-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 ODnFhhpm2lJlEX+ngrQvkOjBBx4ArTQy3Q1AYqRbftbS4ySFitW6KNtYbmO614Hk
 vY4lnMJscvkjnpHPCnTJRQ==

<SEC-DOCUMENT>0000088053-07-001298.txt : 20071128
<SEC-HEADER>0000088053-07-001298.hdr.sgml : 20071128
<ACCEPTANCE-DATETIME>20071128122021
ACCESSION NUMBER:		0000088053-07-001298
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070930
FILED AS OF DATE:		20071128
DATE AS OF CHANGE:		20071128
EFFECTIVENESS DATE:		20071128

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEW GERMANY FUND INC
		CENTRAL INDEX KEY:			0000858706
		IRS NUMBER:				133555471
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05983
		FILM NUMBER:		071270740

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		800-437-6269

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LENOX FUND INC
		DATE OF NAME CHANGE:	19900115
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq093007ngf.htm
<DESCRIPTION>N-Q FILING - THE NEW GERMANY FUND
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><font SIZE=2>UNITED STATES</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>Washington, DC 20549</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><B><font SIZE=2>FORM N-Q</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><B><font SIZE=2>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><B><font SIZE=2>MANAGEMENT INVESTMENT COMPANY</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><b><font size=2>_______________________________ </font></b></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Investment Company Act file number  811-5983</font></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><u><font size=2>The New Germany Fund, Inc.</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>(Exact name of registrant as specified in charter)</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font size=2>345 Park Avenue</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>New York, NY  10154</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>(Address of principal executive offices) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; (Zip code)</font></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>Paul Schubert</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>345 Park Avenue</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>New York, NY  10154</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>(Name and address of agent for service)</font></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Registrant's telephone number, including area code:  </font></font><u><font size=2>(212) 454-7190</font></u></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Date of fiscal year end:  </font><u><font size=2>12/31</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Date of reporting period:</font><u><font size=2> 09/30/07</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2>ITEM 1.  SCHEDULE OF INVESTMENTS</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><B><font SIZE=2>THE NEW GERMANY FUND, INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2007</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="576" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Shares</font></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Description</font></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Value(a)</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="3" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:4.0pt;margin-bottom: 0pt'><B><font SIZE=2>INVESTMENTS IN GERMAN SECURITIES - 92.8%</font></B></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>COMMON</small> <small>STOCKS</small> <font size=2>- 83.2%</font></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>AEROSPACE</small><font size=2> &amp;</font></b><font size=2> </font><b><small>DEFENSE</small> <small>-</small> 1<small>.7%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>135,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>MTU Aero Engines Holding</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$8,196,543</font><i></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>AGRICULTURAL</small> <small>PRODUCT</small> <small>-</small> <font size=2>0.2%</font></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>5,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>KWS SaaT</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>963,337</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>AUTO</small> <small>PARTS</small> <font size=2>&amp;</font> <small>EQUIPMENT</small> <small>-</small> 1<small>.3%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>55,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Elringklinger</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,217,258</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>BUILDING</small> <small>PRODUCTS</small> <small>-</small> 2<small>.2%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>160,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Kloeckner &amp; Co.&#134;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,027,119</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>CHEMICALS</small> <small>-</small> 14<small>.1%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>505,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>GEA Group*</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>17,714,528</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>135,200</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>K I S</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>24,714,488</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>220,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Lanxess</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10,410,583</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>70,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Wacker Chemic&#134;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>16,336,351</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>69,175,950</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>CONSTRUCTION</small> <font size=2>&amp;</font> <small>ENGINEERING</small> <small>-</small> 2<small>.8%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<HR noshade align="center" width="100%" size="2">
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="576" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>177,200</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Bilfinger Berger </font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>13,809,965</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>CONSTRUCTION</small> <small>MATERIALS</small> <small>-</small> 2<small>.6%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>62,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Bauer </font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,046,443</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>70,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Hochtief</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,467,272</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>12,513,715</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>CONTAINERS</small> <font size=2>&amp;</font> <small>PACKAGING</small> <small>-</small> 0<small>.7%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>370,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Max Automation </font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,314,449</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>DIVERSIFIED</small> <small>FINANCIAL</small> <small>SERVICES</small> <small>-</small> 2 0<small>%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>150,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>AWD Holding </font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,997,268</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>55,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>MPC Muenchmeyer Peterson Capital</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,686,014</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,683,282</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>DIVERSIFIED</small> <small>TELECOMMUNICATION</small> <small>SERVICES</small> <small>-</small> 1<small>.6%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>205,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Freenet</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,582,024</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>400,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>QSC*&#134;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,115,787</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>7,697,811</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><small>ELECTRICAL</small> <small>EQUIPMENT</small> <small>-</small> 12<small>.0%</small></b></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>145,000</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Nordex*&#134;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><i>&nbsp;</i></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$7,133,672</font><i></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>130,000</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Q-Cells*&#134;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,253,530</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>360,000</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>SGL Carbon*</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>20,577,737</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>264,000</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Solarworld&#134;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15,154,155</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>98,950</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Steico*</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,621,185</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>58,740,279</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><small>ELECTRONIC</small> <small>EQUIPMENT</small> <font size=2>&amp;</font> <small>INSTRUMENTS</small> <small>-</small> 3<small>.4%</small></b></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>242,720</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Kontron</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,411,538</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>371,600</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Suess MicroTec*</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,946,984</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>90,000</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Wincor Nixdorf</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,422,318</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,780,840</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><small>HEALTHCARE</small> <small>PROVIDERS</small> <font size=2>&amp;</font> <small>SERVICES</small> <small>-</small> 1<small>.5%</small></b></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>232,000</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Rhoen Klinikum&#134;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,405,824</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><small>HOUSEHOLD</small> <small>PRODUCTS</small> <small>-</small> 1<small>.5%</small></b></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>99,483</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Beiersdorf</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,429,210</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><small>INDUSTRIAL</small> <small>CONGLOMERATES</small> <small>-</small> 0<small>.4%</small></b></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>57,220</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Tognum*</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,789,945</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><small>INSURANCE</small> <small>-</small> 1<small>.0%</small></b></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>100,000</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Hannover Ruckversicherungs</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,059,120</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><small>INTERNET</small> <small>SOFTWARE</small> <font size=2>&amp;</font> <small>SERVICES</small> <small>-</small> 2<small>.8%</small></b></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>620,000</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>United Internet&#134;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,920,117</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><small>LIFE</small> <small>INSURANCE</small> <small>-</small> 1<small>.3%</small></b></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>42,000</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>AMB Generali Holding</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,549,470</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font SIZE=2>M</font><small>ACHINERY</small><font size=2> - 10.9%</font></b></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>155,000</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Heidelberger Druckmaschinen</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,761,703</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>114,000</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Krones&#134;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,194,119</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>65,234</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Pfeiffer Vacuum Technology&#134;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,903,006</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>151,709</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Rheinmetall</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12,017,484</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>100,000</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Salzgitter</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>19,585,251</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>53,461,563</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><small>MULTILINE</small> <small>RETAIL</small> <small>-</small> 1<small>.7%</small></b></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>134,625</font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Douglas Holdings </font></p> </td>
