or &sect; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</TD></TR>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 5.4pt; border-collapse: collapse; font-size: 10pt">
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 207pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">6/29/2016</TD>
    <TD STYLE="width: 3in; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif; text-decoration: underline"><U>/s/Brian E. Binder</U></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="font: bold 14pt Times New Roman,serif; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">Brian E. Binder</TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-family: Verdana,sans-serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">President</TD></TR>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Chief Financial Officer and Treasurer</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Section 906 Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">I, Paul Schubert, certify that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">1.</TD>
    <TD STYLE="width: 396.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">I have reviewed this report, filed on behalf of The Central Europe, Russia and Turkey Fund, Inc., on Form N&#45;CSRS;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSRS (the &#8220;Report&#8221;) fully complies with the requirements of &sect; 13 (a) or &sect; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 5.4pt; border-collapse: collapse; font-size: 10pt">
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 207pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">6/29/2016</TD>
    <TD STYLE="width: 3in; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif; text-decoration: underline"><U>/s/Paul Schubert</U></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="font: bold 14pt Times New Roman,serif; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">Paul Schubert</TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-family: Verdana,sans-serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">Chief Financial Officer and Treasurer</TD></TR>
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<DOCUMENT>
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begin 644 image_008.jpg
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