<SEC-DOCUMENT>0000088053-17-001066.txt : 20170630
<SEC-HEADER>0000088053-17-001066.hdr.sgml : 20170630
<ACCEPTANCE-DATETIME>20170630150319
ACCESSION NUMBER:		0000088053-17-001066
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20170430
FILED AS OF DATE:		20170630
DATE AS OF CHANGE:		20170630
EFFECTIVENESS DATE:		20170630

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:		17941743

	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>sr043017cee.htm
<DESCRIPTION>THE CENTRAL EUROPE, RUSSIA AND TURKEY FUND, INC.
<TEXT>
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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">(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: 0; text-align: center"><U>New York, NY 10154-0004</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(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">(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">4/30/2017</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="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><IMG SRC="image_001.jpg" ALT="CEE_covermask0" STYLE="height: 25px; width: 107px"></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center; color: #00128D">April 30, 2017</P>

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

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

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

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><IMG SRC="image_002.jpg" ALT="CEE_square0" STYLE="height: 51px; width: 51px"></P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Contents</B></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: 0pt 0 12pt"><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: 0pt 0 12pt"><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: 0pt 0 12pt"><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: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>11</B></FONT>
        <FONT STYLE="font-size: 12pt">Schedule of Investments</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><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: 0pt 0 12pt"><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: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>19</B></FONT>
        <FONT STYLE="font-size: 12pt">Statements of Changes in Net Assets</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><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: 0pt 0 12pt"><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: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>28</B></FONT>
        <FONT STYLE="font-size: 12pt">Additional Information</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>30</B></FONT>
        <FONT STYLE="font-size: 12pt">Privacy Statement</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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.</P>

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

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

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">This Fund is non-diversified and can take larger
positions in fewer issuers than a diversified fund, increasing its potential risk. Investing in foreign securities, particularly
those of emerging markets, 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 a particular region of the world will generally be more volatile
than a fund that invests more broadly.</P>

