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<SEC-DOCUMENT>0000088053-08-000260.txt : 20080306
<SEC-HEADER>0000088053-08-000260.hdr.sgml : 20080306
<ACCEPTANCE-DATETIME>20080306154440
ACCESSION NUMBER:		0000088053-08-000260
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20080306
DATE AS OF CHANGE:		20080306
EFFECTIVENESS DATE:		20080306

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05983
		FILM NUMBER:		08670907

	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-CSR
<SEQUENCE>1
<FILENAME>ar123107ngf.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">UNITED
        STATES</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">SECURITIES AND EXCHANGE COMMISSION</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">WASHINGTON, D. C. 20549</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">FORM
        N-CSR</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="281" border="0">
                <tr>
                    <td valign="top" nowrap width="212">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Investment Company Act file number</font></p>
                    </td>

                    <td valign="top" nowrap width="69">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">811-5983</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><u><font size="2">The
        New Germany Fund, Inc.</font></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">(Exact
        Name of Registrant as Specified in Charter)</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">345 Park
        Avenue</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><u><font size="2">New
        York, NY 10154</font></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 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-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">Registrant&rsquo;s Telephone Number, including Area Code:</font>
        <u><font size="2">(212) 454-7190</font></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Paul
        Schubert</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">345 Park
        Avenue</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><u><font size="2">New
        York, NY 10154</font></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">(Name and
        Address of Agent for Service)</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="193" border="0">
                <tr>
                    <td valign="top" nowrap width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Date of fiscal year end:</font></p>
                    </td>

                    <td valign="top" nowrap width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">12/31</font></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="211" border="0">
                <tr>
                    <td valign="top" nowrap width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Date of reporting period:</font></p>
                    </td>

                    <td valign="top" nowrap width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">12/31/07</font></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">ITEM
        1.</font></b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <b><font size="2">REPORT TO STOCKHOLDERS</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- Document name: 08-2226-2.zc-->

        <p align="left"><font face="Times New Roman" size="2"><b>SUMMARY OF GENERAL
        INFORMATION</b></font></p>

        <p align="left"><font face="Times New Roman" size="2"><b>THE FUND</b></font></p>

        <p><font face="Times New Roman" size="2">The New Germany Fund, Inc. (the "Fund") is a
        diversified, actively-managed closed-end fund listed on the New York Stock Exchange with
        the symbol "GF." The Fund seeks long-term capital appreciation primarily through investment
        in middle-market German equities. It is managed and advised by wholly-owned subsidiaries of
        the Deutsche Bank Group.</font></p>

        <p align="left"><font face="Times New Roman" size="2"><b>SHAREHOLDER
        INFORMATION</b></font></p>

        <p><font face="Times New Roman" size="2">Prices for the Fund's shares are published daily
        in the New York Stock Exchange Composite Transactions section of newspapers. Net asset
        value and market price information are published each Monday in</font>
        <font face="Times New Roman" size="2"><i>The Wall Street Journal</i></font>
        <font face="Times New Roman" size="2">and each Saturday in</font>
        <font face="Times New Roman" size="2"><i>Barron's</i></font>
        <font face="Times New Roman" size="2">and other newspapers in a table called "Closed End
        Funds". Daily information on the Fund's net asset value is available from NASDAQ (symbol
        XGFNX). It is also available by calling: 1-800-437-6269 (in the U.S.) or 212-454-6266
        (outside of the U.S.). In addition, a schedule of the Fund's largest holdings, dividend
        data and general shareholder information may be obtained by calling these
        numbers.</font></p>

        <p><font face="Times New Roman" size="2">The foregoing information is also available on our
        Website: www.newgermanyfund.com.</font></p>

        <p><img src="j0822262_zc007.jpg"></p>

        <p align="left"><font face="Times New Roman" size="1"><b>There are three closed-end funds
        investing in European equities managed by wholly-owned subsidiaries of the Deutsche Bank
        Group:</b></font></p>

        <p><font face="Times New Roman" size="1">&bull;&nbsp;&nbsp;The European Equity Fund,
        Inc.&mdash;investing primarily in equity or equity-linked securities of companies domiciled
        in European countries that utilize the Euro currency.</font></p>

        <p><font face="Times New Roman" size="1">&bull;&nbsp;&nbsp;The New Germany Fund,
        Inc.&mdash;investing primarily in the middle market German companies and up to 20%
        elsewhere in Western Europe (with no more than 10% in any single country).</font></p>

        <p><font face="Times New Roman" size="1">&bull;&nbsp;&nbsp;The Central Europe and Russia
        Fund, Inc.&mdash;investing primarily in Central European and Russian companies.</font></p>

        <p><font face="Times New Roman" size="1">Please consult your broker for advice on any of
        the above or call 1-800-</font><font face="Times New Roman" size="2">437-6269</font>
        <font face="Times New Roman" size="1">(in the U.S.) or 212-454-6266 (outside of the U.S.)
        for shareholder reports.</font></p>

        <p><font face="Times New Roman" size="1">These funds focus their investments in certain
        geographical regions, thereby increasing their vulnerability to developments in that
        region. Investing in foreign securities presents certain unique risks not associated with
        domestic investments, such as currency fluctuation, political and economic changes, and
        market risks. This may result in greater share price volatility.</font></p>

        <p align="center"><font face="Times New Roman" size="3"><b>The New Germany Fund,
        Inc.</b></font></p>

        <p align="center"><font face="Times New Roman" size="2"><b>Annual Report</b></font></p>

        <p align="center"><font face="Times New Roman" size="2"><b>December 31, 2007</b></font></p>

        <p><font face="Times New Roman" size="1">20958</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
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        <!-- Document name: 08-2226-2.ba-->

        <p><img src="j0822262_ba001.jpg"></p>

        <p align="center"><font face="Times New Roman" size="3"><b>The New Germany<br>
        Fund, Inc.</b></font></p>

        <p align="left"><font face="Times New Roman" size="2"><b>LETTER TO THE
        SHAREHOLDERS</b></font></p>

        <p><font face="Times New Roman" size="2">Dear Shareholder,</font></p>

        <p><font face="Times New Roman" size="2">During the final quarter of the year, global
        equity markets continued to suffer from the negative effects of the subprime crisis in the
        United States (US). As the markets started to recover from their midsummer corrections,
        they were once again hit by a significant sell-off in November 2007. Multi-billion dollar
        write-downs in the banking sector triggered significant losses in the financial sector, and
        the deepening US housing crisis increased recession fears for the US economy. Important
        leading indicators such as the purchasing manager indices, continued to deteriorate
        further, both in Europe and the US. In Germany, the IFO Business Climate Index also
        continued to weaken, signaling slowing economic growth and the ZEW index, which measures
        German investors' economic expectations, fell to a 15-year low.<sup>1</sup> Rising
        inflation and another jump in commodity prices triggered inflation fears. The oil price
        continued to rise, closing in on the key psychological level of $100 (USD), which burdened
        cyclical stocks, such as auto suppliers. Furthermore, the appreciation of the Euro to $1.49
        (USD) at its peak, was an additional burden for German exporters, especially industrials.
        Small- and mid-cap stocks were hit particularly hard and, in contrast to many large cap
        stocks, were not able to recover until year end: the large-cap German DAX Index gained 2.6%
        over the last quarter of 2007, while the mid-cap MDAX Index fell by
        4.6%.<sup>2</sup></font></p>

        <p><font face="Times New Roman" size="2">For the fiscal year ended December 31, 2007, the
        New Germany Fund's total return was 25.17% based on net asset value and 25.14% based on
        share price. During the same period, the total return of the fund's benchmark, the Midcap
        Market Performance Index, was 22.10%.<sup>3</sup></font></p>

        <p><font face="Times New Roman" size="2">During the fourth quarter, the fund established an
        overweight position in the industrial sector by increasing existing positions, despite
        trimming holdings in Heidelberger Druckmaschinen and Kl&ouml;ckner &amp; Co.<sup>4</sup> In
        particular, management increased the fund's position in Q-Cells, the world's second largest
        producer of solar cells. Starting from scratch in 2001, the company has been among the
        fastest-growing players within the solar industry, and the stock posted strong performance
        during the fourth quarter. While we increased the fund's weight in Q-Cells, they remained
        skeptical about Conergy, Europe's biggest integrator of photovoltaic systems. During the
        fourth quarter, Conergy issued two profit warnings, the CEO and the CFO left the company,
        and an emergency capital injection signaled a severe liquidity crunch. Conergy was the
        poorest performer in the Midcap Market Index universe in the fourth quarter. As a result,
        the fund' s underweight position in the stock helped performance, though overall the fund's
        overweight position in the industrial sector burdened performance. The fund's overweight
        position in Sartorius, a leading international laboratory and process technology provider
        covering the segments of biotechnology and mechatronics, detracted from performance for the
        quarter. The stock declined after management reduced its targets for 2007, resulting in
        analysts' downgrades, but we believe that the fundamentals of the business model remain
        solid.</font></p>

        <p><font face="Times New Roman" size="2">At the end of the fourth quarter, the New Germany
        Fund had an overweight position in the financial sector. Overall, the fund's positions in
        the financial sector had a neutral impact on performance. Having no position in IKB, a
        German bank that was impacted by the US subprime crisis, helped the fund's performance,
        while an overweight in IVG Immobilien, a German real estate manager and owner, burdened the
        quarterly performance. IVG Immobilien's stock suffered from investors' fears about a global
        economic downturn with negative consequences for office space demand and, hence, for rent
        levels. Over the course of the</font></p>

        <p align="center"><font face="Times New Roman" size="1"><b>For additional information about
        the Fund including performance, dividends, presentations, press releases, daily NAV and
        shareholder reports, please visit www.newgermanyfund.com</b></font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        1</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
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        <p align="left"><font face="Times New Roman" size="2"><b>LETTER TO THE SHAREHOLDERS
        (</b><b>continued</b><b>)</b></font></p>

        <p><font face="Times New Roman" size="2">third quarter, the fund had built up a position in
        AWD, a financial advisory company, based on its attractive valuation and interesting
        investment case. In December, the Swiss insurance company Swiss Life offered an all cash
        tender, which valued AWD at a 36% premium to the weighted average share price of the last
        three months, and the fund sold its position in AWD.</font></p>

        <p><font face="Times New Roman" size="2">Over the last quarter, the fund kept its
        overweight in the consumer discretionary sector; underweight positions in Arcandor and
        Praktiker helped the fund's performance. Both stocks suffered from a weak Christmas
        shopping quarter and tough fourth quarter comparisons as sales rose strongly in the fourth
        quarter of 2006 ahead of the VAT increase in 2007. Over the course of the fourth quarter,
        the fund maintained an overweight in the information technology sector, but stock selection
        in the sector detracted from the fund's performance. During the fourth quarter, shares of
        Versatel, an alternative provider of broadband and other telecommunications services to
        residential and business customers, rose by almost 140%, mainly triggered by takeover
        speculation. The fund's underweight position in the stock had a negative effect on
        performance. During the fourth quarter of 2007, the fund increased its underweight in the
        materials sector despite increasi ng its position in K+S, the manufacturer and marketer of
        commercial salt products and fertilizers. K+S contributed positively to fund performance as
        soaring global potash prices led to massive upgrades in analysts' earnings estimates for
        2008. Over the course of 2007, K+S released two profit warnings as its hedging strategy was
        very costly and burdened profitability, but the underlying trends were so strong that
        market participants ignored 2007 results and started to take strong price increases and
        rising earnings for financial year 2008 into consideration. The reasons for the
        considerable price increases include strong demand for potash products amidst limited
        supply; the rising importance of renewable raw materials for energy generation, which need
        potash as a natural fertilizer; and rising crop prices, which enable farmers to pay higher
        potash prices.</font></p>

        <p><font face="Times New Roman" size="2">Also noteworthy, the Fund settled the long
        outstanding litigation as discussed in Note 7 on page 23. The New Germany Fund's discount
        to net asset value averaged 9.53% for the year ending December 31, 2007, compared with
        9.31% for the prior year.</font></p>

        <p><font face="Times New Roman" size="1">The sources, opinions and forecasts expressed are
        as of the date of this report. There is no guarantee that the views, opinions and forecasts
        expressed herein will come to pass. This information is subject to change at any time based
        on market and other conditions and should not be construed as a recommendation for any
        specific security. Past performance does not guarantee future results.</font></p>

        <p><font face="Times New Roman" size="1"><sup>1</sup>&nbsp;&nbsp;The IFO Business Climate
        Index is a closely watched indicator of German business conditions, based on a monthly
        survey of about 7,000 companies. It is widely seen as a barometer for economic conditions
        in the whole of the Eurozone, which is a term used to describe the countries that joined
        the third stage of EMU and adopted the euro.</font></p>

        <p><font face="Times New Roman" size="1"><sup>2</sup>&nbsp;&nbsp;DAX is a total rate of
        return index of 30 selected German blue chips stocks traded on the Frankfurt stock
        exchange. MDAX is a total rate of return index of 50 mid-cap issues that rank below the
        DAX.</font></p>

        <p><font face="Times New Roman" size="1"><sup>3</sup>&nbsp;&nbsp;Midcap Market Performance
        Index is a total return index that is composed of various MDAX and TecDAX issues,
        reflecting the performance of the mid-caps across all sectors of the Prime Segment. TecDAX
        is a total return index that tracks the 30 largest and most liquid issues from the various
        technology sectors of the Prime Segment beneath the DAX.</font></p>

        <p><font face="Times New Roman" size="1">Index returns assume reinvested dividends and,
        unlike fund returns, do not reflect any fees or expenses. It is not possible to invest
        directly into an index.</font></p>

        <p><font face="Times New Roman" size="1"><sup>4</sup>&nbsp;&nbsp;"Overweight" means the
        fund holds a higher weighting in a given sector or security than the benchmark.
        "Underweight" means the fund holds a lower weighting.</font></p>

