<SEC-DOCUMENT>0001752724-22-072328.txt : 20220325
<SEC-HEADER>0001752724-22-072328.hdr.sgml : 20220325
<ACCEPTANCE-DATETIME>20220325125621
ACCESSION NUMBER:		0001752724-22-072328
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220131
FILED AS OF DATE:		20220325
PERIOD START:           	20221031

FILER:

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

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06041
		FILM NUMBER:		22769727

	BUSINESS ADDRESS:	
		STREET 1:		875 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022-6225
		BUSINESS PHONE:		212-454-4500

	MAIL ADDRESS:	
		STREET 1:		875 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022-6225

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPE, RUSSIA & TURKEY FUND, INC.
		DATE OF NAME CHANGE:	20130429

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
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      <repPdEnd>2022-10-31</repPdEnd>
      <repPdDate>2022-01-31</repPdDate>
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      <invstOrSec>
        <name>ALLEGRO.EU SA /PLN/</name>
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      <invstOrSec>
        <name>BANK PEKAO SA /PLN/</name>
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        <name>TCS GROUP HOLDING-GDR REG S</name>
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        <name>YANDEX NV-A</name>
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        <name>SOFTLINE HOLDING PLC-144A</name>
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        <name>OZON HOLDINGS PLC - ADR</name>
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        <name>NOVATEK PJSC-SPONS GDR REG S</name>
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        <name>MOBILE TELESYSTEMS PUBLIC</name>
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        <name>LUKOIL PJSC-SPON ADR</name>
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        <name>MAGNIT  PJSC-SPON GDR REGS</name>
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        <name>GAZPROM PAO SPON ADR</name>
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        <name>POWSZECHNY ZAKLAD UBEZPI /PLN/</name>
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        <name>MAGNITOGORS-SPON GDR REGS</name>
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        <name>FIX PRICE GROUP LTD-GDR REGS</name>
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        <name>ORANGE POLSKA SA /PLN/</name>
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        <name>POLYUS PJSC-REG S-GDR</name>
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        <curCd>USD</curCd>
        <valUSD>3339726.00000000</valUSD>
        <pctVal>1.906559591739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SBERBANK OF RUSSIA /USD/</name>
        <lei>N/A</lei>
        <title>SBERBANK OF RUSSIA /USD/ 0.00000000</title>
        <cusip>X76317100</cusip>
        <identifiers>
          <isin value="RU0009029540"/>
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        <balance>2400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8199696.00000000</valUSD>
        <pctVal>4.680985523407</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RICHTER GEDEON NYRT /HUF/</name>
        <lei>549300J6ZJW5IH4WEE46</lei>
        <title>RICHTER GEDEON NYRT /HUF/ 0.00000000</title>
        <cusip>X3124S107</cusip>
        <identifiers>
          <isin value="HU0000123096"/>
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        <balance>163475.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="317.55000000"/>
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        <pctVal>2.451008550666</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MMC NORILSK NICKEL PJSC-ADR</name>
        <lei>253400JPTEEW143W3E47</lei>
        <title>MMC NORILSK NICKEL PJSC-ADR 0.00000000</title>
        <cusip>55315J102</cusip>
        <identifiers>
          <isin value="US55315J1025"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>RU</invCountry>
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      <invstOrSec>
        <name>OTP BANK PLC /HUF/</name>
        <lei>529900W3MOO00A18X956</lei>
        <title>OTP BANK PLC /HUF/ 0.00000000</title>
        <cusip>X60746181</cusip>
        <identifiers>
          <isin value="HU0000061726"/>
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        <balance>101478.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>HU</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NOVATEK PJSC-SPONS GDR REG S</name>
        <lei>2138008R6GCRVBDFA581</lei>
        <title>NOVATEK PJSC-SPONS GDR REG S REG S 0.00000000</title>
        <cusip>669888109</cusip>
        <identifiers>
          <isin value="US6698881090"/>
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        <balance>9060.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1901694.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CYFROWY POLSAT SA /PLN/</name>
        <lei>259400EM1ITR201TTX36</lei>
        <title>CYFROWY POLSAT SA /PLN/ 0.00000000</title>
        <cusip>X1809Y100</cusip>
        <identifiers>
          <isin value="PLCFRPT00013"/>
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        <balance>185000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="4.09460000"/>
        <valUSD>1421408.68000000</valUSD>
        <pctVal>0.811443918643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LPP SA /PLN/</name>
        <lei>259400NUS7MKGPJL4752</lei>
        <title>LPP SA /PLN/ 0.00000000</title>
        <cusip>X5053G103</cusip>
        <identifiers>
          <isin value="PLLPP0000011"/>
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        <balance>137.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="4.09460000"/>
        <valUSD>531658.77000000</valUSD>
        <pctVal>0.303509667402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MONETA MONEY BANK AS /CZK/</name>
        <lei>I6USJ58BDV2BO5KP3C31</lei>
        <title>MONETA MONEY BANK AS /CZK/ 144A 0.00000000</title>
        <cusip>X3R0GS100</cusip>
        <identifiers>
          <isin value="CZ0008040318"/>
        </identifiers>
        <balance>553432.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CZK" exchangeRt="21.67900000"/>
        <valUSD>2385636.81000000</valUSD>
        <pctVal>1.361895779028</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DWS</name>
        <lei>N/A</lei>
        <title>DWS Gov&amp;Agency Sec Portfolio DWS Gov Cash Inst Shs</title>
        <cusip>147539670</cusip>
        <identifiers>
          <isin value="US1475396701"/>
        </identifiers>
        <balance>14007643.35000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14007643.35000000</valUSD>
        <pctVal>7.996586183000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="14007643.35000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ROSNEFT OIL CO PJSC-REGS GDR</name>
        <lei>N/A</lei>
        <title>ROSNEFT OIL CO PJSC-REGS GDR REG S 0.00000000</title>
        <cusip>67812M207</cusip>
        <identifiers>
          <isin value="US67812M2070"/>