        <td width="10" valign=bottom style='background:white;padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='background:white;padding: 0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,386,254</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<HR noshade align="center" width="100%" size="2">
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="576" style='background:white;border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><small>PHARMACEUTICALS</small> <small>-</small> 4<small>.5%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>171,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Celesio</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10,761,593</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>35,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Gerresheimer*</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,891,127</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>145,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Stada Arzneimittel&#134;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,428,406</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>22,081,126</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><b><small>REAL</small> <small>ESTATE</small> <small>-</small> 5<small>.1%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>120,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Deutsche Euroshop&#134;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>$4,419,265</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>36,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Interhyp&#134;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>2,712,985</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>420,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>IVG Immobilien</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>15,610,756</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>400,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>RCM Beteiligungs*</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>2,127,162</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>24,870,168</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><b><small>SOFTWARE</small> <small>-</small> 3<small>.2%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>165,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Software</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>15,446,953</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><b><small>SPECIALITY</small> <small>RETAIL</small> <small>-</small> 2<small>.0%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>139,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Hugo Boss Ag - Ord </font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>9,682,584</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><b><small>TEXTILE,</small> <small>APPAREL</small> <font size=2>&amp;</font> <small>LUXURY</small> <small>GOODS</small> <small>-</small> 2<small>.7%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>30,500</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Puma&#134;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>13,069,365</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total Common Stocks</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>(cost $231,602,187)</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>407,272,247</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><b><small>PREFERRED</small> <font SIZE=2>S</font><small>TOCK</small> <small>-</small> 9<small>.6%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><b><small>AUTOMOBILES</small> <small>-</small> 1<small>.1%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>2,400</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Porsche </font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>5,083,793</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><b><small>ELECTRICAL</small> <small>EQUIPMENT</small> <small>-</small> 1<small>.7%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>161,389</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Sartorius</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>8,490,724</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><b><small>HEALTHCARE</small> <small>PROVIDERS</small> <font size=2>&amp;</font> <small>SERVICES</small> <small>-</small> 4<small>.7%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>296,062</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Fresenius&#134;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>22,972,363</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><b><small>MEDIA</small> <small>-</small> 2<small>.1%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>333,400</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Prosieben Sat. 1 Media&#134;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>10,448,315</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total Preferred Stock</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>(cost $21,695,543)</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>46,995,195</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total Investments in German Securities</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>(cost $253,297,730)</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>454,267,442</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="3" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="3" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><B><font SIZE=2>INVESTMENTS IN DUTCH COMMON STOCKS - 4.1%</font></B></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><b><small>AEROSPACE</small> <font size=2>&amp;</font> <small>DEFENSE</small> <small>-</small> 4<small>.1%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>425,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>EADS&#134;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>13,028,870</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>360,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Qiagen*&#134;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>6,930,909</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>19,959,779</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total Investments in Dutch Common Stocks</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>(cost $10,218,260) </font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>19,959,779</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="3" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><B><font SIZE=2>INVESTMENTS IN IRISH COMMON STOCKS - 2.0%</font></B></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><b><small>DIVERSIFIED</small> <small>FINANCIAL</small> <small>SERVICES</small> <small>-</small> 2<small>.0%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>480,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Depfa Bank&#134;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>(cost $2,270,467)</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>$9,910,074</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="3" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><B><font SIZE=2>INVESTMENTS IN FRENCH COMMON STOCKS - 0.3%</font></B></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><b><small>DIVERSIFIED</small> <small>FINANCIAL</small> <small>SERVICES</small> <small>-</small> 0<small>.3%</small></b></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>40,000</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Business </font><i><font size=2>&amp; </font></i><font size=2>Decision*</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>(cost $1,022,425)</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>1,410,525</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total Investments in Common &amp; Preferred Stocks - 99.2%</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<HR noshade align="center" width="100%" size="2">
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="576" style='background:white;border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>(cost $266,808,882)</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>485,547,820</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="3" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><B><font SIZE=2>SECURITIES LENDING COLLATERAL - 13.4%</font></B></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>65,363,282</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Daily Assets Fund Institutional, 5.38%(b)(c)</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>(cost $65,363,282)</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>65,363,282</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total Investments - 112.6%</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>(cost $332,172,164)</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>550,911,102</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Other Assets and Liabilities,</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Net - (12.6%)</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>(61,555,538)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="68" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="414" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><B><font SIZE=2>NET ASSETS-100.0%</font></B></p> </td>
        <td width="10" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>$489,355,564</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>* Non-income producing securities.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>&#134; All or a portion of these securities were on loan. The value of all securities loaned at September 30, 2007 amounted to $62,141,389 which is 12.7% of the net assets.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>(a) Values stated in US dollars</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>(c) Represents collateral held in connection with securities lending.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 2.</font></B></p> </td>
        <td width="494" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>CONTROLS AND PROCEDURES</font></B></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="494" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:36.0pt;text-indent:-36.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="494" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:36.0pt;text-indent:-36.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chief Executive and Financial Officers concluded that the Registrant&#146;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.</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="494" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="494" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:36.0pt;text-indent:-36.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no changes in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s last half-year (the registrant&#146;s second fiscal half-year in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal controls over financial reporting.</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="494" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 3.</font></B></p> </td>
        <td width="494" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>EXHIBITS</font></B></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="494" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="494" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<HR noshade align="center" width="100%" size="2">
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<B><font SIZE=2>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>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.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="192" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The New Germany Fund, Inc.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="317" style='border-collapse:collapse; '>
    <tr >
        <td width="192" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="125" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="304" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael G. Clark</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="317" style='border-collapse:collapse; '>
    <tr >
        <td width="192" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="125" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>November 16, 2007</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>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.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="192" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The New Germany Fund, Inc.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="317" style='border-collapse:collapse; '>
    <tr >
        <td width="192" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="125" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="304" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael G. Clark</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="317" style='border-collapse:collapse; '>
    <tr >
        <td width="192" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="125" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>November 16, 2007</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="300" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="108" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="285" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>Chief Financial Officer and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;November 16, 2007</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