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

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

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

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

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">For the semiannual period ended April 30, 2017, the
Central Europe, Russia and Turkey Fund, Inc. (the &quot;Fund&quot;) delivered a total return in U.S. dollars (USD) of 13.08% based
on net asset value (NAV) and 15.91% based on market price. During the same period, the total return in USD of the Fund's benchmark,
the MSCI Emerging Markets Europe ex Greece Index, was 14.07%.<SUP>1</SUP> The Fund's discount to NAV averaged 12.84% for the&nbsp;period
in review, compared with 12.23% for the same period a year&nbsp;earlier.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">During the course of the reporting period, equity
markets in Emerging Europe performed well due to improvements in overall global economic conditions, along with favorable earnings
results in the region. Poland was the top performing equity market for the period, gaining 32.7% (WIG20 in USD terms).<SUP>2 </SUP>Russia
returned 13.6% (RTS in USD terms) and Turkey returned 7.5% (XU100 in USD terms).<SUP>3,4</SUP></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Russia's recession ended during the fourth quarter
of 2016, with a slight increase in the country's gross domestic product (GDP) of 0.3%.<SUP>5 </SUP>The Central Bank of Russia (CBR)
has forecast GDP growth of 1.2% in 2017, and we believe that interest rates may further decline by over 1% by the end of 2017 due
to deflationary trends. Driven by the stabilization of the domestic economy and the increase in the price of oil, Russian equities
were top performers until the end of 2016. However, this positive trend turned negative in 2017, with oil prices declining and
hopes for the removal of sanctions fading. The biggest sector outperformers were utilities, followed by telecommunication services
and financials. The weakest individual performer within the Russian large cap universe was Magnit PJSC (a significant underweight
in the Fund compared with the benchmark), due to falling same-store sales and uncertainty regarding the company's 2017 earnings
forecast.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Turkey has thus far recovered nicely in 2017 despite
its weak local currency, which depreciated almost 13% during the reporting period. Following the result of April's referendum on
the executive presidency system, the Turkish lira (TRY) has stabilized. The Turkish government is supporting private businesses
through credit guarantees, which translate into higher loan growth in the banking sector. Ongoing tax cuts on some durable goods
and incentives for new hiring, such as insurance premium and income tax reductions, were additional beneficial measures. However,
Turkey's unemployment rate remained high, and consumption growth remained low. Double-digit inflation, high interest rates and
a weak tourism sector represented further challenges for the economy. The best market performers were materials and energy stocks,
while real estate and consumer staples stocks lagged.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><IMG SRC="image_003.jpg" ALT="CEE_portsumfollowing1" STYLE="height: 171px; width: 343px"></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Poland's macroeconomic environment remained strong
due to a supportive European backdrop, robust domestic private consumption and a healthy labor market. We believe that recent weakness
in investment spending driven by a decline in the utilization of EU funds by the public sector will reverse itself in 2017, and
should lead to an uptick in investments. The dynamic surge in&nbsp;inflation during the reporting period led to speculation regarding
interest-rate hikes, which supported the performance of Polish banks. The energy sector was very strong due to newly introduced
&quot;grey zone regulation&quot; (i.e., rules to limit tax evasion and under-the-table operations within Poland's liquid natural
gas market) and robust underlying demand.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In Hungary, macroeconomic conditions remained favorable.
Hungary's government decreased the corporate income tax rate to 9% this year, one of the lowest levels in the EU, and introduced
economic stimulus measures such as the reduction of social security contributions and increases in minimum income. Within Hungary,
the MOL Group, where the Fund had an overweight position, was the best performer due to a very positive environment for refiners
and&nbsp;the company's strong operational results.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><IMG SRC="image_004.jpg" ALT="CEE_portsumfollowing0" STYLE="height: 151px; width: 343px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ten Largest Equity Holdings at April 30, 2017 </B>(43.9%&nbsp;of&nbsp;Net&nbsp;Assets)</FONT></TD>
    <TD STYLE="width: 17%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Country</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Percent</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1. Sberbank of Russia PJSC</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russia</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>9.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2. Lukoil PJSC</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russia</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>8.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3. Gazprom PAO</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russia</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>6.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4. Novatek PJSC</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russia</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5. MOL Hungarian Oil &amp; Gas PLC</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hungary</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6. KGHM Polska Miedz SA</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Poland</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7. Richter Gedeon Nyrt</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hungary</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>2.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8. Alrosa PJSC</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russia</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>2.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9. OTP Bank PLC</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hungary</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>2.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10. Powszechny Zaklad Ubezpieczen SA</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Poland</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 3pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>2.3%</B></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: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Portfolio holdings and characteristics are subject
        to change and not indicative of future portfolio composition.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">For more details about the Fund's investments, see
        the Schedule of Investments commencing on page 11. For additional information about the Fund, including performance, dividends,
        presentations, press releases, market updates, daily NAV and shareholder reports, please visit deutschefunds.com.</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Economic Outlook</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In Russia, we see signs of a recovery. However, the
equity market is strongly correlated to the price of oil. We believe that only renewed momentum in the price of oil would lead
to further market outperformance there. Additionally, Russia's weight in GEMs (global emerging markets) funds is already high (i.e.,
a consensus overweight among investors) and the removal of U.S. and EU sanctions seems not to be happening as some investors had
expected.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">We remain cautious regarding the Turkish market,
and the Fund is underweight in Turkish equities. An elevated current account deficit and high dependence on external funding remain
Turkey's economic Achilles' heel. Looking forward, we expect an unfavorable inflation picture there throughout the year, which
may lead to further depreciation of the TRY.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In Poland, risks&mdash;political as well as sector-related&mdash;have
not yet been removed. Thus, after being one of the top-performing equity markets year to date, the risk of consolidation there
is increasing. On the other hand, Polish companies display strong earnings growth. But since the earnings forecasts for banks chiefly
depend on the inflation outlook, a reduction in inflation related to the fading oil price might be an argument against rapid interest
rate hikes. The Fund is underweight in the Polish banking sector, but we would expect positive sentiment to prevail for Poland.
Based on this, market corrections may be used as opportunities to increase exposure to the market.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund entered the second quarter of 2017 with
an overweight position in Hungary. The country's equity market displays sound earnings growth and the macroeconomic picture there
remains very solid.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Lastly, on April 28, 2017, the Fund announced that
the Board of Directors had approved and recommended to stockholders for their approval at the Annual Meeting of Stockholders to
be held on June 27, 2017: a change to the Fund's investment objective from seeking &quot;long-term capital appreciation through
investment primarily in equity or equity-linked securities of issuers domiciled in Central Europe, Russia and Turkey&quot; to seeking
&quot;long-term capital appreciation primarily through investment in equity and equity-linked securities of issuers domiciled in
Central and Eastern Europe&quot;; a conforming change to the Fund's corresponding fundamental investment policy; and a change to
the Fund's concentration policy to require the Fund to concentrate its investments in the energy sector. Details are set forth
in the Fund's proxy statement dated May 22, 2017, which stockholders are urged to review carefully.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; line-height: 107%"><IMG SRC="image_005.jpg" ALT="CEE_TEAMF0" STYLE="height: 56px; width: 92px"></TD>
    <TD STYLE="line-height: 107%"><IMG SRC="image_006.jpg" ALT="CEE_TEAMF1" STYLE="height: 50px; width: 137px"></TD>
    <TD STYLE="line-height: 107%"><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: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Christian Strenger<BR>
        Chairman</P>
        <P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 39%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Sylwia Szczepek<BR>
Portfolio Manager</P></TD>
    <TD STYLE="width: 33%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brian Binder</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">President and Chief</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><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&nbsp;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.</P>

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

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>2</SUP> The WIG20 is a capitalization-weighted
stock market index of the 20 largest companies on the Warsaw Stock Exchange. It is not possible to invest directly in the WIG20
Index.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>3</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. It is not possible to invest directly in the RTS Index.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>4</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. It is not possible
to invest directly in the XU100 Index.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>5</SUP> Gross domestic product (GDP) is the
monetary value of all finished goods and services produced within a country during a specific time period.</P>