        </identifiers>
        <balance>512997.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3801307.77000000</valUSD>
        <pctVal>2.170064187914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DWS</name>
        <lei>N/A</lei>
        <title>DWS CENTRAL CASH MANAGEMENT GOVERNMENT FUND 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="495583"/>
        </identifiers>
        <balance>6816848.30000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6816843.32000000</valUSD>
        <pctVal>3.891552186356</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SBERBANK PJSC -SPONSORED ADR</name>
        <lei>N/A</lei>
        <title>SBERBANK PJSC -SPONSORED ADR 0.00000000</title>
        <cusip>80585Y308</cusip>
        <identifiers>
          <isin value="US80585Y3080"/>
        </identifiers>
        <balance>774191.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10718674.40000000</valUSD>
        <pctVal>6.119002423567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MMC NORILSK NICKEL PJSC-ADR</name>
        <lei>253400JPTEEW143W3E47</lei>
        <title>MMC NORILSK NICKEL PJSC-ADR 0.00000000</title>
        <cusip>55315J102</cusip>
        <identifiers>
          <isin value="US55315J1025"/>
        </identifiers>
        <balance>90000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2530800.00000000</valUSD>
        <pctVal>1.444765533092</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PKO BANK POLSKI SA /PLN/</name>
        <lei>P4GTT6GF1W40CVIMFR43</lei>
        <title>PKO BANK POLSKI SA /PLN/ 0.00000000</title>
        <cusip>X6919X108</cusip>
        <identifiers>
          <isin value="PLPKO0000016"/>
        </identifiers>
        <balance>416090.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="4.09460000"/>
        <valUSD>4841138.96000000</valUSD>
        <pctVal>2.763675798293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>POLYMETAL INTERNATIONAL  /GBP/</name>
        <lei>213800JKJ5HJWYS4GR61</lei>
        <title>POLYMETAL INTERNATIONAL PLC /GBP/ 0.00000000</title>
        <cusip>G7179S101</cusip>
        <identifiers>
          <isin value="JE00B6T5S470"/>
        </identifiers>
        <balance>330000.00000000</balance>
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        <valUSD>4697344.08000000</valUSD>
        <pctVal>2.681587175541</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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        <name>MOL HUNGARIAN OIL AND GA /HUF/</name>
        <lei>213800R83KX5FQFGXS67</lei>
        <title>MOL HUNGARIAN OIL AND GAS PL /HUF/ 0.00000000</title>
        <cusip>X5S32S129</cusip>
        <identifiers>
          <isin value="HU0000153937"/>
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        <balance>515985.00000000</balance>
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        <valUSD>4468457.72000000</valUSD>
        <pctVal>2.550922119463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>
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    <signature>
      <ncom:dateSigned>2022-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Central and Eastern Europe Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Diane Kenneally </ncom:signature>
      <ncom:signerName>Diane Kenneally </ncom:signerName>
      <ncom:title>Treasurer and Chief Financial Officer </ncom:title>
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<FILENAME>cee_q1.htm
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<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 15pc; vertical-align: bottom">Schedule of Investments</TD>
  <TD STYLE="text-align: right; padding-left: 10pt; text-indent: -10pt; vertical-align: bottom">as of January 31, 2022 (Unaudited)</TD></TR>
</TABLE>


<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 74%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Shares</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt"><B>Russia&nbsp;&nbsp;71.2%</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Common Stocks </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Banks 14.3% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Sberbank of Russia PJSC</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,400,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,199,696</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Sberbank of Russia PJSC (ADR)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">774,191</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,718,675</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">TCS Group Holding PLC (GDR) (Registered)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">87,331</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,217,967</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>25,136,338</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Chemicals 1.1% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">PhosAgro PJSC (GDR) (Registered)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">90,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,854,000</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Food &amp; Staples Retailing 4.1% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Magnit PJSC (GDR) (Registered)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">319,550</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,186,105</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">X5 Retail Group NV (GDR) (Registered)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">137,884</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,094,117</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>7,280,222</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Interactive Media &amp; Services 5.1% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Yandex NV ''A''*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">188,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>8,903,680</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Internet &amp; Direct Marketing Retail 0.7% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Ozon Holdings PLC (ADR)*<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,206,000</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>IT Services 0.6% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Softline Holding PLC (GDR) 144A*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">172,164</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,075,302</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Metals &amp; Mining 7.9% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Alrosa PJSC</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,670,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,433,464</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Magnitogorsk Iron &amp; Steel Works PJSC (GDR) (Registered)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">74,569</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">775,517</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">MMC Norilsk Nickel PJSC (ADR)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">95,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,671,400</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Polymetal International PLC</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">330,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,697,344</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Polyus PJSC (GDR) (Registered)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">42,817</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,339,726</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>13,917,451</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Multiline Retail 0.4% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Fix Price Group Ltd. (GDR) (Registered)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">125,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>710,000</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Oil, Gas &amp; Consumable Fuels 35.7% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Gazprom PJSC (ADR)<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,098,242</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,708,290</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Lukoil PJSC (ADR)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">219,500</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">19,522,330</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Novatek PJSC (GDR) (Registered)*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">37,500</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,871,250</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Rosneft Oil Co PJSC (GDR) (Registered)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">512,997</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,801,308</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Tatneft PAO (ADR)<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">120,548</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,626,632</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>62,529,810</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Wireless Telecommunication Services 1.3% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Mobile Telesystems PJSC (ADR)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">290,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,219,950</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Russia </B>(Cost $86,145,412)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;124,832,753</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt"><B>Poland&nbsp;&nbsp;13.1%</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Common Stocks </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Banks 4.8% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Bank Polska Kasa Opieki SA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">110,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,640,160</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Powszechna Kasa Oszczednosci Bank Polski SA*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">416,090</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,841,139</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>8,481,299</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Diversified Telecommunication Services 1.2% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Orange Polska SA*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,050,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,025,839</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Entertainment 1.0% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">CD Projekt SA<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">38,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,671,050</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Food &amp; Staples Retailing 0.5% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Eurocash SA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">320,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>804,963</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Insurance 1.6% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Powszechny Zaklad Ubezpieczen SA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">320,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,829,092</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Internet &amp; Direct Marketing Retail 2.0% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Allegro.eu SA 144A*<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">380,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>3,489,474</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Shares</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Media 0.8% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Cyfrowy Polsat SA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">185,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,421,409</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Metals &amp; Mining 0.9% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">KGHM Polska Miedz SA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">48,131</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,640,375</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Textiles, Apparel &amp; Luxury Goods 0.3% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">LPP SA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">137</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>531,659</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Poland </B>(Cost $21,627,659)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;22,895,160</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt"><B>Hungary&nbsp;&nbsp;8.6%</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Common Stocks </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Banks 3.3% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">OTP Bank Nyrt*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">101,478</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>5,848,047</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Diversified Telecommunication Services 0.3% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Magyar Telekom Telecommunications PLC (ADR)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">390,433</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>515,782</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Oil, Gas &amp; Consumable Fuels 2.5% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">MOL Hungarian Oil &amp; Gas PLC</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">515,985</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,468,458</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Pharmaceuticals 2.5% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Richter Gedeon Nyrt</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">163,475</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,293,439</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Hungary </B>(Cost $11,230,439)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;15,125,726</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt"><B>Moldova&nbsp;&nbsp;2.2%</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Common