        <p><font face="Times New Roman" size="1">Sincerely,</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" align="left" width="75" colspan="3"><img src="j0822262_ba002.jpg">
                </td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="94" colspan="3"><img src="j0822262_ba003.jpg">
                </td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="80" colspan="3"><img src="j0822262_ba004.jpg">
                </td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="12" height="8">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="75" colspan="3">
                <font face="Times New Roman" size="1">Christian Strenger<br>
                Chairman</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="94" colspan="3">
                <font face="Times New Roman" size="1">Ralf Oberbannscheidt<br>
                Lead Portfolio Manager</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="80" colspan="3">
                <font face="Times New Roman" size="1">Michael G. Clark<br>
                President and Chief<br>
                Executive Officer</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="12" height="8">
                </td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p align="center"><font face="Times New Roman" size="1"><b>For additional information about
        the Fund including performance, dividends, presentations, press releases, daily NAV and
        shareholder reports, please visit www.newgermanyfund.com</b></font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        2</font></p>
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        <p align="left"><font face="Times New Roman" size="2"><b>ECONOMIC OUTLOOK</b></font></p>

        <p><font face="Times New Roman" size="2">The outlook for the world economy and equity
        markets in 2008 has become more clouded as repercussions from the US subprime crisis spread
        into wider areas of the financial sector, posing the risk of a sharp economic growth
        deceleration, triggered by credit tightening and deteriorating consumer confidence.
        Economists and equity strategists have taken a more cautious view and lowered their
        forecasts, as troubles in the financial sector deepened with the announcement of write-offs
        and softened the macro-economic indicators. The accelerating trend of wide-spread earnings
        downgrades by equity analysts and the continued weakness of the US dollar are key risk
        factors. At the same time, market participants are worried about inflation creeping up, not
        least on the back of rising food and energy prices, and also raising concerns of
        stagflation. We believe, however, these negatives will likely be balanced by continued
        strength in the ever more important emerging-market economies, strong financial health of
        the industrial sector and equities valuations, which are already pricing in a bearish
        earnings scenario. Given the increased uncertainty, volatility is likely to remain high and
        may offer tactical opportunities. Despite the VAT hike in 2007 and the falloff of consumer
        sentiment, German GDP grew at about a 2.5% pace in 2007, and the labor market continued to
        strengthen. The European Central Bank (ECB) raised interest rates twice during the course
        of 2007, ending December at 4.0%. Inflation rose to 2.8%, which is in line with the ECB's
        definition of price stability.</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        3</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
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        <p align="left"><font face="Times New Roman" size="2"><b>FUND HISTORY AS OF DECEMBER 31,
        2007</b></font></p>

        <p><font face="Times New Roman" size="2"><b>All performance shown is historical, assumes
        reinvestment of all dividend and capital gain distributions, and does not guarantee future
        results. Investment returns and principal value fluctuate with changing market conditions
        so that, when sold, shares may be worth more or less than their original cost. Current
        performance may be lower or higher than the performance data quoted. Please visit
        www.newgermanyfund.com for the Fund's most recent performance.</b></font></p>

        <p align="left"><font face="Times New Roman" size="2"><b>TOTAL RETURNS:</b></font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="bottom" width="88" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="426" colspan="19">
                <font face="Times New Roman" size="1"><b>For the years ended December
                31,</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="88" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="78" colspan="3">
                <font face="Times New Roman" size="1"><b>2007</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="78" colspan="3">
                <font face="Times New Roman" size="1"><b>2006</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="78" colspan="3">
                <font face="Times New Roman" size="1"><b>2005</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="78" colspan="3">
                <font face="Times New Roman" size="1"><b>2004</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="82" colspan="3">
                <font face="Times New Roman" size="1"><b>2003</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="88" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">Net Asset
                Value</font><font face="Times New Roman" size="1">(a)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="39" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">25.17</font></td>

                <td valign="bottom" align="left" width="31" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="39" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">43.94</font></td>

                <td valign="bottom" align="left" width="31" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="39" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">13.68</font></td>

                <td valign="bottom" align="left" width="31" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="39" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">24.44</font></td>

                <td valign="bottom" align="left" width="31" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="44" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">93.07</font></td>

                <td valign="bottom" align="left" width="30" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="88" colspan="3">
                <font face="Times New Roman" size="2">Market
                Value</font><font face="Times New Roman" size="1">(a)</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="39" colspan="1">
                <font face="Times New Roman" size="2">25.14</font></td>

                <td valign="bottom" align="left" width="31" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="39" colspan="1">
                <font face="Times New Roman" size="2">44.13</font></td>

                <td valign="bottom" align="left" width="31" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="39" colspan="1">
                <font face="Times New Roman" size="2">18.94</font></td>

                <td valign="bottom" align="left" width="31" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="39" colspan="1">
                <font face="Times New Roman" size="2">30.50</font></td>

                <td valign="bottom" align="left" width="31" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="44" colspan="1">
                <font face="Times New Roman" size="2">102.42</font></td>

                <td valign="bottom" align="left" width="30" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="88" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">Benchmark</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="39" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">22.10</font></td>

                <td valign="bottom" align="left" width="31" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">%</font><font face="Times New Roman" size="1">
                (1)</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="39" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">42.51</font></td>

                <td valign="bottom" align="left" width="31" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">%</font><font face="Times New Roman" size="1">
                (1)</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="39" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">14.17</font></td>

                <td valign="bottom" align="left" width="31" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">%</font><font face="Times New Roman" size="1">
                (1)</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="39" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">23.46</font></td>

                <td valign="bottom" align="left" width="31" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">%</font><font face="Times New Roman" size="1">
                (1)</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="44" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">78.56</font></td>

                <td valign="bottom" align="left" width="30" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">%</font><font face="Times New Roman" size="1">
                (2)</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p>
        <font face="Times New Roman" size="1">&nbsp;&nbsp;(a)</font><font face="Times New Roman" size="2">
        &nbsp;&nbsp;Total return based on net asset value reflects changes in the Fund's net asset
        value during each period. Total return based on market value reflects changes in market
        value. Each figure includes reinvestments of dividend and capital gain distributions, if
        any, at prices received under the Fund's dividend reinvestment plan. These figures will
        differ depending upon the level of any discount from or premium to net asset value at which
        the Fund's shares trade during the period.</font></p>

        <p><font face="Times New Roman" size="1">(1)&nbsp;&nbsp;Represents the Midcap Market
        Performance Index.***</font></p>

        <p><font face="Times New Roman" size="1">(2)&nbsp;&nbsp;Represents an arithmetic composite
        consisting of 75% MDAX*/25% NEMAX 50** from 1/1/03&ndash;3/31/03 and 100% Midcap Market
        Performance Index from 4/1/03&ndash;12/31/03.</font></p>

        <p><font face="Times New Roman" size="1">&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;MDAX is a
        total rate of return index of 50 mid-cap issues that rank below the DAX. DAX is the total
        rate of return index of 30 selected German blue chips stocks traded on the Frankfurt stock
        exchange.</font></p>

        <p><font face="Times New Roman" size="1">&nbsp;**&nbsp;&nbsp;NEMAX 50 is comprised of the
        50 largest technology issues from the Prime Segment that are ranked below the
        DAX.</font></p>

        <p><font face="Times New Roman" size="1">&nbsp;***&nbsp;&nbsp;Midcap Market Performance
        Index is a total return index that is composed of various MDAX and TecDAX**** issues,
        reflecting the performance of the mid-caps across all sectors of the Prime
        Segment.</font></p>

        <p><font face="Times New Roman" size="1">****&nbsp;&nbsp;TecDAX is a total return index
        that tracks the 30 largest and most liquid issues from the various technology sectors of
        the Prime Segment beneath the DAX.</font></p>

        <p><font face="Times New Roman" size="1">Index returns assume reinvested dividends and,
        unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest
        directly into an index.</font></p>

        <p><font face="Times New Roman" size="2">Investments in funds involve risk including the
        loss of principal.</font></p>

        <p><font face="Times New Roman" size="2">This Fund is diversified but primarily focuses its
        investments in Germany, thereby increasing its vulnerability to developments in that
        country. Investing in foreign securities presents certain unique risks not associated with
        domestic investments, such as currency fluctuation and political and economic changes and
        market risks. This may result in greater share price volatility.</font></p>

        <p><font face="Times New Roman" size="2">Closed-end funds, unlike open-end funds, are not
        continuously offered. Shares, once issued, are traded in the open market through a stock
        exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The
        price of the Fund's shares is determined by a number of factors, several of which are
        beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will
        trade at, below or above net asset value.</font></p>

        <p><font face="Times New Roman" size="2">The Fund has elected to not be subject to the
        statutory calculation, notification and publication requirements of the German Investment
        Tax Act (Investmentsteuergesetz). As a result, German investors in the Fund may be subject
        to less favorable lump-sum taxation under German law.</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        4</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
        <!-- SEQ.=4,FOLIO='4',FILE='08-2226-2.ba',USER='whazuka',CD='' --><br style="PAGE-BREAK-BEFORE: always" clear="all">


        <p align="left"><font face="Times New Roman" size="2"><b>FUND HISTORY AS OF DECEMBER 31,
        2007 (continued)</b></font></p>

        <p align="left"><font face="Times New Roman" size="2"><b>STATISTICS:</b></font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="bottom" align="left" width="158" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">Net Assets</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="67" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">480,723,638</font></td>

                <td valign="bottom" width="25" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="158" colspan="3">
                <font face="Times New Roman" size="2">Shares Outstanding</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="21" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="67" colspan="1">
                <font face="Times New Roman" size="2">24,804,698</font></td>

                <td valign="bottom" width="25" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="158" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">NAV Per Share</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="67" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">19.38</font></td>

                <td valign="bottom" width="25" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p align="left"><font face="Times New Roman" size="2"><b>DIVIDEND AND CAPITAL GAIN
        DISTRIBUTIONS:</b></font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="left" width="52" colspan="3">
                <font face="Times New Roman" size="1"><b>Record<br>
                </b><b>Date</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="52" colspan="3">
                <font face="Times New Roman" size="1"><b>Payable<br>
                </b><b>Date</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="77" colspan="3">
                <font face="Times New Roman" size="1"><b>Ordinary<br>
                </b><b>Income</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="84" colspan="3">
                <font face="Times New Roman" size="1"><b>LT Capital<br>
                </b><b>Gains</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="86" colspan="3">
                <font face="Times New Roman" size="1"><b>Total</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="52" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">12/21/07</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="52" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">01/10/08</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="48" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">0.255</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="55" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">&mdash;</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="39" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">0.255</font></td>

                <td valign="bottom" align="left" width="26" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">**</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="52" colspan="3">
                <font face="Times New Roman" size="2">05/03/07</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="52" colspan="3">
                <font face="Times New Roman" size="2">05/15/07</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="48" colspan="1">
                <font face="Times New Roman" size="2">0.340</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="55" colspan="1">
                <font face="Times New Roman" size="2">&mdash;</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="39" colspan="1">
                <font face="Times New Roman" size="2">0.340</font></td>

                <td valign="bottom" width="26" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="52" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">12/21/06</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="52" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">12/28/06</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="48" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">0.055</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="55" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">&mdash;</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="39" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">0.055</font></td>

                <td valign="bottom" width="26" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="52" colspan="3">
                <font face="Times New Roman" size="2">05/05/06</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="52" colspan="3">
                <font face="Times New Roman" size="2">05/15/06</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="48" colspan="1">
                <font face="Times New Roman" size="2">0.150</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="55" colspan="1">
                <font face="Times New Roman" size="2">&mdash;</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="39" colspan="1">
                <font face="Times New Roman" size="2">0.150</font></td>

                <td valign="bottom" width="26" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="52" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">12/22/05</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="52" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">12/30/05</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="48" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">0.410</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="55" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">&mdash;</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="39" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">0.410</font></td>

                <td valign="bottom" width="26" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="52" colspan="3">
                <font face="Times New Roman" size="2">05/19/05</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="52" colspan="3">
                <font face="Times New Roman" size="2">05/27/05</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="48" colspan="1">
                <font face="Times New Roman" size="2">0.140</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="55" colspan="1">
                <font face="Times New Roman" size="2">&mdash;</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="39" colspan="1">
                <font face="Times New Roman" size="2">0.140</font></td>

                <td valign="bottom" width="26" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="52" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">12/22/04</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="52" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">12/31/04</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="48" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">0.230</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="55" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">&mdash;</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="39" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">0.230</font></td>

                <td valign="bottom" width="26" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="52" colspan="3">
                <font face="Times New Roman" size="2">05/06/04</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="52" colspan="3">
                <font face="Times New Roman" size="2">05/14/04</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="48" colspan="1">
                <font face="Times New Roman" size="2">0.050</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="55" colspan="1">
                <font face="Times New Roman" size="2">&mdash;</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="39" colspan="1">
                <font face="Times New Roman" size="2">0.050</font></td>

                <td valign="bottom" width="26" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="52" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">12/22/03</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="52" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">12/31/03</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="48" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">0.022</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="55" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">&mdash;</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="39" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">0.022</font></td>

                <td valign="bottom" width="26" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="52" colspan="3">
                <font face="Times New Roman" size="2">07/24/03</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="52" colspan="3">
                <font face="Times New Roman" size="2">07/30/03</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="48" colspan="1">
                <font face="Times New Roman" size="2">0.003</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="55" colspan="1">
                <font face="Times New Roman" size="2">&mdash;</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="39" colspan="1">
                <font face="Times New Roman" size="2">0.003</font></td>

                <td valign="bottom" width="26" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="52" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">11/20/00</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="52" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">11/29/00</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="48" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">0.010</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="55" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">1.30</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="39" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">1.310</font></td>

                <td valign="bottom" width="26" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="52" colspan="3">
                <font face="Times New Roman" size="2">09/01/00</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="52" colspan="3">
                <font face="Times New Roman" size="2">09/15/00</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="48" colspan="1">
                <font face="Times New Roman" size="2">0.070</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="55" colspan="1">
                <font face="Times New Roman" size="2">0.35</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="21" colspan="1">
                <font face="Times New Roman" size="2">$</font></td>

                <td valign="bottom" align="right" width="39" colspan="1">
                <font face="Times New Roman" size="2">0.420</font></td>