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

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

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

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

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT>
<FONT STYLE="font-size: 12pt">Russia is among the top dividend payers in the world. How sustainable is such a high yield?</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT>
<FONT STYLE="font-size: 12pt">The MSCI Russia dividend yield is expected to be north of 5% in 2017. The payout ratio of the market
increased from 16% in 2006 to 35% in 2016. It is important to understand the reasons for such a high payout. The positive aspect
is that the government has pushed state-owned companies to pay more. The less positive aspect is that companies haven't invested
much in recent years, often limiting capital expenditures to maintenance works. That, of course, is negative for growth. Going
forward we don't see much opportunity for a further increase in dividend payouts from the current high base, as the state would
need to encourage growth through creating an environment conducive to investment.</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT>
<FONT STYLE="font-size: 12pt">What is the impact of the strong Russian ruble on the economy?</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT>
<FONT STYLE="font-size: 12pt">Ruble appreciation has a negative impact on exporters. Industrial production remained flat in the
first quarter of 2017 and retail trade and construction continued to decrease further. The only segments currently profiting from
the strong ruble are transport and wholesale trade. On the other hand, the strong ruble is not driving a recovery in consumption.
We believe that the ruble's strength will be temporary due to forex interventions and the expected deeper cut in the key rate,
which will make ruble-denominated bonds and carry trades less attractive.</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT>
<FONT STYLE="font-size: 12pt">Considering inflationary trends in Poland, what is the interest rate outlook for the coming 12 months?</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT>
<FONT STYLE="font-size: 12pt">Despite a very upbeat macroeconomic environment, the rhetoric from the National Bank of Poland has
remained dovish. In the opinion of the monetary policy committee of the Polish Central Bank, any inflationary pressure is still
doubtful and price growth will probably moderate until the end of the year. In our view, the interest rates will likely remain
unchanged for the next 12 months. Wage growth has been stable so far. Fiscal policy under the new government is not as expansionary
as expected, and the increase in spending was less than expected. The Polish zloty remains strong, so any increase in interest
rates could lead to further currency appreciation.</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT>
<FONT STYLE="font-size: 12pt">The Fund is significantly underweight in Turkey. What is your longer term outlook for the Turkish
market?</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT>
<FONT STYLE="font-size: 12pt">Turkey is living through difficult times. A long-term, very exciting story has been blurred by a
highly populist political agenda, which takes its toll on the macroeconomic environment: Support schemes such as the lifting of
the value-added tax for electronic goods and furniture boosts consumer sentiment, but does little to address Turkey's issue of
becoming stuck in a &quot;middle income trap&quot; (i.e., lifting GDP per capita from the current level of approximately 10,000
USD). Shifting global alliances, also due to the multitude of ongoing issues in the Middle East, leaves little confidence in proposed
long-term policies by the government. Although trade diversification has improved markedly over the past 20 years, Turkey's key
trading partner still remains the EU, which is highly critical of the current trends of governance and democratic process in Turkey.
Accordingly, our investments in Turkey have become highly selective.</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><FONT STYLE="font-size: 13.5pt"><B>Performance
Summary </B></FONT><B><FONT STYLE="font-size: 10pt">April 30, 2017 (Unaudited)</FONT></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><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 most recent performance of the
Fund.</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Fund specific data and performance are provided
for information purposes only and are not intended for trading purposes.</B></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: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Average Annual Total Returns </B>as of 4/30/17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6-Month<SUP>&Dagger;</SUP></B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1-Year</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5-Year</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10-Year</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Asset Value<SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13.08%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12.17%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3.74)%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3.90)%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Market Price<SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>15.91%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14.53%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4.44)%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3.76)%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MSCI Emerging Markets Europe ex&nbsp;Greece&nbsp;Index<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.07%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.57%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.73)%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3.77)%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><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, 2017 was 1.34%.</P>