Stocks </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Beverages 2.2% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Purcari Wineries PLC (Registered) (Cost $2,547,425) </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,110,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>3,810,241</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt"><B>Czech Republic&nbsp;&nbsp;1.7%</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Common Stocks </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Banks 1.4% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Moneta Money Bank AS 144A</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">553,432</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,385,637</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Electric Utilities 0.3% </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">CEZ AS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>555,607</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Czech Republic </B>(Cost $2,260,370)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;2,941,244</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt"><B>Securities Lending Collateral&nbsp;&nbsp;9.2%</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">DWS Government &amp; Agency Securities Portfolio ''DWS Government Cash Institutional Shares'', 0.01% (Cost $16,060,789) (a) (b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">16,060,789</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;16,060,789</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Cash Equivalents&nbsp;&nbsp;3.9%</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">DWS Central Cash Management Government Fund, 0.05% (Cost $6,800,456) (b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">6,800,456</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;6,800,456</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B><BR>
 </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>% of Net<BR>
    Assets</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Total Investment Portfolio</B> (Cost $146,672,550)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">109.9</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;192,466,369</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Other Assets and Liabilities, Net</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(9.9)</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;(17,276,592)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Net Assets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">100.0</FONT></TD>
    <TD STYLE="text-align: right; border-top: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;175,189,777</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">For information on the Fund&rsquo;s policies regarding the valuation of
    investments and other significant accounting policies,</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">please refer to the Fund&rsquo;s most recent semi-annual
    or annual financial statements.</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">A summary of the Fund&rsquo;s transactions with affiliated investments during the period ended January 31, 2022 are as follows:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Value ($)<BR>
 at<BR>
 10/31/2021</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Purchases Cost<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Sales Proceeds<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Net <BR>
Realized<BR>
Gain/ <BR>
(Loss)<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Net<BR>
Change in<BR>
Unrealized<BR>
Appreciation/<BR>
(Depreciation)<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Income<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Capital<BR>
Gain<BR>
Distributions<BR>
($)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Number<BR>
of Shares<BR>
at<BR>
1/31/2022</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Value ($)<BR>
at<BR>
1/31/2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5"><FONT STYLE="font-size: 8pt"><B>Securities Lending Collateral 9.2%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9"><FONT STYLE="font-size: 8pt">DWS Government &amp; Agency Securities Portfolio ''DWS Government Cash Institutional Shares'', 0.01% (a) (b)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt">12,146,440</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">3,914,349 (c)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">5,302</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">16,060,789</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">16,060,789</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5"><FONT STYLE="font-size: 8pt"><B>Cash Equivalents 3.9%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9"><FONT STYLE="font-size: 8pt">DWS Central Cash Management Government Fund, 0.05% (b)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2,928,418</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">19,594,651</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">15,722,613</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;687</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;6,800,456</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;6,800,456</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>15,074,858</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>23,509,000</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>15,722,613</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>5,989</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>22,861,245</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>22,861,245</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 95%; text-align: justify"><FONT STYLE="font-size: 8pt">Non-income producing security.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">&dagger;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">All or a portion of these securities were on loan. The value of all securities loaned at January 31, 2022 amounted to $15,102,084, which is 8.6% of net assets.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended January 31, 2022.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 8pt">144A:</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 95%; text-align: justify"><FONT STYLE="font-size: 8pt">Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">ADR:</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt"></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">American Depositary Receipt</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">GDR:</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt"></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Global Depositary Receipt</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">PJSC:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt"></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">Public Joint Stock Company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9">
    <P STYLE="font: 4pt CIDFont+F1; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of its industry concentration policy,