                <td valign="bottom" width="26" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p align="left"><font face="Times New Roman" size="2"><b>OTHER INFORMATION:</b></font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="bottom" align="left" width="158" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">NYSE Ticker Symbol</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="113" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">GF</font></td>

                <td valign="bottom" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="158" colspan="3">
                <font face="Times New Roman" size="2">NASDAQ Symbol</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="113" colspan="1">
                <font face="Times New Roman" size="2">XGFNX</font></td>

                <td valign="bottom" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="158" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">Dividend Reinvestment Plan</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="113" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">Yes</font></td>

                <td valign="bottom" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="158" colspan="3">
                <font face="Times New Roman" size="2">Voluntary Cash Purchase Program</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="113" colspan="1">
                <font face="Times New Roman" size="2">Yes</font></td>

                <td valign="bottom" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="158" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">Annual Expense Ratio (12/31/07)*</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="21" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="67" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">1.00</font></td>

                <td valign="bottom" align="left" width="25" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p><font face="Times New Roman" size="1">&nbsp;*&nbsp;&nbsp;Represents expense ratio before
        custody credits. Please see "Financial Highlights" section of this report.</font></p>

        <p><font face="Times New Roman" size="1">**&nbsp;&nbsp;Although this distribution is
        payable in 2008, it is taxable in 2007.</font></p>

        <p><font face="Times New Roman" size="2">Fund statistics and expense ratio are subject to
        change. Distributions are historical, will fluctuate and are not guaranteed.</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        5</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
        <!-- SEQ.=5,FOLIO='5',FILE='08-2226-2.ba',USER='whazuka',CD='' --><br style="PAGE-BREAK-BEFORE: always" clear="all">


        <p align="left"><font face="Times New Roman" size="2"><b>PORTFOLIO BY MARKET SECTOR AS OF
        DECEMBER 31, 2007 (As a % of Portfolio's Assets)</b></font></p>

        <p><img src="j0822262_ba005.jpg"></p>

        <p align="left"><font face="Times New Roman" size="2"><b>10 LARGEST EQUITY HOLDINGS AS OF
        DECEMBER 31, 2007 (As a % of Portfolio's Net Assets)</b></font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">1.</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="88" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">K + S</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">6.9</font></td>

                <td valign="bottom" align="left" width="25" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" colspan="1">
                <font face="Times New Roman" size="2">2.</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="88" colspan="3">
                <font face="Times New Roman" size="2">Fresenius</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" colspan="1">
                <font face="Times New Roman" size="2">5.6</font></td>

                <td valign="bottom" align="left" width="25" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">3.</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="88" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">Q-Cells</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">5.3</font></td>

                <td valign="bottom" align="left" width="25" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" colspan="1">
                <font face="Times New Roman" size="2">4.</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="88" colspan="3">
                <font face="Times New Roman" size="2">EADS</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" colspan="1">
                <font face="Times New Roman" size="2">4.7</font></td>

                <td valign="bottom" align="left" width="25" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">5.</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="88" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">SGL Carbon</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">3.8</font></td>

                <td valign="bottom" align="left" width="25" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" colspan="1">
                <font face="Times New Roman" size="2">6.</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="88" colspan="3">
                <font face="Times New Roman" size="2">GEA Group</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" colspan="1">
                <font face="Times New Roman" size="2">3.7</font></td>

                <td valign="bottom" align="left" width="25" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">7.</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="88" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">Solarworld</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">3.3</font></td>

                <td valign="bottom" align="left" width="25" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" colspan="1">
                <font face="Times New Roman" size="2">8.</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="88" colspan="3">
                <font face="Times New Roman" size="2">IVG Immobilien</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" colspan="1">
                <font face="Times New Roman" size="2">3.2</font></td>

                <td valign="bottom" align="left" width="25" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">9.</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="88" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">United Internet</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">3.1</font></td>

                <td valign="bottom" align="left" width="25" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" colspan="1">
                <font face="Times New Roman" size="2">10.</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="88" colspan="3">
                <font face="Times New Roman" size="2">Software</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="31" colspan="1">
                <font face="Times New Roman" size="2">3.0</font></td>

                <td valign="bottom" align="left" width="25" colspan="1">
                <font face="Times New Roman" size="2">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p><font face="Times New Roman" size="2">Portfolio by Market Sector and 10 Largest Equity
        Holdings are subject to change and is not indicative of future portfolio
        composition.</font></p>

        <p><font face="Times New Roman" size="2">Following the Fund's fiscal first and third
        quarter-ends, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The
        forms are available on the SEC's Web site at www.sec.gov, and it also may be reviewed and
        copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation
        of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330.</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        6</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
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        <br style="PAGE-BREAK-BEFORE: always" clear="all">
        <!-- Document name: 08-2226-2.ca-->

        <p align="left"><font face="Times New Roman" size="2"><b>INTERVIEW WITH THE LEAD PORTFOLIO
        MANAGER &mdash; Ralf Oberbannscheidt</b></font></p>

        <p><font face="Times New Roman" size="2"><b><i>Question:</i></b><b>One of the government's
        major initiatives over the past few years has been to address German unemployment. Has any
        progress been made?</b></font></p>

        <p><font face="Times New Roman" size="2"><b><i>Answer:</i></b></font>
        <font face="Times New Roman" size="2">German unemployment fell to 8.4% in December &mdash;
        its lowest level in more than a decade &mdash; helped by contributions from stable growth
        in the economy and positive developments in the business cycle. Despite seeming high by
        United States (US) standards, the German unemployment rate is calculated differently and
        also represents a significant improvement over past years, when the rate had stubbornly
        lingered above 10%. The strong labor market performance should continue to support private
        consumption, as disposable income should benefit from the favorable trend in employment and
        wage growth. The recent rise in inflation to more than 3% year-over-year in Germany and
        still high capacity utilization should lead to an increase in negotiated wages, which we
        expect to increase in line with inflation in 2008. Despite the trend toward higher wages,
        we be lieve Germany continues to defend its market share in the face of fierce global
        competition. However, with one in five jobs in Germany linked to the export market, a
        potential slowdown in global demand could hinder the German employment picture.</font></p>

        <p><font face="Times New Roman" size="2"><b><i>Question:</i></b><b>Concerns of a potential
        recession in the US are increasingly troubling investors. Is Germany also facing a possible
        recession and what is the impact on German small- and mid-cap companies?</b></font></p>

        <p><font face="Times New Roman" size="2"><b><i>Answer:</i></b></font>
        <font face="Times New Roman" size="2">The European Central Bank has maintained a bias
        toward containing inflation, indicating that it is not overly concerned about an economic
        slowdown. However, sentiment and other indicators have deteriorated, and while Germany and
        the rest of Euroland may not be facing a recession, we believe a slowdown is ahead and the
        risks are to the downside. In recent meetings, company managements have told us that they
        do not see any indications of a slowdown in their business, but we believe their vision may
        be limited at this point. Particularly with small- and mid-cap companies, uncertain
        economic times are when it is most important to keep in close contact with company
        managements. We will be talking regularly with the companies in which the fund invests and
        watching for any sign of a slowdown (such as an increase in order cancellations), as we
        continue to i nvestigate not only which sectors are being impacted but also which companies
        appear best positioned to weather the storm.</font></p>

        <p><font face="Times New Roman" size="2"><b><i>Question:</i></b><b>In light of market
        movements over the past six months, how do small- and mid-cap stocks look from a valuation
        perspective?</b></font></p>