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

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

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>&Dagger;</SUP> Total returns shown for periods
less than one year are not annualized.</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: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Asset Value and Market Price</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>As of 4/30/17</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>As of 10/31/16</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Asset Value</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center; line-height: 107%; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 24.59</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center; line-height: 107%; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 22.08</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Market Price</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center; line-height: 107%; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 21.71</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center; line-height: 107%; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 19.01</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Prices and Net Asset Value fluctuate and are not
guaranteed.</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: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Distribution Information</B></FONT></TD>
    <TD STYLE="width: 21%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Per Share</B></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: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Six Months as of 4/30/17:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Income</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center; line-height: 107%; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ .32</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital Gains</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center; line-height: 107%; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ &mdash;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Distributions are historical, not guaranteed and
will fluctuate. Distributions do not include return of capital or other non-income sources.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><FONT STYLE="font-size: 13.5pt"><B>Schedule
of Investments </B></FONT><B><FONT STYLE="font-size: 10pt">as of April 30, 2017 (Unaudited)</FONT></B></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: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Shares</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #00128D"><B>Russia 50.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Common Stocks 48.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Banks 11.7%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Bank St Petersburg PJSC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,180,620</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,423,759</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Sberbank of Russia PJSC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,797,200</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Sberbank of Russia PJSC (ADR)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">900,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,701,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">VTB Bank PJSC (GDR) (Registered)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,100,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,542,100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>21,464,059</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Capital Markets 2.0%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Moscow Exchange MICEX-RTS PJSC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,780,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>3,593,286</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Diversified Telecommunication Services 0.6%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Rostelecom PJSC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">800,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,045,760</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Electric Utilities 1.9%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Inter RAO UES PJSC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">18,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,279,800</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">RusHydro PJSC (ADR)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,410,151</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,150,480</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>3,430,280</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Energy Equipment &amp; Services 1.2%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">TMK PJSC (GDR) (Registered)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">431,037</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,250,013</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Food &amp; Staples Retailing 3.1%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Magnit PJSC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">24,500</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,772,593</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">X5 Retail Group NV (GDR) (Registered)*</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">56,418</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,988,735</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>5,761,328</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Metals &amp; Mining 4.2%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Alrosa PJSC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,920,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,026,488</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">MMC Norilsk Nickel PJSC (ADR)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">175,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,693,250</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>7,719,738</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Oil, Gas &amp; Consumable Fuels 19.0%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Gazprom PAO (ADR)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,353,774</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">11,180,191</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Lukoil PJSC (ADR)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">295,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">14,611,350</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Novatek PJSC (GDR) (Registered)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">57,500</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">6,969,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Tatneft PAO (ADR)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">52,038</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,036,767</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>34,797,308</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Specialty Retail 1.5%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Detsky Mir PJSC 144A</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,774,157</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,816,297</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Wireless Telecommunication Services 2.9%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">MegaFon PJSC (GDR) (Registered)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">183,354</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,960,054</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Mobile Telesystems PJSC (ADR)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">200,527</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,080,468</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Sistema PJSC FC (GDR) (Registered)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">151,610</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,275,040</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>5,315,562</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Preferred Stocks 2.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Oil, Gas &amp; Consumable Fuels 2.3%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Surgutneftegas OJSC (Cost $2,813,275)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,600,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,461,920</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Transneft PJSC (Cost $1,399,655)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">514</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,737,890</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>4,199,810</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Russia</B> (Cost $72,246,893)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>92,393,441</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #00128D"><B>Poland 16.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Common Stocks</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Banks 2.6%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Bank Pekao SA</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">55,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,991,152</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Powszechna Kasa Oszczednosci Bank Polski SA</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">305,772</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,779,459</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>4,770,611</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Consumer Finance 0.1%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">KRUK SA</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,899</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>139,895</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Diversified Telecommunication Services 1.5%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Orange Polska SA</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,299,935</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,742,884</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Electric Utilities 2.0%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">PGE Polska Grupa Energetyczna SA</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,003,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,978,799</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Tauron Polska Energia SA*</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">850,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">720,320</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>3,699,119</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Insurance 2.3%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Powszechny Zaklad Ubezpieczen SA</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">375,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>4,134,148</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Media 1.8%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Cyfrowy Polsat SA*</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">515,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>3,222,149</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Metals &amp; Mining 4.0%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Jastrzebska Spolka Weglowa SA*</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">76,962</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,552,205</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">KGHM Polska Miedz SA</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">180,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,707,441</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>7,259,646</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Oil, Gas &amp; Consumable Fuels 1.4%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Polskie Gornictwo Naftowe i Gazownictwo SA</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,550,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,643,021</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Paper &amp; Forest Products 0.8%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Pfleiderer Group SA<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">135,338</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,548,842</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Software 0.3%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Asseco Poland SA</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">40,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>562,553</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Poland </B>(Cost $30,013,721)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>30,722,868</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 9pt 5.4pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 9pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 9pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #00128D"><B>Hungary 9.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Common Stocks</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Banks 2.7%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">OTP Bank PLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">175,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>4,922,179</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Diversified Telecommunication Services 1.0%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Magyar Telekom Telecommunications PLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,109,194</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,855,601</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Oil, Gas &amp; Consumable Fuels 3.3%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">MOL Hungarian Oil &amp; Gas PLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">79,667</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>5,998,854</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Pharmaceuticals 2.9%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Richter Gedeon Nyrt</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">220,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>5,327,073</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Hungary </B>(Cost $15,867,855)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>18,103,707</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #00128D"><B>Turkey 9.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Common Stocks</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Airlines 1.3%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Turk Hava Yollari AO*</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,415,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,411,525</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Banks 3.7%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Akbank TAS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">970,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,594,269</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Turkiye Garanti Bankasi AS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,530,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,126,413</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>6,720,682</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Beverages 0.8%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Coca-Cola Icecek AS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">146,369</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,486,824</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Diversified Financial Services 1.1%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Haci Omer Sabanci Holding AS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">700,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,082,794</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Food Products 1.1%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Ulker Biskuvi Sanayi AS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">360,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,043,084</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Oil, Gas &amp; Consumable Fuels 0.2%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Tupras Turkiye Petrol Rafinerileri AS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">11,865</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>298,644</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Wireless Telecommunication Services 1.5%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Turkcell Iletisim Hizmetleri AS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">800,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,792,058</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Turkey </B>(Cost $14,899,530)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>17,835,611</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 9pt 5.4pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 9pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 9pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #00128D"><B>Greece 2.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Common Stocks</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Banks 1.5%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Alpha Bank AE*</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,300,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,760,361</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Oil, Gas &amp; Consumable Fuels 1.4%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Motor Oil Hellas Corinth Refineries SA</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">146,842</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,489,585</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Greece </B>(Cost $5,008,384)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>5,249,946</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #00128D"><B>Czech Republic 2.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Common Stocks</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Banks 1.4%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Moneta Money Bank AS 144A</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">820,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,646,663</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Electric Utilities 1.1%</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">CEZ AS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">113,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,971,154</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Czech Republic</B> (Cost $4,857,143)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 5.4pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>4,617,817</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 9pt 5.4pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 9pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 9pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #00128D"><B>Kazakhstan 0.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Common Stocks</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Metals &amp; Mining 0.7%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Altyn PLC* (Cost $1,824,442)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">50,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,267,728</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 9pt 5.4pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 9pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 9pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #00128D"><B>Securities Lending Collateral 0.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Deutsche Government &amp; Agency Securities Portfolio &quot;Deutsche Government Cash Institutional Shares&quot;, 0.67% (Cost $21,894) (a) (b)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">21,894</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>21,894</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 9pt 5.4pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 9pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding: 9pt 5.4pt 8pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #00128D"><B>Cash Equivalents 10.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Deutsche Central Cash Management Government Fund,&nbsp;0.80% (Cost $19,329,931) (b)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">19,329,931</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>19,329,931</B></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: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% of Net Assets</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Total Investment Portfolio</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Cost&nbsp;$164,069,793)**</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">103.4</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>189,542,943</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Other Assets and Liabilities, Net</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3.4)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(6,265,674)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Net Assets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>183,277,269</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">* Non-income producing security.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">** The cost for federal income tax purposes was $167,784,814.
At April 30, 2017, net unrealized appreciation for all securities based on tax cost was $21,758,129. This consisted of aggregate
gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $31,747,941 and aggregate
gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $9,989,812.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>&dagger;</SUP> All or a portion of these securities
were on loan. The value of all securities loaned at April&nbsp;30, 2017 amounted to $21,252, which is 0.0% of net assets.</P>

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

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

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">144A: Securities exempt from registration under Rule
144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified
institutional buyers.</P>