</div>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certifications.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom:5pt; margin-top:5pt;text-align:center;'><font COLOR="#454545"><B><font SIZE=2>CERTIFICATIONS</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font COLOR="#454545"><font SIZE=2>I, </font></font><font size=2>Michael G. Clark</font><font color="#454545"><font size=2>, certify that:</font></font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>1.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>I have reviewed this report on Form N-Q of </font></font><font size=2>The New Germany Fund, Inc.</font><font color="#454545"><font size=2>;</font></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>2. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>3. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; </font></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>4. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(b)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(c)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(d)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </font></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>5. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The New Germany Fund, Inc.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="317" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="125" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="304" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael G. Clark</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>November 16, 2007</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<HR noshade align="center" width="100%" size="2">
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:5pt; margin-top:0pt;text-align:center;'>
<font COLOR="#454545"><B><font SIZE=2>CERTIFICATIONS</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font COLOR="#454545"><font SIZE=2>I, </font></font><font size=2>Paul Schubert</font><font color="#454545"><font size=2>, certify that:</font></font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>1.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>I have reviewed this report on Form N-Q of </font></font><font size=2>The New Germany Fund, Inc.</font><font color="#454545"><font size=2>;</font></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>2.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>3.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; </font></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>4.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(b)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(c)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(d)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </font></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>5.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The New Germany Fund, Inc.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="300" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="108" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="285" style='border-collapse:collapse; '>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>Chief Financial Officer and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in; text-indent:-2in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>November 16, 2007</font> </p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in; text-indent:-2in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


</div>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