        <p><font face="Times New Roman" size="2"><b><i>Answer:</i></b></font>
        <font face="Times New Roman" size="2">Over the last few months, 2008 earnings expectations
        for German MDAX companies were unchanged while EPS estimates for TecDAX companies were
        reduced by 5%. Consequently, the valuation premium of small- and mid-cap stocks compared to
        large caps almost disappeared. German MDAX companies trade at around 12.8x 2008 estimated
        earnings while German blue chips are trading at about 12.5x 2008 estimated earnings.
        However, in light of elevated macro-economic risks, we remain cautious as 2008 estimated
        earnings may see stronger downgrades for German small- and mid-cap stocks, though there are
        a number of German small- and mid-cap companies that are global leaders in their sector and
        thus well-positioned to pass on prices and maintain margins.</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        7</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
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        <p align="left"><font face="Times New Roman" size="2"><b>DIRECTORS OF THE
        FUND</b></font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="176" colspan="3">
                <font face="Times New Roman" size="2"><b>Name, Address and Age*</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="2368" colspan="3">
                <font face="Times New Roman" size="2"><b>Principal Occupation(s)<br>
                </b><b>During Past Five Years</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="2991" colspan="3">
                <font face="Times New Roman" size="2"><b>Other Directorships Held by
                Director</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="top" align="left" width="176" colspan="3">
                <font face="Times New Roman" size="2">John Bult, 71<sup>(1)(2)</sup><br>
                Class II</font> </td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2368" colspan="3">
                <font face="Times New Roman" size="2">Chairman, PaineWebber International (since
                1985)</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2991" colspan="3">
                <font face="Times New Roman" size="2">Director, The European Equity Fund, Inc.
                (since 1986) and The Central Europe and Russia Fund, Inc. (since 1990). Director,
                The Greater China Fund, Inc. (closed end fund).</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="12" height="8">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="176" colspan="3">
                <font face="Times New Roman" size="2">Ambassador<br>
                Richard R. Burt, 60<sup>(1)</sup> Class I</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2368" colspan="3">
                <font face="Times New Roman" size="2">Senior Advisor, Kissinger McLarty Associates
                (international strategic advisory) (since 2007). Chairman, Diligence, LLC
                (international information and risk management firm) (2002-2007). Chairman, IEP
                Advisors, Inc. (information services firm) (1998-2001). Chairman of the Board,
                Weirton Steel Corp. (1996-2004). Formerly, Partner, McKinsey &amp; Company
                (consulting firm) (1991-1994). U.S. Ambassador to the Federal Republic of Germany
                (1985-1989).</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2991" colspan="3">
                <font face="Times New Roman" size="2">Director, The European Equity Fund, Inc. and
                The Central Europe and Russia Fund, Inc. (since 2000). Board Member, IGT, Inc.
                (gaming technology) (since 1995). Director, UBS family of Mutual Funds (since
                1995). Board Member, IICL Technologies, Inc. (information technology and product
                engineering) (since 1999). Member, Textron Inc. International Advisory Council
                (aviation, automotive, industrial operations, and finance) (since
                1996).</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="12" height="8">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="176" colspan="3">
                <font face="Times New Roman" size="2">John H. Cannon, 65<sup>(1)</sup> Class
                II</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2368" colspan="3">
                <font face="Times New Roman" size="2">Consultant (since 2002); Vice President and
                Treasurer, Venator Group/Footlocker Inc. (footwear retailer) (until
                2002).</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2991" colspan="3">
                <font face="Times New Roman" size="2">Director of The Central Europe and Russia
                Fund, Inc. and The European Equity Fund, Inc. (since 2004).</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="12" height="8">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="176" colspan="3">
                <font face="Times New Roman" size="2">Richard Karl Goeltz, 65<br>
                Class I</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2368" colspan="3">
                <font face="Times New Roman" size="2">Consultant. Vice Chairman and Chief Financial
                Officer of American Express Co. (1996-2000); Former Chief Financial Officer and
                Member of the Board of Directors of National Westminster Bank Plc. (1992-1996).
                Former Executive Vice President-Finance (1986-1991) and Vice President-Finance
                (1976-1986) of The Seagram Company Ltd.</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2991" colspan="3">
                <font face="Times New Roman" size="2">Independent Non-Executive Director of Aviva
                plc (financial services), Director of Delta Air Lines Inc., Federal Home Loan
                Mortgage Corp. ("Freddie Mac") and The Warnaco Group Inc.; Member of the Court of
                Governors and the Council of the London School of Economics and Political
                Science.</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="12" height="8">
                </td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        8</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
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        <p align="left"><font face="Times New Roman" size="2"><b>DIRECTORS OF THE FUND
        (continued)</b></font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="176" colspan="3">
                <font face="Times New Roman" size="2"><b>Name, Address and Age*</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="2368" colspan="3">
                <font face="Times New Roman" size="2"><b>Principal Occupation(s)<br>
                </b><b>During Past Five Years</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="2991" colspan="3">
                <font face="Times New Roman" size="2"><b>Other Directorships Held by
                Director</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="top" align="left" width="176" colspan="3">
                <font face="Times New Roman" size="2">Dr. Friedbert Malt, 66<sup>(1)<br>
                </sup>Class III</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2368" colspan="3">
                <font face="Times New Roman" size="2">Vice Chairman and Member of the Executive
                Committee of NOL Neptune Orient Lines Ltd., Singapore ("NOL") (since 2002). Advisor
                to the Board of Managing Directors of DZ Bank, Frankfurt (2002).</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2991" colspan="3">
                <font face="Times New Roman" size="2">Member of the Board of NOL (since 2000).
                Director, The European Equity Fund, Inc. (since 2007) and The New Germany Fund,
                Inc. (since 2007). Director, T&Uuml;V Rheinland of North America, Inc. (independent
                testing and assessment services).</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="12" height="8">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="176" colspan="3">
                <font face="Times New Roman" size="2">Dr. Franz Wilhelm Hopp, 65<br>
                Class III</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2368" colspan="3">
                <font face="Times New Roman" size="2">Former Member of the Boards of Management of
                ERGO Versicherungsgruppe AG, ERGO Europa Beteiligungsgesellschaft AG, and ERGO
                International AG (insurance) (over five years); Member of the Boards of Management
                of VICTORIA Holding, VICTORIA Lebensversicherung AG, VICTORIA Versicherung AG,
                VICTORIA International, VICTORIA R&uuml;ckversicherung AG and D.A.S.
                Versicherungs-AG. (insurance)</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2991" colspan="3">
                <font face="Times New Roman" size="2">Chairman of the Supervisory Board of
                Ideenkapital Media Finance. Member of the Supervisory Boards of Jenoptik, AG; TMW
                Immobilien AG; Oesterreichische Volksbanken; KarastadtQuelle Bank GmbH; GFKL
                Financial Services AG; MEAG Munich ERGO Kapitalanlagegesellschaft mbH;
                Internationales Immobilieninstitut GmbH; TMW Real Estate Group L.P., and Victoria
                Volksbanken, Oesterreich. Member of the Administrative Boards of Frankfurter
                Volksbank and HSBC Trinkaus &amp; Burkhardt. Member of the Advisory Boards of
                Dresdner Bank AG; EnBW Energie Baden-Wuerttemberg AG; Falke Bank AG;
                Landeskreditbank Baden-Wuerttemberg; Millenium Entertainment Partners L.P. and MPE
                Hotel, LLC.</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="12" height="8">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="176" colspan="3">
                <font face="Times New Roman" size="2">Ernst-Ulrich Matz, 73<br>
                Class III</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2368" colspan="3">
                <font face="Times New Roman" size="2">Consultant. Vice Chairman of the Supervisory
                Boards of Bopp &amp; Reuther AG (valve, control, measurement and safety technology)
                (1990-2001). Chief Financial Officer and member of the Board of Directors of IWKA
                Aktiengesellschaft (production and manufacturing technology) (1978-2000). Member of
                the Supervisory Boards of Ex-Cell-O AG (machine tool and system manufacturer)
                (1996-2001) and ARO SA (1978-2000) (resistance welding).</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2991" colspan="3">
                <font face="Times New Roman" size="2">Member of the District Advisory Board of
                Gerling- Konzern (until 2002); Chairman of the Rumanian Group in the German
                East-West Trade Committee (until 2002); Member of Advisory Council of Herder GmbH
                &amp; Co. KG; Member of Supervisory Board of Photon AG. Member of the District
                Advisory Board of Deutsche Bank AG, Mannheim (until 1999).</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="12" height="8">
                </td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        9</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
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        <p align="left"><font face="Times New Roman" size="2"><b>DIRECTORS OF THE FUND
        (continued)</b></font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="176" colspan="3">
                <font face="Times New Roman" size="2"><b>Name, Address and Age*</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="2368" colspan="3">
                <font face="Times New Roman" size="2"><b>Principal Occupation(s)<br>
                </b><b>During Past Five Years</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="2991" colspan="3">
                <font face="Times New Roman" size="2"><b>Other Directorships Held by
                Director</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="top" align="left" width="176" colspan="3">
                <font face="Times New Roman" size="2">Christian H. Strenger, 64<sup>(1)(2)</sup>
                Class I</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2368" colspan="3">
                <font face="Times New Roman" size="2">Member of Supervisory Board (since 1999) and
                formerly Managing Director (1991-1999) of DWS Investment GmbH (investment
                management), a subsidiary of Deutsche Bank AG.</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2991" colspan="3">
                <font face="Times New Roman" size="2">Director of The European Equity Fund, Inc.
                (since 1986) and The Central Europe and Russia Fund, Inc. (since 1990). Member,
                Supervisory Board, Fraport AG (international airport business) and Hermes Focus
                Asset Management Europe Ltd. (asset management).</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="12" height="8">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="176" colspan="3">
                <font face="Times New Roman" size="2">Dr. Frank Tr&ouml;mel, 71<sup>(1)</sup> Class
                III</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2368" colspan="3">
                <font face="Times New Roman" size="2">Deputy Chairman of the Supervisory Board of
                DELTON AG (strategic management holding company operation in the pharmaceutical,
                household products, logistics and power supply sectors) (2000-2006). Member (since
                2000) and Vice-President (2002-2006) of the German Accounting Standards Board;
                Chairman of the Board of Managing Directors of DELTON AG (1990-1999); Chairman of
                the Board of Managing Directors of AL TANA AG (1987-1990) (management holding
                company for pharmaceutical and chemical operation) and Member of the Board
                (1977-1987).</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2991" colspan="3">
                <font face="Times New Roman" size="2">Director, The European Equity Fund, Inc. and
                The Central Europe and Russia Fund, Inc. (since 2005).</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="12" height="8">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="176" colspan="3">
                <font face="Times New Roman" size="2">Robert H. Wadsworth, 67<sup>(1)(3)</sup>
                Class I</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2368" colspan="3">
                <font face="Times New Roman" size="2">President, Robert H. Wadsworth Associates,
                Inc. (consulting firm) (May 1983-present).</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2991" colspan="3">
                <font face="Times New Roman" size="2">Director, The European Equity Fund, Inc.
                (since 1986) and The Central Europe and Russia Fund, Inc. (since 1990) as well as
                other funds in the Fund Complex as indicated.</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="12" height="8">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="176" colspan="3">
                <font face="Times New Roman" size="2">Werner Walbr&ouml;l, 70<sup>(1)</sup> Class
                II</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2368" colspan="3">
                <font face="Times New Roman" size="2">President and Chief Executive Officer, The
                European American Chamber of Commerce, Inc. Formerly, President and Chief Executive
                Officer, The German American Chamber of Commerce, Inc. (until 2003).</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2991" colspan="3">
                <font face="Times New Roman" size="2">Director of The European Equity Fund, Inc.
                (since 1986) and The Central Europe and Russia Fund, Inc. (since 1990). Director,
                T&Uuml;V Rheinland of North America, Inc. (independent testing and assessment
                services). Director, The German American Chamber of Commerce, Inc. President and
                Director, German-American Partnership Program (student exchange
                programs).</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="12" height="8">
                </td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        10</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
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        <p align="left"><font face="Times New Roman" size="2"><b>DIRECTORS OF THE FUND
        (continued)</b></font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="176" colspan="3">
                <font face="Times New Roman" size="2"><b>Name, Address and Age*</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="2368" colspan="3">
                <font face="Times New Roman" size="2"><b>Principal Occupation(s)<br>
                </b><b>During Past Five Years</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="2991" colspan="3">
                <font face="Times New Roman" size="2"><b>Other Directorships Held by
                Director</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="top" align="left" width="176" colspan="3">
                <font face="Times New Roman" size="2">Peter Z&uuml;hlsdorff, 66<br>
                Class II</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2368" colspan="3">
                <font face="Times New Roman" size="2">Managing Director of DIH Deutsche Industrie
                Holding (holding company) (since 1997). Managing Director of DSD Duales System
                Deutschland AG (recycling) (since 2004). Managing Director of Tengelmann
                Unternehmensgruppe (food and specialty retailing) (1998-2003). Managing Director of
                Bewerbungskommitee Leipzig 2012 GmbH (olympic bid committee) (2004) and Managing
                Director of PZ Sportpark GmbH (1996-2003).</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="2991" colspan="3">
                <font face="Times New Roman" size="2">Chairman of the Supervisory Board, Sinn
                Leffers AG (retail) and Escada AG (fashion). Member of the Supervisory Board, Deutz
                AG (heavy machinery and engines) and Kaisers Tengelmann AG (food and specialty
                retailing). Member of the Advisory Board, Tengelmann Verwaltungs-und
                Beteiligungsgesellschaft GmbH (food and specialty retailing), DSD-Duales System
                Deutschland GmbH, Bahlsen GmbH &amp; Co. KG (bakery goods), Ziegler Film (TV and
                film productions) and Deutsche Sporthilfe.</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="12" height="8">
                </td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p><font face="Times New Roman" size="1">Each has served as a Director of the Fund since
        the Fund's inception in 1990 except for Mr. Wadsworth, who was elected to the Board on June
        19, 1992; Dr. Hopp, who was elected on June 18, 1993; Mr. Matz who was elected on June 29,
        1995; Mr. Z&uuml;hlsdorff, who was elected on June 20, 1997; Ambassador Burt, who was
        elected on April 23, 2004, Mr. Walbr&ouml;l, who was elected on April 23, 2004 and Dr. Malt
        was elected to the Board on July 23, 2007. The term of office for Directors in Class I
        expires at the 2010 Annual Meeting, Class II expires at the 2008 Annual Meeting and Class
        III expires at the 2009 Annual Meeting.</font></p>

        <p><font face="Times New Roman" size="1">(1)&nbsp;&nbsp;Indicates that Messrs. Bult, Burt,
        Cannon, Malt, Tr&ouml;mel, Walbr&ouml;l, Wadsworth and Strenger each also serve as a
        Director of The European Equity Fund, Inc. and The Central Europe and Russia Fund, Inc.,
        two other closed-end registered investment companies for which Deutsche Investment
        Management Americas, Inc. acts as manager.</font></p>

        <p><font face="Times New Roman" size="1">(2)&nbsp;&nbsp;Indicates "interested" Director, as
        defined in the Investment Company Act of 1940, as amended (the "1940 Act"). Mr. Bult is an
        "interested" Director because of his affiliation with PaineWebber International, an
        affiliate of UBS Securities Inc., a registered broker-dealer; and Mr. Strenger is an
        "interested" Director because of his affiliation with DWS-Deutsche Gesellschaft f&uuml;r
        Werpapiersparen mbH ("DWS"), a majority-owned subsidiary of Deutsche Bank AG and because of
        his ownership of Deutsche Bank AG shares.</font></p>

        <p><font face="Times New Roman" size="1">(3)&nbsp;&nbsp;Indicates that Mr. Wadsworth also
        serves as Director/Trustee of the following open-end investment companies: DWS Balanced
        Fund, DWS Blue Chip Fund, DWS Equity Trust, DWS High Income Series, DWS State Tax-Free
        Income Series, DWS Strategic Income Fund, DWS Target Fund, DWS Technology Fund, DWS U.S.
        Government Securities Fund, DWS Value Series, Inc., DWS Variable Series II, Cash Account
        Trust, Investors Cash Trust, Investors Municipal Cash Fund, Tax-Exempt California Money
        Market Fund and DWS Money Funds. Mr. Wadsworth also serves as Director of Dreman Value
        Income Edge Fund, Inc., DWS High Income Trust, DWS Multi-Market Income Trust, DWS Municipal
        Income Trust, DWS Strategic Income Trust, and DWS Strategic Municipal Income Trust,
        closed-end investment companies. These Funds are advised by Deutsche Investment Management
        Americas Inc., an indirect wholly-owned subsidiary of Deutsche Bank AG.</font></p>

        <p><font face="Times New Roman" size="1">(4)&nbsp;&nbsp;Inception date of corporation which
        was predecessor to the LLC.</font></p>

        <p><font face="Times New Roman" size="1">*&nbsp;&nbsp;The address of each director is 345
        Park Avenue, New York, NY 10154.</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        11</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
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        <p align="left"><font face="Times New Roman" size="2"><b>OFFICERS OF THE
        FUND*</b></font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="281" colspan="3">
                <font face="Times New Roman" size="2"><b>Name, Age</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="1361" colspan="3">
                <font face="Times New Roman" size="2"><b>Principal Occupations During Past Five
                Years</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="top" align="left" width="281" colspan="3">
                <font face="Times New Roman" size="2">Michael G. Clark<sup>(2)(5)</sup>, 42
                President and Chief Executive Officer</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="1361" colspan="3">
                <font face="Times New Roman" size="2">Managing Director<sup>(4)</sup>, Deutsche
                Asset Management (2006-present); President of DWS family of funds; formerly,
                Director of Fund Board Relations (2004-2006) and Director of Product Development
                (2000-2004), Merrill Lynch Investment Managers; Senior Vice President Operations,
                Merrill Lynch Asset Management (1999-2000)</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="8" height="8">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="281" colspan="3">
                <font face="Times New Roman" size="2">Paul Schubert<sup>(1)(5)</sup>, 44<br>
                Chief Financial Officer and Treasurer</font> </td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="1361" colspan="3">
                <font face="Times New Roman" size="2">Managing Director<sup>(4)</sup>, Deutsche
                Asset Management (since July 2004); formerly, Executive Director, Head of Mutual
                Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and
                Director of Mutual Fund Finance at UBS Global Asset Management
                (1994-1998)</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="8" height="8">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="281" colspan="3">
                <font face="Times New Roman" size="2">David Goldman<sup>(2)(5)</sup>, 34<br>
                Secretary</font> </td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="1361" colspan="3">
                <font face="Times New Roman" size="2">Vice President, Deutsche Asset
                Management</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="8" height="8">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="281" colspan="3">
                <font face="Times New Roman" size="2">John Millette<sup>(2)(6)</sup>, 45<br>
                Assistant Secretary</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="1361" colspan="3">
                <font face="Times New Roman" size="2">Director<sup>(4)</sup>, Deutsche Asset
                Management</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="8" height="8">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="281" colspan="3">
                <font face="Times New Roman" size="2">Elisa D. Metzer<sup>(2)(5)</sup>, 45<br>
                Chief Legal Officer</font> </td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="1361" colspan="3">
                <font face="Times New Roman" size="2">Director<sup>(4)</sup>, Deutsche Asset
                Management (since September 2005); formerly, Counsel, Morrison and Foerster LLP
                (1999-2005)</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="8" height="8">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="281" colspan="3">
                <font face="Times New Roman" size="2">Brett Rogers<sup>(3)(5)</sup>, 31<br>
                Chief Compliance Officer</font> </td>

                <td colspan="1">&nbsp;</td>

                <td valign="top" align="left" width="1361" colspan="3">
                <font face="Times New Roman" size="2">Vice President, Deutsche Asset Management
                (2005-present). Formerly, Assistant Vice President, Deutsche Asset
                Management</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr height="8">
                <td colspan="8" height="8">
                </td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p><font face="Times New Roman" size="1">Each also serves as an Officer of The European
        Equity Fund, Inc. and The Central Europe and Russia Fund, Inc., two other closed-end
        registered investment companies for which Deutsche Investment Management Americas Inc. acts
        as manager.</font></p>

        <p><font face="Times New Roman" size="1">*&nbsp;&nbsp;As a result of their respective
        positions held with the Manager, these individuals are considered "interested persons" of
        the Manager within the meaning of the 1990 Act. Interested persons receive no compensation
        from the Fund.</font></p>

        <p><font face="Times New Roman" size="1">(1)&nbsp;&nbsp;Since 2004.</font></p>

        <p><font face="Times New Roman" size="1">(2)&nbsp;&nbsp;Since 2006.</font></p>

        <p><font face="Times New Roman" size="1">(3)&nbsp;&nbsp;Since 2007.</font></p>

        <p><font face="Times New Roman" size="1">(4)&nbsp;&nbsp;Executive title, not a board
        directorship.</font></p>