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

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

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">OJSC: Open Joint Stock Company</P>

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

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

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

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

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following is a summary of the inputs used as
of April 30, 2017 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 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 3</B></FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common Stocks and/or Other Equity Investments (c)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russia</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 92,393,441</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ &mdash;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ &mdash;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 92,393,441</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Poland</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,722,868</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,722,868</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hungary</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,103,707</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,103,707</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Turkey</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,835,611</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,835,611</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Greece</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,249,946</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,249,946</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Czech Republic</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,617,817</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,617,817</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Kazakhstan</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,267,728</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,267,728</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Short-Term Instruments (c)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,351,825</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,351,825</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 189,542,943</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ &mdash;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ &mdash;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 189,542,943</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">There have been no transfers between fair value measurement
levels during the period ended April 30, 2017.</P>

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

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

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Statement of Assets and Liabilities</B></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: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">as of April 30, 2017 (Unaudited)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Investments in non-affiliated securities, at value (cost&nbsp;$144,717,968) &mdash; including $21,252 of securities loaned </FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$ 170,191,118</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Investment in Deutsche Central Cash Management Government Fund (cost $19,329,931)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">19,329,931</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Investment in Deutsche Government &amp; Agency Securities Portfolio (cost&nbsp;$21,894)*</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">21,894</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Total investments, at value (cost $164,069,793)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">189,542,943</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Foreign currency, at value (cost $993,058)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">993,405</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Receivable for investments sold</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">631,411</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Dividends receivable</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">334,637</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Interest receivable</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">9,244</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Other assets</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">32,164</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Total assets</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">191,543,804</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Liabilities</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Payable for investments purchased</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,809,295</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Payable for Fund shares repurchased</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">112,604</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Payable upon return of securities loaned</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">21,894</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Investment advisory fee payable</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">106,648</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Administration fee payable</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">32,092</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Payable for Directors' fees and expenses</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">26,101</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Accrued expenses and other liabilities</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">157,901</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Total liabilities</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">8,266,535</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Net assets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 183,277,269</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Net Assets Consist of</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Undistributed net investment income</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">192,787</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Accumulated net realized loss on investments and foreign currency</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">(51,868,128)</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: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net unrealized appreciation (depreciation) on:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investments</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,473,150</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,006</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Paid-in capital</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">209,476,454</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net assets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 183,277,269</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Asset Value</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net assets value</B> per share ($183,277,269</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;&divide;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,452,811 shares of common stock issued&nbsp;and&nbsp;outstanding, $.001 par value, 80,000,000 shares authorized)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 24.59</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">* Represents collateral on securities loaned.</P>

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

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Statement of Operations</B></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: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">for the six months ended April 30, 2017 (Unaudited)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Net Investment Income</B></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: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Income:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Dividends (net of foreign withholding taxes of $141,399)</P></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 1,330,287</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income distributions &mdash; Deutsche Central Cash Management Government Fund</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42,547</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities lending income, net of borrower rebates</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,551</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total investment income</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,391,385</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: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Expenses:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investment advisory fee</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">629,808</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Administration fee</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">176,877</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Custody and accounting fee</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">124,196</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Services to shareholders</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,241</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reports to shareholders and shareholder meeting expenses</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,603</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Directors' fees and expenses</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72,227</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legal fees</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68,868</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Audit and tax fees</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42,403</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NYSE listing fee</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,169</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insurance</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,919</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Miscellaneous</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,098</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net expenses</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,186,409</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net investment income</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>204,976</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Realized and Unrealized Gain (Loss)</B></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: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net realized gain (loss) from:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investments</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,067,164</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(48,797)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized gain (loss)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,018,367</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: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Change in net unrealized appreciation (depreciation)
        on:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investments</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,452,763</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,166</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Change in net unrealized appreciation (depreciation)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,453,929</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net gain (loss) </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20,472,296</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net increase (decrease) in net assets resulting from operations</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 20,677,272</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The accompanying notes are an integral part of the
financial statements.</P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Statements of Changes in Net
Assets</B></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 8pt; height: 13.8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Increase (Decrease) in Net Assets</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 19%; padding: 9pt 2.9pt 8pt; height: 13.8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Six Months Ended April&nbsp;30,&nbsp;2017 (Unaudited)</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 19%; padding: 9pt 2.9pt 8pt; height: 13.8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Year Ended October 31, 2016</B></FONT></TD>
    <TD STYLE="height: 18px">&nbsp;</TD></TR>
<TR STYLE="height: 20.4pt">
    <TD STYLE="height: 27px">&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: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Operations:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net investment income (loss)</P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 204,976</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 3,400,432</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized gain (loss)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,018,367</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,232,341)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Change in net unrealized appreciation (depreciation)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,453,929</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31,073,697</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net increase (decrease) in net assets resulting from operations</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20,677,272</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,241,788</FONT></TD>
    <TD STYLE="line-height: 107%">&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: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Distributions to shareholders from:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net investment income</P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,456,401)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,954,677)</FONT></TD>
    <TD STYLE="line-height: 107%">&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: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Capital share transactions:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net proceeds from reinvestment of dividends</P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">960,822</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">909,950</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares repurchased </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,169,474)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8,641,463)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net increase (decrease) in net assets from capital share transactions</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,208,652)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,731,513)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total increase (decrease) in net assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,012,219</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,444,402)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net assets at beginning of period</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">171,265,050</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">174,709,452</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net assets at end of period (including undistributed net&nbsp;investment income of $192,787 and $2,444,212, as of April 30, 2017 and October 31, 2016, respectively)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 183,277,269</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 171,265,050</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Information</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares outstanding at beginning of period</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,757,617</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,174,042</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares issued for dividend reinvestment</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44,794</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56,912</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares repurchased</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(349,600)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(473,337)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares outstanding at end of period </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,452,811</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,757,617</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The accompanying notes are an integral part of the
financial statements.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Six Months Ended 4/30/17 (Unaudited)</B></FONT></TD>
    <TD COLSPAN="5" STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Years Ended October 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2016</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2015</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2014</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2013</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding: 5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Per Share Operating Performance</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Net asset value, beginning of&nbsp;period</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 22.08</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 21.37</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 27.54</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 37.91</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 36.35</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 38.13</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Income (loss) from investment operations:</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net investment income (loss)<SUP>a</SUP></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.03<SUP>c</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.42</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.43</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.43</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.68</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.75</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized and unrealized gain&nbsp;(loss) on investments and foreign currency</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.68</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.65</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5.86)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8.62)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.69</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.08)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total from investment operations</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.71</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.07</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5.43)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8.19)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.37</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.67</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Less distributions from:</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net investment income</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.32)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.49)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.97)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.78)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.73)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.37)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized gains</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.71)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.35)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.12)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total distributions</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.32)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.49)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.97)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.49)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.08)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.49)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accretion resulting from tender&nbsp;offer</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.02</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.06</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.07</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dilution in net asset value from dividend reinvestment</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.02)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.02)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.02)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.08)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.04)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.10)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase resulting from share repurchases</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.14</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.15</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.23</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.33</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.24</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net asset value, end of&nbsp;period</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 24.59</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 22.08</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 21.37</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 27.54</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 37.91</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 36.35</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Market value, end of period</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 21.71</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 19.01</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 18.99</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 24.36</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 34.22</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 32.98</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Investment Return for the Period<SUP>b</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Based upon market value&nbsp;(%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.91<SUP>**</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.15</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18.25)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(22.31)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.92</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.97</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Based upon net asset value&nbsp;(%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.08<SUP>**</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.47</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18.63)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(20.65)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.35</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.63</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding: 5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ratios to Average Net Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total expenses&nbsp;(%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.34<SUP>*</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.34</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.37</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.31</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.19</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net investment income&nbsp;(%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.11<SUP>c**</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.06</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.84</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.37</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.86</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Portfolio turnover (%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66<SUP>**</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">93</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net assets at end of period ($&nbsp;thousands)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">183,277</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">171,265</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">174,709</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">257,373</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">425,596</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">477,404</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding-top: 6pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>a</SUP> Based on average shares outstanding
        during the period.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><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.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>c</SUP> Net investment income per share includes
        non-recurring foreign dividend reclaims amounting to $0.04 per share. Excluding these non-recurring reclaims, the net investment
        income ratio would have been &ndash;0.07%.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>* </SUP>Annualized <SUP>**</SUP> Not annualized</P></TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 33%">&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: 0pt 0 12pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Notes
to Financial Statements </B></FONT><B><FONT STYLE="font-size: 10pt">(Unaudited)</FONT></B></P>