    the Fund classifies issuers of portfolio securities at the industry sub-group level. Certain of the categories in the above Schedule of
    Investments consist of multiple industry sub-groups or industries.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investments in funds involve risk. Additional risks
    of the Fund are associated with international investing, such as currency fluctuations, currency and capital controls, political and economic
    changes, market risks, government regulations and differences in liquidity, which may increase the volatility of your investment. Foreign
    security markets generally exhibit greater price volatility and are less liquid than the US market. Additionally, the Fund focuses its
    investments in certain geographical regions, thereby increasing its vulnerability to developments in that region and potentially subjecting
    the Fund's shares to greater price volatility. Some funds have more risk than others. These include funds, such as the Fund, that allow
    exposure to or otherwise concentrate investments in certain sectors, geographic regions, security types, market capitalization, or foreign
    securities (e.g., political, or economic instability, which can be accentuated in emerging market countries).</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">War (including Russia's recent invasion of Ukraine),
    US and other sanctions, terrorism, economic uncertainty, trade disputes, trading halts, currency and capital controls, public health crises
    (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility,
    disruption to US and world economies and markets and may have significant adverse effects on the Fund and its investments, including making
    investments illiquid and/or difficult to value.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9"><FONT STYLE="font-size: 8pt"><B>Fair Value Measurements</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Various inputs are used in determining the value of the Fund&rsquo;s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund&rsquo;s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk associated with investing in those securities.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9"><FONT STYLE="font-size: 8pt">The following is a summary of the inputs used as of January 31, 2022 in valuing the Fund&rsquo;s investments.&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level 1</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level 2</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level 3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Common Stocks (d) </FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in; width: 40%"><FONT STYLE="font-size: 8pt">Russia</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; width: 3%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;$</FONT></TD>
    <TD STYLE="text-align: right; width: 7%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;124,832,753</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; width: 3%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;$</FONT></TD>
    <TD STYLE="text-align: right; width: 7%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;&mdash;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; width: 3%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;$</FONT></TD>
    <TD STYLE="text-align: right; width: 7%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;&mdash;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; width: 3%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;$</FONT></TD>
    <TD STYLE="text-align: right; width: 7%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;124,832,753</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">Poland</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&#9;22,895,160</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">22,895,160</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">Hungary</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">15,125,726</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">15,125,726</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">Moldova</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">3,810,241</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">3,810,241</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">Czech Republic</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">2,941,244</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">2,941,244</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.05in"><FONT STYLE="font-size: 8pt">Short-Term Instruments (d)</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">22,861,245</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">22,861,245</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;$</B></FONT></TD>
    <TD STYLE="text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;192,466,369</B></FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;$</B></FONT></TD>
    <TD STYLE="text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;$</B></FONT></TD>
    <TD STYLE="text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;$</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&#9;192,466,369</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.05in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9"><FONT STYLE="font-size: 8pt">(d) See Schedule of Investments for additional detailed categorizations.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9">
    <P STYLE="font: 8pt CIDFont+F4; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt CIDFont+F4; margin: 0"><FONT STYLE="font-size: 8pt"><B>OBTAIN AN OPEN-END FUND PROSPECTUS</B></FONT></P>
    <P STYLE="font: 8pt CIDFont+F4; margin: 0"><FONT STYLE="font-size: 8pt"><B>To obtain a summary prospectus, if available, or prospectus,
download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider
the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other
important information about the investment product. Please read the prospectus carefully before you invest.</B></FONT></P>
    <P STYLE="font: 8pt CIDFont+F4; margin: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 8pt CIDFont+F4; margin: 0"><FONT STYLE="font-size: 8pt"><B>CLOSED-END FUNDS</B></FONT></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">Closed-end funds, unlike open-end funds, are not continuously offered.
There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange.
Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund&rsquo;s shares is determined by a
number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade
at, below or above net asset value.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">The brand DWS represents DWS Group GmbH &amp; Co. KGaA and any of its
subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America
L.L.C. which offer advisory services.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">CEE-PH1</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">R-080548-1 (1/23)</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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