        <p><font face="Times New Roman" size="1">(5)&nbsp;&nbsp;Address: 345 Park Avenue, New York,
        New York 10154.</font></p>

        <p><font face="Times New Roman" size="1">(6)&nbsp;&nbsp;Address: Two International Place,
        Boston, Massachusetts 02110.</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        12</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
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        <p align="left"><font face="Times New Roman" size="2"><b>SHARES REPURCHASED AND
        ISSUED</b></font></p>

        <p><font face="Times New Roman" size="2">The Fund has been purchasing shares of its common
        stock in the open market. Shares repurchased and shares issued for dividend reinvestment
        for the past five years are as follows:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="left" width="177" colspan="3">
                <font face="Times New Roman" size="2">Fiscal years ended December 31,</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="48" colspan="3">
                <font face="Times New Roman" size="1"><b>2007</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="65" colspan="3">
                <font face="Times New Roman" size="1"><b>2006</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="65" colspan="3">
                <font face="Times New Roman" size="1"><b>2005</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="73" colspan="3">
                <font face="Times New Roman" size="1"><b>2004</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="73" colspan="3">
                <font face="Times New Roman" size="1"><b>2003</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="177" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2">Shares repurchased</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="32" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">&mdash;</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="49" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">155,500</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="49" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">689,500</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="57" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">1,245,300</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="57" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="2">1,079,300</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="177" colspan="3">
                <font face="Times New Roman" size="2">Shares issued for dividend
                reinvestment</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="32" colspan="1">
                <font face="Times New Roman" size="2">&mdash;</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="49" colspan="1">
                <font face="Times New Roman" size="2">&mdash;</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="49" colspan="1">
                <font face="Times New Roman" size="2">369,273</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="57" colspan="1">
                <font face="Times New Roman" size="2">81,662</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="57" colspan="1">
                <font face="Times New Roman" size="2">35,920</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p align="left"><font face="Times New Roman" size="2"><b>PRIVACY POLICY AND
        PRACTICES</b></font></p>

        <p><font face="Times New Roman" size="2">We never sell customer lists or information about
        individual clients (stockholders). We consider privacy fundamental to our client
        relationships and adhere to the policies and practices described below to protect current
        and former clients' information. Internal policies are in place to protect confidentiality,
        while allowing client needs to be served. Only individuals who need to do so in carrying
        out their job responsibilities may access client information. We maintain physical,
        electronic and procedural safeguards that comply with federal and state standards to
        protect confidentiality. These safeguards extend to all forms of interaction with us,
        including the Internet.</font></p>

        <p><font face="Times New Roman" size="2">In the normal course of business, we may obtain
        information about stockholders whose shares are registered in their names. For purposes of
        these policies, "clients" means stockholders of the Fund. (We generally do not have
        knowledge of or collect personal information about stockholders who hold Fund shares in
        "street" name," such as through brokers or banks.) Examples of the nonpublic personal
        information collected are name, address, Social Security number and transaction and balance
        information. To be able to serve our clients, certain of this client information may be
        shared with affiliated and nonaffiliated third party service providers such as transfer
        agents, custodians, and broker-dealers to assist us in processing transactions and
        servicing the client's account with us. The organizations described above that receive
        client information may only use it for the purpose designated by the Fund.</font></p>

        <p><font face="Times New Roman" size="2">We may also disclose nonpublic personal
        information about clients to other parties as required or permitted by law. For example, we
        are required or we may provide information to government entities or regulatory bodies in
        response to requests for information or subpoenas, to private litigants in certain
        circumstances, to law enforcement authorities, or any time we believe it necessary to
        protect the firm from such activity.</font></p>

        <p align="left"><font face="Times New Roman" size="2"><b>PROXY VOTING</b></font></p>

        <p><font face="Times New Roman" size="2">A description of the Fund's policies and
        procedures for voting proxies for portfolio securities and information about how the Fund
        voted proxies related to its portfolio securities during the 12-month period ended June 30
        is available on our Web site &mdash; www.germanyfund.com or on the SEC's Web site &mdash;
        www.sec.gov. To obtain a written copy of the Fund's policies and procedures without charge,
        upon request, call us toll free at (800) 437-6269.</font></p>

        <p align="left"><font face="Times New Roman" size="2"><b>CERTIFICATIONS</b></font></p>

        <p><font face="Times New Roman" size="2">The Fund's chief executive officer has certified
        to the New York Stock Exchange that, as of July 20, 2007, he was not aware of any violation
        by the Fund of applicable NYSE corporate governance listing standards. The Fund's reports
        to the Securities and Exchange Commission on Forms N-CSR, N-CSRS and N-Q contain
        certifications by the Fund's chief executive officer and chief financial officer that
        relate to the Fund's disclosure in such reports and that are required by rule 30a-2(a)
        under the Investment Company Act of 1940.</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        13</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
        <!-- SEQ.=13,FOLIO='13',FILE='08-2226-2.ca',USER='whazuka',CD='' --><br style="PAGE-BREAK-BEFORE: always" clear="all">

        <br style="PAGE-BREAK-BEFORE: always" clear="all">
        <!-- Document name: 08-2226-2.da-->

        <p align="left"><font face="Times New Roman" size="2"><b>THE NEW GERMANY FUND<br>
        SCHEDULE OF INVESTMENTS &mdash; DECEMBER 31, 2007</b></font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="left" width="174" colspan="3">
                <font face="Times New Roman" size="1"><b>Shares</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="155" colspan="3">
                <font face="Times New Roman" size="1"><b>Description</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="99" colspan="3">
                <font face="Times New Roman" size="1"><b>Value</b><b><sup>(a)</sup></b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="174" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2"><b>INVESTMENTS IN GERMAN<br>
                </b><b>SECURITIES</b></font><font face="Times New Roman" size="1"><b>&ndash;</b></font>
                <font face="Times New Roman" size="2"><b>92.7%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="262" bgcolor="#cceeff" colspan="7">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" colspan="7">
                <font face="Times New Roman" size="1"><b>COMMON STOCKS &ndash;
                84.3%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>AEROSPACE &amp; DEFENSE &ndash;
                1.7%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">135,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">MTU Aero Engines Holding</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">7,888,320</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>AUTO COMPONENTS &ndash;
                2.2%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">55,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">ElringKlinger</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">6,829,240</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">80,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Leoni</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">3,926,630</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="337" colspan="7">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">10,755,870</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>CAPITAL MARKETS &ndash;
                1.0%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">55,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">MPC Muenchmeyer Petersen
                Capital&dagger;</font> </td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">4,913,839</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>CHEMICALS &ndash; 11.9%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">140,200</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">K + S&dagger;</font> </td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">33,331,877</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">220,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Lanxess</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">10,798,234</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">45,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Wacker Chemie&dagger;</font> </td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">12,996,007</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="337" bgcolor="#cceeff" colspan="7">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">57,126,118</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" colspan="7">
                <font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &ndash;
                1.1%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">120,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Aareal Bank</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">5,486,765</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" colspan="7">
                <font face="Times New Roman" size="1"><b>COMPUTERS &amp;<br>
                </b><b>PERIPHERALS &ndash; 1.8%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">90,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Wincor Nixdorf</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">8,545,680</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" colspan="7">
                <font face="Times New Roman" size="1"><b>CONSTRUCTION &amp;<br>
                </b><b>ENGINEERING &ndash; 6.2%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">92,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Bauer</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">6,518,090</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">177,200</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Bilfinger Berger</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">13,662,301</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">70,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Hochtief</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">9,407,552</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="337" colspan="7">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">29,587,943</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>ELECTRICAL EQUIPMENT &ndash;
                16.2%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">145,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Nordex*&dagger;</font> </td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">6,682,795</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">180,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Q-Cells*&dagger;</font> </td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">25,663,334</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">335,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">SGL Carbon*</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">18,116,403</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">264,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Solarworld&dagger;</font> </td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">16,100,938</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">377,220</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Tognum*</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">11,356,996</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="337" bgcolor="#cceeff" colspan="7">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">77,920,466</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" colspan="7">
                <font face="Times New Roman" size="1"><b>HEALTHCARE PROVIDERS &amp;<br>
                </b><b>SERVICES &ndash; 3.0%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">111,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Celesio</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">6,891,324</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">232,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Rhoen Klinikum</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">7,313,583</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="337" bgcolor="#cceeff" colspan="7">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">14,204,907</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" colspan="7">
                <font face="Times New Roman" size="1"><b>INDUSTRIAL<br>
                </b><b>CONGLOMERATES &ndash; 2.5%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">151,709</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Rheinmetall</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">12,051,506</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="left" width="174" colspan="3">
                <font face="Times New Roman" size="1"><b>Shares</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="155" colspan="3">
                <font face="Times New Roman" size="1"><b>Description</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="99" colspan="3">
                <font face="Times New Roman" size="1"><b>Value</b><b><sup>(a)</sup></b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>INSURANCE &ndash; 2.3%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">42,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">AMB Generali Holding</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">6,549,497</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">100,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Hannover Ruckversicherungs</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">4,608,824</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="337" colspan="7">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">11,158,321</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>INTERNET SOFTWARE &amp;<br>
                </b><b>SERVICES &ndash; 3.1%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">620,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">United Internet</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">15,079,838</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>LIFE SCIENCES TOOLS &amp;<br>
                </b><b>SERVICES &ndash; 0.4%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">35,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Gerresheimer*</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">1,953,090</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>MACHINERY &ndash; 7.3%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">505,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">GEA Group*</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">17,557,355</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">114,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Krones</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">9,157,551</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">370,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Max Automation</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">3,210,546</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">65,234</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Pfeiffer Vacuum Technology</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">5,241,161</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="337" colspan="7">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">35,166,613</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>METALS &amp; MINING &ndash;
                2.5%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">80,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Salzgitter</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">11,925,971</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>PERSONAL PRODUCTS &ndash;
                1.6%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">99,483</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Beiersdorf</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">7,702,213</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>PHARMACEUTICALS &ndash;
                1.9%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">145,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Stada Arzneimittel</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">8,906,863</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>REAL ESTATE MANAGEMENT &amp; DEVELOPMENT
                &ndash; 4.5%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">120,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Deutsche Euroshop</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">4,119,456</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">450,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">IVG Immobilien</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">15,500,549</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">400,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">RCM Beteiligungs*</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">1,823,078</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="337" bgcolor="#cceeff" colspan="7">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">21,443,083</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" colspan="7">
                <font face="Times New Roman" size="1"><b>SEMICONDUCTORS &amp;<br>
                </b><b>SEMICONDUCTOR<br>
                </b><b>EQUIPMENT &ndash; 1.5%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">242,720</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Kontron</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">4,864,637</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">371,600</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Suess MicroTec*</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">2,328,755</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="337" bgcolor="#cceeff" colspan="7">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">7,193,392</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" colspan="7">
                <font face="Times New Roman" size="1"><b>SOFTWARE &ndash; 3.0%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">165,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Software AG</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">14,599,308</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" colspan="7">
                <font face="Times New Roman" size="1"><b>SPECIALITY RETAIL &ndash;
                1.6%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">134,625</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Douglas Holdings</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">7,758,245</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" colspan="7">
                <font face="Times New Roman" size="1"><b>TEXTILE, APPAREL &amp;<br>
                </b><b>LUXURY GOODS &ndash; 4.2%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">139,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Hugo Boss Ag-Ord</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">8,040,828</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">30,500</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Puma&dagger;</font> </td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">12,163,351</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="337" bgcolor="#cceeff" colspan="7">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">20,204,179</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p align="center"><font face="Times New Roman" size="2">The accompanying notes are an
        integral part of the financial statements.<br>
        14</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
        <!-- SEQ.=14,FOLIO='14',FILE='08-2226-2.da',USER='whazuka',CD='' --><br style="PAGE-BREAK-BEFORE: always" clear="all">