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

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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: 0pt 0 12pt">The preparation of financial statements in accordance
with accounting principles generally accepted in the United States of America (&quot;U.S. GAAP&quot;) 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 Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S.
GAAP. 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: 0pt 0 12pt"><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: 0pt 0 12pt">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: 0pt 0 12pt">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: 0pt 0 12pt">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: 0pt 0 12pt">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: 0pt 0 12pt">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: 0pt 0 12pt"><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: 0pt 0 12pt"><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 its securities lending agreement. During the term of the loans, the Fund continues to receive 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&nbsp;to
the value of the securities loaned. When the collateral falls below&nbsp;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 securities lending agreement.
As of period end, any securities on loan were collateralized by cash. During the six months ended April&nbsp;30, 2017, the Fund
invested the cash collateral into a joint trading account in affiliated money market funds managed by Deutsche Investment Management
Americas Inc. As of April 30, 2017, the Fund invested the cash collateral in Deutsche Government &amp; Agency Securities Portfolio.
Deutsche Investment Management Americas Inc. receives a management/administration fee (0.10% annualized effective rate as of April
30, 2017) on the cash collateral invested in Deutsche Government &amp; Agency Securities Portfolio. 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: 0pt 0 12pt">As of April 30, 2017, 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. As of period end, the remaining contractual maturity of the collateral agreements were
overnight and continuous.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><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: 0pt 0 12pt">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: 0pt 0 12pt"><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: 0pt 0 12pt"><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: 0pt 0 12pt">Additionally, the Fund may be subject to taxes imposed
by the governments of countries in which it invests. Such taxes 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: 0pt 0 12pt">At October 31, 2016, the Fund had a net tax basis
capital loss carryforward of approximately $50,172,000, which may be applied against realized net taxable capital gains indefinitely,
including short-term losses ($26,448,000) and long-term losses ($23,724,000).</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund has reviewed the tax positions for the open
tax years as of October 31, 2016 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: 0pt 0 12pt"><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: 0pt 0 12pt">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: 0pt 0 12pt; color: #00128D"><B>B. Investment Advisory and Administration
Agreements</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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: 0pt 0 12pt">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: 0pt 0 12pt">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: 0pt 0 12pt">Accordingly, for the six months ended April 30, 2017,
the fee pursuant to the Investment Advisory Agreement was equivalent to an annualized rate of 0.71% of the Fund's average daily
net assets.</P>