        <p align="left"><font face="Times New Roman" size="2"><b>THE NEW GERMANY FUND<br>
        SCHEDULE OF INVESTMENTS &mdash; DECEMBER 31, 2007 (continued)</b></font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="left" width="174" colspan="3">
                <font face="Times New Roman" size="1"><b>Shares</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="155" colspan="3">
                <font face="Times New Roman" size="1"><b>Description</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="99" colspan="3">
                <font face="Times New Roman" size="1"><b>Value</b><b><sup>(a)</sup></b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>THRIFTS &amp;<br>
                </b><b>MORTGAGE FINANCE &ndash; 0.6%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">36,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Interhyp&dagger;</font> </td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">2,605,249</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>TRADING COMPANIES &amp;<br>
                </b><b>DISTRIBUTORS &ndash; 0.3%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">40,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Kloeckner &amp; Co.</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">1,606,880</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>TRANSPORTATION<br>
                </b><b>INFRASTRUCTURE &ndash; 0.9%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">50,610</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Hamburger Hafen und Logistik*</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">4,509,796</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>WIRELESS<br>
                </b><b>TELECOMMUNICATIONS<br>
                </b><b>SERVICES &ndash; 1.0%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">205,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Freenet</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">4,788,429</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="158" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Total Common Stocks<br>
                (cost $236,494,742)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">405,082,884</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" colspan="7">
                <font face="Times New Roman" size="1"><b>PREFERRED STOCKS &ndash;
                8.4%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>HEALTHCARE EQUIPMENT &amp;<br>
                </b><b>SUPPLIES &ndash; 6.7%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">326,062</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Fresenius</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">27,102,117</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">135,789</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Sartorius</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">5,355,735</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="337" colspan="7">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">32,457,852</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>MEDIA &ndash; 1.7%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">333,400</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Prosieben Sat. 1 Media&dagger;</font> </td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">7,982,434</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="158" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Total Preferred Stock<br>
                (cost $19,150,228)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">40,440,286</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="158" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Total Investments in<br>
                German Securities<br>
                (cost $255,644,970)</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">445,523,170</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="174" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2"><b>INVESTMENTS IN DUTCH<br>
                </b><b>COMMON STOCKS &ndash; 6.3%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="262" bgcolor="#cceeff" colspan="7">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" colspan="7">
                <font face="Times New Roman" size="1"><b>AEROSPACE &amp; DEFENSE &ndash;
                4.7%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">705,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">EADS&dagger;</font> </td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">22,481,931</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" colspan="7">
                <font face="Times New Roman" size="1"><b>LIFE SCIENCES TOOLS &amp;<br>
                </b><b>SERVICES &ndash; 1.6%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">360,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Qiagen*&dagger;</font> </td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">7,793,660</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="158" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Total Investments in<br>
                Dutch Common Stocks<br>
                (cost $19,200,186)</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">30,275,591</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="left" width="174" colspan="3">
                <font face="Times New Roman" size="1"><b>Shares</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="155" colspan="3">
                <font face="Times New Roman" size="1"><b>Description</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="99" colspan="3">
                <font face="Times New Roman" size="1"><b>Value</b><b><sup>(a)</sup></b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="174" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2"><b>INVESTMENTS IN FRENCH<br>
                </b><b>COMMON STOCKS &ndash; 0.3%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="262" bgcolor="#cceeff" colspan="7">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="174" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="262" colspan="7">
                <font face="Times New Roman" size="1"><b>IT SERVICES &ndash; 0.3%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">40,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Business &amp; Decision*<br>
                (cost $1,022,425)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1,364,387</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="158" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Total Investments in<br>
                Common &amp; Preferred<br>
                Stocks &ndash; 99.3%<br>
                (cost $275,867,581)</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">477,163,148</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="174" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2"><b>SECURITIES LENDING<br>
                </b><b>COLLATERAL &ndash; 15.6%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="262" bgcolor="#cceeff" colspan="7">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">74,992,452</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Daily Assets Institutional<br>
                Fund, 5.03%(b)(c)<br>
                (cost $74,992,452)</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">74,992,452</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="174" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2"><b>CASH EQUIVALENTS &ndash;
                0.0%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="262" bgcolor="#cceeff" colspan="7">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="158" colspan="1">
                <font face="Times New Roman" size="1">6,300</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Cash Management QP Trust, 4.67%(c)<br>
                (cost $6,300)</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">6,300</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="158" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Total Investments &ndash; 114.9%<br>
                (cost $350,866,333)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">552,161,900</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="158" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" colspan="3">
                <font face="Times New Roman" size="1">Other Assets and Liabilities,<br>
                Net &ndash; (14.9%)</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">(71,438,262</font></td>

                <td valign="bottom" align="left" width="18" colspan="1">
                <font face="Times New Roman" size="1">)</font></td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="158" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="155" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1"><b>NET ASSETS&ndash;100.0%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">480,723,638</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p align="left"><font face="Times New Roman" size="1">*&nbsp;&nbsp;Non-income producing
        securities.</font></p>

        <p align="left"><font face="Times New Roman" size="1">&dagger;&nbsp;&nbsp;All or a portion
        of these securities were on loan. The value of all securities loaned at December 31, 2007
        amounted to $70,832,173 which is 14.7% of the net assets.</font></p>

        <p align="left"><font face="Times New Roman" size="1">(a)&nbsp;&nbsp;Values stated in US
        dollars.</font></p>

        <p align="left"><font face="Times New Roman" size="1">(b)&nbsp;&nbsp;Represents collateral
        held in connection with securities lending. Income earned by the Fund is net of borrower
        rebates.</font></p>

        <p align="left"><font face="Times New Roman" size="1">(c)&nbsp;&nbsp;Affiliated fund
        managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized
        seven-day yield at period end.</font></p>

        <p align="center"><font face="Times New Roman" size="2">The accompanying notes are an
        integral part of the financial statements.<br>
        15</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
        <!-- SEQ.=15,FOLIO='15',FILE='08-2226-2.da',USER='whazuka',CD='' --><br style="PAGE-BREAK-BEFORE: always" clear="all">

        <br style="PAGE-BREAK-BEFORE: always" clear="all">
        <!-- Document name: 08-2226-2.ea-->

        <p align="left"><font face="Times New Roman" size="2"><b>THE NEW GERMANY FUND<br>
        STATEMENT OF ASSETS AND LIABILITIES<br>
        DECEMBER 31, 2007</b></font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="bottom" align="left" width="496" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="2"><b>ASSETS</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="496" colspan="7">
                <font face="Times New Roman" size="1">Investments:</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Investments, at value, (cost $275,867,581)
                &mdash; including $70,832,173 of securities loaned</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">477,163,148</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" colspan="3">
                <font face="Times New Roman" size="1">Investment in Cash Management QP Trust (cost
                $6,300)</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">6,300</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Investment in Daily Assets Fund Institutional
                (cost $74,992,452)*</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">74,992,452</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" colspan="3">
                <font face="Times New Roman" size="1">Total investments, at value (cost
                $350,866,333)</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">552,161,900</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Cash</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">3,502</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" colspan="3">
                <font face="Times New Roman" size="1">Foreign currency, at value (cost
                $8,726,413)</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">9,077,766</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Foreign withholding tax refund
                receivable</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">29,145</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" colspan="3">
                <font face="Times New Roman" size="1">Interest receivable</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">28,251</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Due from insurance provider</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1,243,464</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" colspan="3">
                <font face="Times New Roman" size="1">Other assets</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">74,572</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Total assets</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">562,618,600</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="496" colspan="7">
                <font face="Times New Roman" size="2"><b>LIABILITIES</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Payable upon return of securities
                loaned</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">74,992,452</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" colspan="3">
                <font face="Times New Roman" size="1">Management fee payable</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">224,067</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Investment advisory fee payable</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">105,393</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" colspan="3">
                <font face="Times New Roman" size="1">Payable for Directors' fees and
                expenses</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">9,325</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Distributions payable</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">6,325,198</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" colspan="3">
                <font face="Times New Roman" size="1">Accrued expenses and accounts
                payable</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">238,527</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Total liabilities</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">81,894,962</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" colspan="3">
                <font face="Times New Roman" size="1"><b>NET ASSETS</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="20" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">480,723,638</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="496" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1">Net assets consist of:</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" colspan="3">
                <font face="Times New Roman" size="1">Paid-in capital, $.001 par (Authorized
                80,000,000 shares)</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">432,308,125</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Cost of 9,944,643 shares held in
                Treasury</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">(95,213,277</font></td>

                <td valign="bottom" align="left" width="18" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">)</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" colspan="3">
                <font face="Times New Roman" size="1">Distributions in excess of net investment
                income</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">(1,440,194</font></td>

                <td valign="bottom" align="left" width="18" colspan="1">
                <font face="Times New Roman" size="1">)</font></td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Accumulated net realized loss on investments
                and foreign currency</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">(56,580,666</font></td>

                <td valign="bottom" align="left" width="18" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">)</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" colspan="3">
                <font face="Times New Roman" size="1">Net unrealized appreciation on investments
                and foreign currency</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">201,649,650</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Net assets</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">480,723,638</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="397" colspan="3">
                <font face="Times New Roman" size="1">Net asset value per share ($480,723,638
                &divide; 24,804,698) shares of common stock issued and outstanding)</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">19.38</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p align="left"><font face="Times New Roman" size="1">*Represents collateral on securities
        loaned.</font></p>

        <p align="center"><font face="Times New Roman" size="2">The accompanying notes are an
        integral part of the financial statements.<br>
        16</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
        <!-- SEQ.=16,FOLIO='16',FILE='08-2226-2.ea',USER='whazuka',CD='' --><br style="PAGE-BREAK-BEFORE: always" clear="all">


        <p align="left"><font face="Times New Roman" size="2"><b><br>
        THE NEW GERMANY FUND<br>
        STATEMENT OF OPERATIONS</b></font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="bottom" width="375" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="116" colspan="3">
                <font face="Times New Roman" size="1"><b>For the<br>
                </b><b>year ended<br>
                </b><b>December 31, 2007</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="491" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="2"><b>NET INVESTMENT INCOME:</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="491" colspan="7">
                <font face="Times New Roman" size="1">Investment Income</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Dividends (net of foreign withholding taxes
                of $898,024)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">7,726,134</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" colspan="3">
                <font face="Times New Roman" size="1">Interest</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">302,473</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Interest - Cash Management QP
                Trust</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1,425</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" colspan="3">
                <font face="Times New Roman" size="1">Securities lending, including income from
                Daily Assets Fund Institutional, net of borrower rebates</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">800,135</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Total investment income</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">8,830,167</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="491" colspan="7">
                <font face="Times New Roman" size="1">Expenses:</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Management fee</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">2,641,686</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" colspan="3">
                <font face="Times New Roman" size="1">Investment advisory fee</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">1,255,479</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Custodian fee</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">224,944</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" colspan="3">
                <font face="Times New Roman" size="1">Services to shareholders</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">34,632</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Reports to shareholders and shareholder
                meetings</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">201,974</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" colspan="3">
                <font face="Times New Roman" size="1">Directors' fees and expenses</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">201,170</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Professional fees</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">70,965</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" colspan="3">
                <font face="Times New Roman" size="1">NYSE Listing fee</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">12,415</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Total expenses before custody credits and
                expense reductions</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">4,643,265</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" colspan="3">
                <font face="Times New Roman" size="1">Less: custody credits*</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">(1,685</font></td>

                <td valign="bottom" align="left" width="18" colspan="1">
                <font face="Times New Roman" size="1">)</font></td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Net expenses</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">4,641,580</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" colspan="3">
                <font face="Times New Roman" size="1">Net investment income</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">4,188,587</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="491" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="2"><b>REALIZED AND UNREALIZED GAIN
                (LOSS)</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="491" colspan="7">
                <font face="Times New Roman" size="1">Net realized gain (loss) from:</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Investments</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">64,350,706</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" colspan="3">
                <font face="Times New Roman" size="1">Foreign currency</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">846,566</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="491" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1">Change in net unrealized appreciation
                (depreciation) during the period on:</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" colspan="3">
                <font face="Times New Roman" size="1">Investments</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">27,839,655</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Foreign currency</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">324,290</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" colspan="3">
                <font face="Times New Roman" size="1">Net gain on investments and foreign
                currency</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">93,361,217</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="375" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1"><b>NET INCREASE IN NET ASSETS RESULTING FROM
                OPERATIONS</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">97,549,804</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p align="left"><font face="Times New Roman" size="1">*The custody credits are attributable
        to interest earned on U.S. cash balances held on deposit at the custodian.</font></p>

        <p align="center"><font face="Times New Roman" size="2">The accompanying notes are an
        integral part of the financial statements.<br>
        17</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
        <!-- SEQ.=17,FOLIO='17',FILE='08-2226-2.ea',USER='whazuka',CD='' --><br style="PAGE-BREAK-BEFORE: always" clear="all">


        <p align="left"><font face="Times New Roman" size="2"><b><br>
        THE NEW GERMANY FUND<br>
        STATEMENTS OF CHANGES IN NET ASSETS</b></font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="bottom" width="329" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="116" colspan="3">
                <font face="Times New Roman" size="1"><b>For the<br>
                </b><b>year ended<br>
                </b><b>December 31, 2007</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="116" colspan="3">
                <font face="Times New Roman" size="1"><b>For the<br>
                </b><b>year ended<br>
                </b><b>December 31, 2006</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="569" bgcolor="#cceeff" colspan="11">
                <font face="Times New Roman" size="2"><b>INCREASE (DECREASE) IN NET
                ASSETS</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="569" colspan="11">
                <font face="Times New Roman" size="1">Operations:</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="329" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Net investment income</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">4,188,587</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1,059,769</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="569" colspan="11">
                <font face="Times New Roman" size="1">Net realized gain on:</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="329" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Investments</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">64,350,706</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">47,015,213</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="329" colspan="3">
                <font face="Times New Roman" size="1">Foreign currency</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">846,566</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">662,679</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="569" bgcolor="#cceeff" colspan="11">
                <font face="Times New Roman" size="1">Change in net unrealized appreciation
                (depreciation) on:</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="329" colspan="3">
                <font face="Times New Roman" size="1">Investments</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">27,839,655</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">74,232,326</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="329" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Foreign currency</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">324,290</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">29,997</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="329" colspan="3">
                <font face="Times New Roman" size="1">Net increase in net assets resulting from
                operations</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">97,549,804</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">122,999,984</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="569" bgcolor="#cceeff" colspan="11">
                <font face="Times New Roman" size="1">Distributions to shareholders:</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="329" colspan="3">
                <font face="Times New Roman" size="1">Net investment income</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">(14,758,795</font></td>

                <td valign="bottom" align="left" width="18" colspan="1">
                <font face="Times New Roman" size="1">)</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">(5,084,963</font></td>

                <td valign="bottom" align="left" width="18" colspan="1">
                <font face="Times New Roman" size="1">)</font></td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="569" bgcolor="#cceeff" colspan="11">
                <font face="Times New Roman" size="1">Capital share transactions:</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="329" colspan="3">
                <font face="Times New Roman" size="1">Cost of shares repurchased (0 and 155,500
                shares, respectively)</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">&mdash;</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">(1,807,438</font></td>

                <td valign="bottom" align="left" width="18" colspan="1">
                <font face="Times New Roman" size="1">)</font></td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="329" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Net decrease in net assets from capital share
                transactions</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">&mdash;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">(1,807,438</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="left" width="18" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">)</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="329" colspan="3">
                <font face="Times New Roman" size="1">Total increase in net assets</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">82,791,009</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">116,107,583</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="569" bgcolor="#cceeff" colspan="11">
                <font face="Times New Roman" size="2"><b>NET ASSETS</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="329" colspan="3">
                <font face="Times New Roman" size="1">Beginning of year</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">397,932,629</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="78" colspan="1">
                <font face="Times New Roman" size="1">281,825,046</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="329" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">End of year (including distributions in
                excess of net investment income of $1,440,194<br>
                and $836,571, as of December 31, 2007 and December 31, 2006,
                respectively)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">480,723,638</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="78" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">397,932,629</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p align="center"><font face="Times New Roman" size="2">The accompanying notes are an
        integral part of the financial statements.<br>
        18</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
        <!-- SEQ.=18,FOLIO='18',FILE='08-2226-2.ea',USER='whazuka',CD='' --><br style="PAGE-BREAK-BEFORE: always" clear="all">


        <p align="left"><font face="Times New Roman" size="2"><b>THE NEW GERMANY FUND, INC.<br>
        FINANCIAL HIGHLIGHTS</b></font></p>

        <p><font face="Times New Roman" size="2">Selected data for a share of common stock
        outstanding throughout each of the periods indicated:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="bottom" width="184" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="481" colspan="19">
                <font face="Times New Roman" size="1"><b>For the years ended December
                31,</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="184" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="89" colspan="3">
                <font face="Times New Roman" size="1"><b>2007</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="89" colspan="3">
                <font face="Times New Roman" size="1"><b>2006</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="91" colspan="3">
                <font face="Times New Roman" size="1"><b>2005</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="91" colspan="3">
                <font face="Times New Roman" size="1"><b>2004</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="89" colspan="3">
                <font face="Times New Roman" size="1"><b>2003</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="665" bgcolor="#cceeff" colspan="23">
                <font face="Times New Roman" size="1">Per share operating performance:</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="665" colspan="23">
                <font face="Times New Roman" size="1">Net asset value:</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="184" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Beginning of period</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">16.04</font></td>

                <td valign="bottom" width="24" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">11.29</font></td>

                <td valign="bottom" width="24" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">10.51</font></td>

                <td valign="bottom" width="26" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">8.72</font></td>

                <td valign="bottom" width="26" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">4.53</font></td>

                <td valign="bottom" width="24" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="184" colspan="3">
                <font face="Times New Roman" size="1">Net investment income (loss)</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">.17</font></td>

                <td valign="bottom" align="left" width="24" colspan="1">
                <font face="Times New Roman" size="1">(a)</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">.04</font></td>

                <td valign="bottom" align="left" width="24" colspan="1">
                <font face="Times New Roman" size="1">(a)</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">(.01</font></td>

                <td valign="bottom" align="left" width="26" colspan="1">
                <font face="Times New Roman" size="1">)(a)</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">(.01</font></td>

                <td valign="bottom" align="left" width="26" colspan="1">
                <font face="Times New Roman" size="1">)(a)</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">&mdash;</font></td>

                <td valign="bottom" width="24" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="184" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Net realized and unrealized gain (loss)
                on<br>
                investments and foreign currency transactions</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">3.77</font></td>

                <td valign="bottom" width="24" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">4.91</font></td>

                <td valign="bottom" width="24" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1.32</font></td>

                <td valign="bottom" width="26" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">2.00</font></td>

                <td valign="bottom" width="26" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">4.17</font></td>

                <td valign="bottom" width="24" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="184" colspan="3">
                <font face="Times New Roman" size="1">Increase (decrease) from investment
                operations</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">3.94</font></td>

                <td valign="bottom" width="24" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">4.95</font></td>

                <td valign="bottom" width="24" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">1.31</font></td>

                <td valign="bottom" width="26" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">1.99</font></td>

                <td valign="bottom" width="26" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">4.17</font></td>

                <td valign="bottom" width="24" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="184" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Increase resulting from share
                repurchases</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">&mdash;</font></td>

                <td valign="bottom" width="24" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">.01</font></td>

                <td valign="bottom" width="24" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">.04</font></td>

                <td valign="bottom" width="26" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">.08</font></td>

                <td valign="bottom" width="26" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">.05</font></td>

                <td valign="bottom" width="24" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="184" colspan="3">
                <font face="Times New Roman" size="1">Distributions from net investment
                income</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">(.60</font></td>

                <td valign="bottom" align="left" width="24" colspan="1">
                <font face="Times New Roman" size="1">)</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">(.21</font></td>

                <td valign="bottom" align="left" width="24" colspan="1">
                <font face="Times New Roman" size="1">)</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">(.55</font></td>

                <td valign="bottom" align="left" width="26" colspan="1">
                <font face="Times New Roman" size="1">)</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">(.28</font></td>

                <td valign="bottom" align="left" width="26" colspan="1">
                <font face="Times New Roman" size="1">)</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">(.03</font></td>

                <td valign="bottom" align="left" width="24" colspan="1">
                <font face="Times New Roman" size="1">)</font></td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="184" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Dilution in net asset value from dividend<br>
                reinvestment</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">&mdash;</font></td>

                <td valign="bottom" width="24" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">&mdash;</font></td>

                <td valign="bottom" width="24" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">(.02</font></td>

                <td valign="bottom" align="left" width="26" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">)</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">.00</font></td>

                <td valign="bottom" align="left" width="26" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">(b)</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">.00</font></td>

                <td valign="bottom" align="left" width="24" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">(b)</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="665" colspan="23">
                <font face="Times New Roman" size="1">Net asset value:</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="184" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">End of period</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">19.38</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="24" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">16.04</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="24" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">11.29</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="26" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">10.51</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="26" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">8.72</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" width="24" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="665" colspan="23">
                <font face="Times New Roman" size="1">Market value:</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="184" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">End of period</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">17.48</font></td>

                <td valign="bottom" width="24" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">14.47</font></td>

                <td valign="bottom" width="24" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">10.19</font></td>

                <td valign="bottom" width="26" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">9.05</font></td>

                <td valign="bottom" width="26" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">7.16</font></td>

                <td valign="bottom" width="24" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="665" colspan="23">
                <font face="Times New Roman" size="1">Total investment return for the
                period&dagger;:</font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="184" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Based upon market value</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">25.14</font></td>

                <td valign="bottom" align="left" width="24" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">44.13</font></td>

                <td valign="bottom" align="left" width="24" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">18.94</font></td>

                <td valign="bottom" align="left" width="26" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">30.50</font></td>

                <td valign="bottom" align="left" width="26" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">102.42</font></td>

                <td valign="bottom" align="left" width="24" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="184" colspan="3">
                <font face="Times New Roman" size="1">Based upon net asset value</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">25.17</font></td>

                <td valign="bottom" align="left" width="24" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">43.94</font></td>

                <td valign="bottom" align="left" width="24" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">13.68</font></td>

                <td valign="bottom" align="left" width="26" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">24.44</font></td>

                <td valign="bottom" align="left" width="26" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">93.07</font></td>

                <td valign="bottom" align="left" width="24" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="665" bgcolor="#cceeff" colspan="23">
                <font face="Times New Roman" size="1">Ratio to average net assets:</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="184" colspan="3">
                <font face="Times New Roman" size="1">Total expenses before custody
                credits*</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">1.00</font></td>

                <td valign="bottom" align="left" width="24" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">1.30</font></td>

                <td valign="bottom" align="left" width="24" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">1.64</font></td>

                <td valign="bottom" align="left" width="26" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">1.24</font></td>

                <td valign="bottom" align="left" width="26" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">1.40</font></td>

                <td valign="bottom" align="left" width="24" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="184" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Net investment income (loss)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">.90</font></td>

                <td valign="bottom" align="left" width="24" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">.31</font></td>

                <td valign="bottom" align="left" width="24" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">(.07</font></td>

                <td valign="bottom" align="left" width="26" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">)%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">(.08</font></td>

                <td valign="bottom" align="left" width="26" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">)%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">.05</font></td>

                <td valign="bottom" align="left" width="24" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="184" colspan="3">
                <font face="Times New Roman" size="1">Portfolio turnover</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">47.42</font></td>

                <td valign="bottom" align="left" width="24" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">45.46</font></td>

                <td valign="bottom" align="left" width="24" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">51.70</font></td>

                <td valign="bottom" align="left" width="26" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">58.42</font></td>

                <td valign="bottom" align="left" width="26" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="45" colspan="1">
                <font face="Times New Roman" size="1">86.07</font></td>

                <td valign="bottom" align="left" width="24" colspan="1">
                <font face="Times New Roman" size="1">%</font></td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="184" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Net assets at end of period (000's
                omitted)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">480,724</font></td>

                <td valign="bottom" width="24" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">397,933</font></td>

                <td valign="bottom" width="24" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">281,825</font></td>

                <td valign="bottom" width="26" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">265,810</font></td>

                <td valign="bottom" width="26" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="45" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">230,587</font></td>

                <td valign="bottom" width="24" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p align="left"><font face="Times New Roman" size="1">&nbsp;(a) Based on average shares
        outstanding during the period.</font></p>

        <p align="left"><font face="Times New Roman" size="1">&nbsp;(b) Amount is less than $.005
        per share.</font></p>

        <p align="left"><font face="Times New Roman" size="1">&nbsp;&nbsp;&dagger;&nbsp;&nbsp;Total
        return based on net asset value reflects changes in the Fund's net asset value during each
        period. Total return based on market value reflects changes in market value. Each figure
        includes reinvestments of dividend and capital gain distributions, if any, at prices
        received under the Fund's reinvestment plan. These figures will differ depending upon the
        level of any discount from or premium to net asset value at which the Fund's shares trade
        during the period.</font></p>

        <p align="left"><font face="Times New Roman" size="1">&nbsp;&nbsp;*&nbsp;&nbsp;The custody
        credits are attributable to interest earned on U.S. cash balances. The ratio of total
        expenses after custody credits to average net assets are 1.00%, 1.30%, 1.63%, 1.24%, and
        1.39% for 2007, 2006, 2005, 2004, and 2003, respectively.</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        19</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
        <!-- SEQ.=19,FOLIO='19',FILE='08-2226-2.ea',USER='whazuka',CD='' --><br style="PAGE-BREAK-BEFORE: always" clear="all">

        <br style="PAGE-BREAK-BEFORE: always" clear="all">
        <!-- Document name: 08-2226-2.fa-->

        <p align="left"><font face="Times New Roman" size="2"><b>THE NEW GERMANY FUND, INC.<br>
        NOTES TO FINANCIAL STATEMENTS &mdash; DECEMBER 31, 2007</b></font></p>

        <p align="left"><font face="Times New Roman" size="2"><b>NOTE 1. ACCOUNTING
        POLICIES</b></font></p>

        <p><font face="Times New Roman" size="2">The New Germany Fund, Inc. (the "Fund") was
        incorporated in Maryland on January 16, 1990 as a non-diversified, closed-end management
        investment company. The Fund commenced investment operations on January 30, 1990. The Fund
        became a diversified fund on October 26, 2007.</font></p>

        <p><font face="Times New Roman" size="2">The following is a summary of significant
        accounting policies followed by the Fund in the preparation of its financial statements.
        The preparation of financial statements in accordance with accounting principles generally
        accepted in the United States of America requires management to make estimates and
        assumptions that affect the reported amounts and disclosures in the financial statements.
        Actual results could differ from those estimates.</font></p>

        <p><font face="Times New Roman" size="2"><b><i>Security Valuation:</i></b></font>
        <font face="Times New Roman" size="2">Investments are stated at value. All securities for
        which market quotations are readily available are valued at the last sales price on the
        primary exchange on which they are traded prior to the time of valuation. If no sales price
        is available at that time, and both bid and ask prices are available, the securities are
        valued at the mean between the last current bid and ask prices; if no quoted asked prices
        are available, they are valued at the last quoted bid price. All securities for which
        market quotations are not readily available will be valued as determined in good faith by
        the Board of Directors of the Fund. The Fund calculates its net asset value per share at
        11:30 a.m., New York time.</font></p>

        <p><font face="Times New Roman" size="2">In September 2006, The Financial Accounting
        Standards Board (FASB) released Statement of Financial Accounting Standards No. 157, "Fair
        Value Measurements" ("FAS 157"). FAS 157 defines fair value, establishes a framework for
        measuring fair value and expands disclosures about fair value measurements. FAS 157 is
        effective for fiscal years beginning after November 15, 2007. As of December 31, 2007,
        management does not believe the adoption of FAS 157 will impact the amounts reported in the
        financial statements; however, additional disclosures will be required about the inputs
        used to develop the measurements of fair value and the effect of certain of the
        measurements reported in the statement of operations for a fiscal period.</font></p>

        <p><font face="Times New Roman" size="2"><b><i>Securities Transactions and Investment
        Income:</i></b></font> <font face="Times New Roman" size="2">Securities transactions are
        recorded on the trade date. Cost</font> <font face="Times New Roman" size="2">of securities
        sold is calculated using the identified cost method. Dividend income is recorded on the
        ex-dividend date and interest income is recorded on an accrual basis. Such dividend income
        is recorded net of unrecoverable foreign withholding tax.</font></p>

        <p><font face="Times New Roman" size="2"><b><i>Securities Lending:</i></b></font>
        <font face="Times New Roman" size="2">The Fund lends securities to financial institutions.
        The Fund retains beneficial ownership of the securities it has loaned and continues to
        receive interest and dividends paid by the securities and to participate in any changes in
        their market value. The Fund requires the borrowers of the securities to maintain
        collateral with the Fund consisting of liquid, unencumbered assets having a value at least
        equal to or greater than the "Margin Percentage" of the value of the securities loaned.
        "Margin Percentage" shall mean (i) for collateral which is denominated in the same currency
        as the loaned securities, 102%, and (ii) for collateral which is denominated in a currency
        different from that of the loaned securities, 105%. The Fund may invest the cash collateral
        into a joint trading account in an affiliated money market fund pursuant to Exempt ive
        Orders issued by the SEC. As of December 31, 2007, the collateral was invested in the Daily
        Assets Institutional Fund, an affiliated money market fund managed by Deutsche Investment
        Management. Deutsche Investment Americas Inc. receives a management fee (.06% annualized
        effective rate as of December 31, 2007) on the cash collateral invested in the affiliated
        money fund. The Fund receives compensation for lending its securities either in the form of
        fees or by earning interest on invested cash collateral net of fees paid to a lending
        agent, and a portion of the interest that is paid to the borrower of the securities. Either
        the Fund or the borrower may terminate the loan. The Fund is subject to all investment
        risks associated with the value of any cash collateral received, including, but not limited
        to, interest rate, credit and liquidity risk associated with such investments.</font></p>