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

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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 functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months
ended April 30, 2017, the amount charged to the Fund by DSC aggregated $3,750, of which $750 is unpaid.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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, 2017, the amount
charged to the Fund by DIMA included in the Statement of Operations under &quot;Reports to shareholders&quot; aggregated $6,282,
of which $5,715 is unpaid.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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, 2017, Deutsche Bank did not receive brokerage commissions from the Fund.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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: 0pt 0 12pt">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: 0pt 0 12pt">The Fund may invest cash balances in Deutsche Central
Cash Management Government Fund, which is managed by DIMA. The Fund indirectly bears its proportionate share of the expenses of
Deutsche Central Cash Management Government Fund. Deutsche Central Cash Management Government Fund does not pay DIMA an investment
management fee. Deutsche Central Cash Management Government 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: 0pt 0 12pt; color: #00128D"><B>D. Portfolio Securities</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Purchases and sales of investment securities, excluding
short-term investments, for the six months ended April 30, 2017 were $108,395,088 and $113,538,421, respectively.</P>

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

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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, may be 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: 0pt 0 12pt">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, Russian issuers and the Russian economy. 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 countries in 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: 0pt 0 12pt; color: #00128D"><B>F. Capital</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">During the six months ended April 30, 2017 and the
year ended October&nbsp;31, 2016, the Fund purchased 349,600 and 473,337 of its shares of common stock on the open market at a
total cost of $7,169,474 and $8,641,463 ($20.51 and $18.26 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 12.70% and 11.94%, respectively.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">During the six months ended April 30, 2017 and the
year ended October&nbsp;31, 2016, the Fund issued for dividend reinvestment 44,794 and 56,912 shares, respectively. The average
discount of these issued shares comparing the issue price to NAV per share at the time of the issuance was 12.67% and 11.37%, respectively.</P>

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

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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 374,079 shares between August 1,
2015 and July 31, 2016. On July 25, 2016, the Fund announced that the Board of Directors approved an extension of the current repurchase
authorization permitting the Fund to repurchase up to 796,000 shares during the period from August 1, 2016 through July 31, 2017.
The Fund repurchased 514,600 shares between August 1, 2016 and April 30, 2017.</P>

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

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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, 2017, there were three shareholders that held approximately 21%, 17% and
8%, respectively, of the outstanding shares of the Fund.</P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Additional Information</B></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: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Automated Information Lines</B></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: 0pt 0 12pt"><B>Deutsche AM Closed-End Fund Info Line </B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(800) 349-4281</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Web Site</B></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: 0pt 0 12pt"><B>deutschefunds.com</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Obtain fact sheets, financial reports, press releases
        and webcasts when available.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Written Correspondence</B></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: 0pt 0 12pt"><B>Deutsche Asset Management</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Attn: Secretary of the Deutsche Funds</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">One Beacon Street</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Boston, MA 02108</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Legal Counsel</B></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: 0pt 0 12pt"><B>Sullivan &amp; Cromwell LLP</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">125 Broad Street</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">New York, NY 10004</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Dividend Reinvestment Plan&nbsp;Agent</B></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: 0pt 0 12pt"><B>DST Systems, Inc.</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">333 W. 11th Street, 5th Floor</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Kansas City, MO 64105</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Shareholder Service Agent and Transfer Agent</B></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: 0pt 0 12pt"><B>Deutsche AM Service Company</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">P.O. Box 219066</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Kansas City, MO 64121-9066</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(800) 294-4366</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Custodian</B></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: 0pt 0 12pt"><B>Brown Brothers Harriman &amp; Company</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">50 Post Office Square</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Boston, MA 02110</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Independent Registered Public Accounting Firm</B></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: 0pt 0 12pt"><B>PricewaterhouseCoopers LLP</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">101 Seaport Boulevard, Suite 500</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Boston, MA 02210</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Proxy Voting</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 most recent 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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Portfolio Holdings</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Investment Management</B></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: 0pt 0 12pt">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: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Voluntary Cash Purchase Program and Dividend Reinvestment Plan</B></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: 0pt 0 12pt">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:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Deutsche AM Service Company</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">P.O. Box 219066</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Kansas City, MO 64105</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Tel.: 1-800-349-4281 (in the U.S.) or<BR>
        00-800-2287-2750 (outside of the U.S.)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>NYSE Symbol</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CEE</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Nasdaq Symbol</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">XCEEX</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>CUSIP Number</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">153436100</FONT></TD></TR>
</TABLE>
<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Privacy Statement</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 12pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>FACTS</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 12pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>What Does Deutsche Asset Management Do With Your Personal&nbsp;Information?</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Why?</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>What?</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The types of personal information we collect and
        share can include:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        Social Security number</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        Account balances</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        Purchase and transaction history</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        Bank account information</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        Contact information such as mailing address, e-mail address and telephone number</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>How?</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reasons we can share your personal information</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 12pt; padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Does Deutsche Asset Management share?</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Can you limit this&nbsp;sharing?</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For our marketing purposes &mdash; </B>to offer our products and services to you</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For joint marketing with other financial companies</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We do not share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For our affiliates' everyday business purposes&nbsp;&mdash; </B>information about your transactions&nbsp;and experiences</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We do not share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For our affiliates' everyday business purposes&nbsp;&mdash; </B>information about your creditworthiness</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We do not share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For non-affiliates to market to you</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We do not share</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Questions?</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Call (800) 728-3337 or e-mail us at service@db.com</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 12pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Who we are</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Who is providing this&nbsp;notice?</B></FONT></TD>
    <TD STYLE="width: 74%; border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deutsche AM Distributors, Inc; Deutsche Investment Management Americas Inc.; Deutsche AM Investor Services, Inc.; Deutsche AM 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 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>What we do</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>How does Deutsche Asset Management protect&nbsp;my personal information?</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>How does Deutsche Asset Management collect&nbsp;my personal information?</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">We collect your personal information, for example,
        when you:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        open an account</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        give us your contact information</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        provide bank account information for ACH or wire transactions</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        tell us where to send money</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        seek advice about your investments</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Why can't I limit all sharing?</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Federal law gives you the right to limit only</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        sharing for affiliates' everyday business purposes &mdash; information&nbsp;about your creditworthiness</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        affiliates from using your information to market to you</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        sharing for non-affiliates to market to you</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">State laws and individual companies may give you
        additional rights to limit sharing.</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Definitions</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Affiliates</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-affiliates</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Companies not related by common ownership or control.
        They can be financial and non-financial companies.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Joint marketing</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rev. 09/2016</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><IMG SRC="image_008.jpg" ALT="CEE_notes_blank0" STYLE="height: 56px; width: 403px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-top-style: outset; border-left-style: outset; border-top-width: 1pt; border-left-width: 1pt; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: black 1pt solid; border-left: black 1pt solid; padding: 9pt">
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><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: 0pt 0 12pt"><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: 0pt 0 12pt"><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: 0pt 0 12pt"><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: 0pt 0 12pt">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: 0pt 0 12pt">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>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><IMG SRC="image_009.jpg" ALT="CEE_backcover0" STYLE="height: 628px; width: 403px"></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&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>

<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">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 695px; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="width: 122.3pt; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Period</FONT></TD>
    <TD STYLE="width: 84.1pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 90.2pt; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1.5in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="width: 117pt; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Total Number of</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Shares Purchased</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Average Price Paid</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">per Share</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Total Number of</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Shares Purchased as</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Part of Publicly Announced</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Plans or Programs</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Maximum Number of</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Shares that May Yet Be</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Purchased Under the</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Plans or Programs</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">November 1 through November 30</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">53,700</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.90 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">53,700</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">577,300</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">December 1 through December 31</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">65,100</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.25 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">65,100</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">512,200</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">January 1 through January 31</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">63,700</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.93 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">63,700</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">448,500</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">February 1 through February 29</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">49,500</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.18 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">49,500</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">399,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">March 1 through March 31</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">70,100</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.64 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">70,100</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">328,900</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">April 1 through April 30</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">47,500</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.22 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">47,500</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">281,400</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Total </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">349,600</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.26 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">349,600</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">On July 25, 2016 the Fund announced that its Board of Directors has authorized the extension of the repurchase program permitting the Fund to repurchase of up to 796,000 shares during the period August 1, 2016- July 31, 2017. The Fund repurchased 514,600 shares between August 1, 2016 and April 30, 2017.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt 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"></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">6/29/2017</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">6/29/2017</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>
<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/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>
<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">6/29/2017</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATION
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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>President</B></P>

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

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

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

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

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

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

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        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">1)</P>
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    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">I have reviewed this report, filed on behalf of The Central Europe, Russia and Turkey Fund, Inc., on Form N&#45;CSRS;</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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; </FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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; </FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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: </FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">a)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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; </FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">b)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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; </FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">c)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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 </FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">d)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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): </FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">a)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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 </FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">b)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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.</FONT></TD></TR>
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    <TD STYLE="width: 265.5pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><U>/s/Brian E. Binder</U></FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Brian E. Binder</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">President</FONT></TD></TR>
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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

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

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

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

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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">I have reviewed this report, filed on behalf of The Central Europe, Russia and Turkey Fund, Inc., on Form N&#45;CSRS;</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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; </FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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; </FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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: </FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">a)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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; </FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">b)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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; </FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">c)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">d)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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): </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">a)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">b)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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</FONT></TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 45.9pt">&nbsp;</TD>
    <TD STYLE="width: 31.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 159.6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 624px; margin-left: 0.9pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="height: 16.05pt; vertical-align: top">
    <TD STYLE="width: 209.1pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">6/29/2017</FONT></TD>
    <TD STYLE="width: 262pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><U>/s/Paul Schubert</U></FONT></TD></TR>
<TR STYLE="height: 16.05pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.05pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Paul Schubert </FONT></TD></TR>
<TR STYLE="height: 16.05pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; height: 16.05pt; text-align: right; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Chief Financial Officer and Treasurer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri,sans-serif; margin: 0 0 8pt">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>ex99906cert.htm
<DESCRIPTION>906 CERTIFICATION
<TEXT>
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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>President</B></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45.9pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 396.9pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">I have reviewed this report, filed on behalf of The Central Europe, Russia and Turkey Fund, Inc., on Form N&#45;CSRS;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSRS (the &ldquo;Report&rdquo;) 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.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 5.4pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 207pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">6/29/2017</FONT></TD>
    <TD STYLE="width: 3in; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><U>/s/Brian E. Binder</U></FONT></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Brian E. Binder</FONT></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; height: 16.5pt; text-align: right; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45.9pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 396.9pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">I have reviewed this report, filed on behalf of The Central Europe, Russia and Turkey Fund, Inc., on Form N&#45;CSRS;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSRS (the &ldquo;Report&rdquo;) 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.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 5.4pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 207pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">6/29/2017</FONT></TD>
    <TD STYLE="width: 3in; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><U>/s/Paul Schubert</U></FONT></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Paul Schubert </FONT></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; height: 16.5pt; text-align: right; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Chief Financial Officer and Treasurer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri,sans-serif; margin: 0 0 8pt">&nbsp;</P>


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<DOCUMENT>
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begin 644 image_005.jpg
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begin 644 image_006.jpg
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<DOCUMENT>
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<FILENAME>image_007.jpg
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begin 644 image_007.jpg
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<DOCUMENT>
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<FILENAME>image_008.jpg
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begin 644 image_008.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
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end
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<DOCUMENT>
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begin 644 image_009.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