        <p><font face="Times New Roman" size="2"><b><i>Foreign Currency Translation:</i></b></font>
        <font face="Times New Roman" size="2">The books and records of the Fund are maintained in
        United States dollars.</font></p>

        <p><font face="Times New Roman" size="2">Assets and liabilities denominated in foreign
        currency are translated into United States dollars at the 11:00 a.m. mid-point of the
        buying and selling spot rates quoted by the Federal Reserve Bank of New York. Purchases and
        sales of</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        20</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
        <!-- SEQ.=20,FOLIO='20',FILE='08-2226-2.fa',USER='whazuka',CD='' --><br style="PAGE-BREAK-BEFORE: always" clear="all">


        <p align="left"><font face="Times New Roman" size="2"><b>THE NEW GERMANY FUND, INC.<br>
        NOTES TO FINANCIAL STATEMENTS &mdash;</b> <b>DECEMBER 31,</b> <b>2007
        (continued)</b></font></p>

        <p><font face="Times New Roman" size="2">investment securities, income and expenses are
        reported at the rate of exchange prevailing on the respective dates of such transactions.
        The resultant gains and losses arising from exchange rate fluctuations are identified
        separately in the Statement of Operations, except for such amounts attributable to
        investments, which are included in net realized and unrealized gains and losses on
        investments.</font></p>

        <p><font face="Times New Roman" size="2"><b><i>Futures Contracts:</i></b></font>
        <font face="Times New Roman" size="2">A futures contract is an agreement between a buyer or
        seller and an established futures exchange or its clearinghouse in which the buyer or
        seller agrees to take or make a delivery of a specific amount of a financial instrument at
        a specified price on a specific date (settlement date). The Fund may enter into futures
        contracts as a hedge against anticipated interest rate, currency or equity market changes,
        and for duration management, risk management and return enhancement purposes.</font></p>

        <p><font face="Times New Roman" size="2">Upon entering into a futures contract, the Fund is
        required to deposit with a financial intermediary an amount ("initial margin") equal to a
        certain percentage of the face value indicated in the futures contract. Subsequent payments
        ("variation margin") are made or received by the Fund dependent upon the daily fluctuations
        in the value of the underlying security and are recorded for financial reporting purposes
        as unrealized gains or losses by the Fund. When entering into a closing transaction, the
        Fund will realize a gain or loss equal to the difference between the value of the futures
        contract to sell and the futures contract to buy. Futures contracts are valued at the most
        recent settlement price.</font></p>

        <p><font face="Times New Roman" size="2">Certain risks may arise upon entering into futures
        contracts, including the risk that an illiquid secondary market will limit the Fund's
        ability to close out a futures contract prior to the settlement date and that a change in
        the value of a futures contract may not correlate exactly with the changes in the value of
        the securities or currencies hedged. When utilizing futures contracts to hedge, the Fund
        gives up the opportunity to profit from favorable price movements in the hedged positions
        during the term of the contract.</font></p>

        <p><font face="Times New Roman" size="2"><b><i>Contingencies:</i></b></font>
        <font face="Times New Roman" size="2">In the normal course of business, the Fund may enter
        into contracts with service providers that contain general indemnification clauses. The
        Fund's maximum exposure under these arrangements is unknown as this would involve future
        claims that may be made against the</font> <font face="Times New Roman" size="2">Fund that
        have not yet occurred. However, based on experience, the Fund expects the risk of loss to
        be remote.</font></p>

        <p><font face="Times New Roman" size="2"><b><i>Federal Income Taxes:</i></b></font>
        <font face="Times New Roman" size="2">The Fund's policy is to comply with the requirements
        of the Internal Revenue Code, as amended, which are applicable to regulated investment
        companies, and to distribute all of its taxable income to its shareholders. Accordingly,
        the Fund paid no federal income taxes and no federal income tax provision was
        required.</font></p>

        <p><font face="Times New Roman" size="2">The cost of investments at December 31, 2007 was
        $353,399,274 for United States Federal income tax purposes. Accordingly, as of December 31,
        2007, net unrealized appreciation of investments aggregated $198,762,626, of which
        $202,766,038 and $4,003,412 related to gross unrealized appreciation and depreciation,
        respectively.</font></p>

        <p><font face="Times New Roman" size="2">For United States Federal income tax purposes, the
        Fund had a capital loss carry forward at December 31, 2007 of approximately $56,536,000
        which may be applied against any realized net taxable capital gains of each succeeding year
        until fully utilized or until December 31, 2010, whichever occurs first.</font></p>

        <p><font face="Times New Roman" size="2">During the year ended December 31, 2007, the Fund
        utilized $55,053,000 of its prior year capital loss carryforward.</font></p>

        <p><font face="Times New Roman" size="2">Additionally, based on the Fund's understanding of
        the tax rules and rates related to income, gains and transactions for the foreign
        jurisdictions in which it invests, the Fund will provide for foreign taxes, and where
        appropriate, deferred foreign taxes.</font></p>

        <p><font face="Times New Roman" size="2">The Fund has reviewed the tax positions for each
        of the three open tax years as of December 31, 2007 and has determined that no provision
        for income tax is required in the Fund's financial statements. Each of the fund's federal
        tax returns for the prior three fiscal years remains subject to examination by the Internal
        Revenue Service.</font></p>

        <p><font face="Times New Roman" size="2"><b><i>Dividends and Distributions to
        Shareholders:</i></b></font> <font face="Times New Roman" size="2">The Fund records
        dividends and distributions to its shareholders on the ex-dividend date. Income and capital
        gain distributions are determined in accordance with United States Federal income tax
        regulations which may differ from accounting principles generally accepted in the United
        States of America. These differences, which could be temporary or permanent in nature, may
        result in reclassification of</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        21</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
        <!-- SEQ.=21,FOLIO='21',FILE='08-2226-2.fa',USER='whazuka',CD='' --><br style="PAGE-BREAK-BEFORE: always" clear="all">


        <p align="left"><font face="Times New Roman" size="2"><b>THE NEW GERMANY FUND, INC.<br>
        NOTES TO FINANCIAL STATEMENTS &mdash;</b> <b>DECEMBER 31,</b> <b>2007
        (continued)</b></font></p>

        <p><font face="Times New Roman" size="2">distributions; however, net investment income, net
        realized gains and net assets are not affected.</font></p>

        <p><font face="Times New Roman" size="2">At December 31, 2007, the Fund's components of
        distributable earnings (accumulated losses) on a tax-basis were as follows:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="bottom" align="left" width="131" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Undistributed ordinary income*</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1,089,919</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="131" colspan="3">
                <font face="Times New Roman" size="1">Capital loss carryforward</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">(56,536,000</font></td>

                <td valign="bottom" align="left" width="18" colspan="1">
                <font face="Times New Roman" size="1">)</font></td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="131" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Net unrealized appreciation</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">198,762,626</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p align="left"><font face="Times New Roman" size="1">*For tax purposes short-term capital
        gains are considered ordinary income.</font></p>

        <p><font face="Times New Roman" size="2">In addition, the tax character of distributions
        paid to shareholders by the Fund is summarized as follows:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="bottom" width="145" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="173" colspan="7">
                <font face="Times New Roman" size="1"><b>Year's Ended December 31</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="145" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="85" colspan="3">
                <font face="Times New Roman" size="1"><b>2007</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="80" colspan="3">
                <font face="Times New Roman" size="1"><b>2006</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="145" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Distributions from ordinary
                income</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="57" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">14,758,795</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="52" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">5,084,963</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p><font face="Times New Roman" size="2">During the year ended December 31, 2007, the Fund
        reclassified permanent book and tax differences as follows:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="bottom" width="188" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none" valign="bottom" align="center" width="93" colspan="3">
                <font face="Times New Roman" size="1"><b>Increase<br>
                </b><b>(decrease)</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="188" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Distribution in excess of net investment
                income</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="55" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">9,966,585</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="188" colspan="3">
                <font face="Times New Roman" size="1">Accumulated net realized loss on
                investments<br>
                and foreign currency transactions</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="55" colspan="1">
                <font face="Times New Roman" size="1">(9,976,902</font></td>

                <td valign="bottom" align="left" width="18" colspan="1">
                <font face="Times New Roman" size="1">)</font></td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="188" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Paid-in capital</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="55" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">10,317</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p align="left"><font face="Times New Roman" size="2"><b>NOTE 2. MANAGEMENT AND
        INVESTMENT<br>
        ADVISORY AGREEMENTS</b></font></p>

        <p><font face="Times New Roman" size="2">The Fund has a Management Agreement with Deutsche
        Investment Management Americas Inc. (the "Manager"). The Fund has an Investment Advisory
        Agreement with Deutsche Asset Management International GmbH (the "Investment Adviser"). The
        Manager and the Investment Adviser are affiliated companies.</font></p>

        <p><font face="Times New Roman" size="2">The Management Agreement provides the Manager with
        a fee, computed weekly and payable monthly, at the annual rates of .65% of the Fund's
        average weekly net assets up to $100 million, .55% of such assets in excess of $100 million
        and up to $500 million, and .50% of such assets in excess of $500 million. The Investment
        Advisory Agreement provides the Investment Adviser with a fee, computed weekly and payable
        monthly, at the annual rates of .35% of the Fund's average weekly net assets up to $100
        million and .25% of such assets in excess of $100 million. Accordingly,</font>
        <font face="Times New Roman" size="2">for the year ended December 31, 2007, the combined
        fee pursuant to the Management and Investment Advisory Agreements was equivalent to an
        annual effective rate of .84% of the Fund's average net assets.</font></p>

        <p><font face="Times New Roman" size="2">Pursuant to the Management Agreement, the Manager
        is the corporate manager and administrator of the Fund and, subject to the supervision of
        the Board of Directors and pursuant to recommendations made by the Fund's Investment
        Adviser, determines suitable securities for investment by the Fund. The Manager also
        provides office facilities and certain administrative, clerical and bookkeeping services
        for the Fund. Pursuant to the Investment Advisory Agreement, the Investment Adviser, in
        accordance with the Fund's stated investment objectives, policies and restrictions, makes
        recommendations to the Manager with respect to the Fund's investments and, upon
        instructions given by the Manager as to suitable securities for investment by the Fund,
        transmits purchase and sale orders and selects brokers and dealers to execute portfolio
        transactions on behalf of the Fund.</font></p>

        <p align="left"><font face="Times New Roman" size="2"><b>NOTE 3.TRANSACTIONS WITH
        AFFILIATES</b></font></p>

        <p><font face="Times New Roman" size="2">DWS Scudder Investments Service Company
        ("DWS-SISC"), an affiliate of the Manager, is the transfer agent, dividend-paying agent and
        shareholder service agent of the Fund. Prior to February 1, 2007, Investors Bank &amp;
        Trust Company was the transfer agent, dividend paying agent and shareholder service agent
        of the Fund. Effective February 1, 2007, the Board of the Fund approved a new transfer
        agency agreement between the Fund and DWS-SISC. The new transfer agency agreement is
        identical in substance to the previous transfer agency agreement for the Fund, except for
        the named transfer agent. Pursuant to a sub-transfer agency agreement between DWS-SISC and
        DST Systems, Inc. ("DST"), DWS-SISC has delegated certain transfer agent and
        dividend-paying agent function to DST. DWS-SISC compensates DST out of the shareholder
        servicing fee it receives from the Fund. For the year ended December 31, 2007, the amount
        charged to the Fund by DWS-SISC aggregated $34,632, of which $5,882 is unpaid.</font></p>

        <p><font face="Times New Roman" size="2">For the year ended December 31, 2007, Deutsche
        Bank AG, the German parent Manager and Investment Adviser, and its</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        22</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
        <!-- SEQ.=22,FOLIO='22',FILE='08-2226-2.fa',USER='whazuka',CD='' --><br style="PAGE-BREAK-BEFORE: always" clear="all">


        <p align="left"><font face="Times New Roman" size="2"><b>THE NEW GERMANY FUND, INC.<br>
        NOTES TO FINANCIAL STATEMENTS &mdash;</b> <b>DECEMBER 31,</b> <b>2007
        (continued)</b></font></p>

        <p><font face="Times New Roman" size="2">affiliates received $4,440 in brokerage
        commissions as a result of executing agency transactions in portfolio securities on behalf
        of the Fund, that the Board determined were effected in compliance with the Fund's Rule
        17e-1 procedures.</font></p>

        <p><font face="Times New Roman" size="2">Certain officers of the Fund are also officers of
        either the Manager or Deutsche Bank AG.</font></p>

        <p><font face="Times New Roman" size="2">The Fund pays each Director not affiliated with
        the Manager retainer fees plus specified amounts for attended board and committee
        meetings.</font></p>

        <p><font face="Times New Roman" size="2">On July 23, 2007, the Board approved the DWS Cash
        Management QP Trust (the "QP Trust") as the Fund's cash-sweep vehicle. The QP Trust is an
        affiliated unregistered fund managed by the Investment Manager. The QP Trust seeks to
        provide as high a level of current income as is consistent with the preservation of capital
        and the maintenance of liquidity. The QP Trust does not pay the Investment Manager a
        management fee for the affiliated funds' investments in the QP Trust.</font></p>

        <p align="left"><font face="Times New Roman" size="2"><b>NOTE 4. PORTFOLIO
        SECURITIES</b></font></p>

        <p><font face="Times New Roman" size="2">Purchases and sales of investment securities,
        excluding short-term investments, for the year ended December 31, 2007, were $216,251,269,
        and $222,889,779, respectively.</font></p>

        <p align="left"><font face="Times New Roman" size="2"><b>NOTE 5. INVESTING IN FOREIGN
        MARKETS</b></font></p>

        <p><font face="Times New Roman" size="2">Foreign investments may involve certain
        considerations and risks not typically associated with those of domestic origin as a result
        of, among others, the possibility of political and economic developments and the level of
        governmental supervision and regulation of foreign securities markets. In addition, certain
        foreign markets may be substantially smaller, less developed, less liquid and more volatile
        than the major markets of the United States.</font></p>

        <p align="left"><font face="Times New Roman" size="2"><b>NOTE 6. CAPITAL</b></font></p>

        <p><font face="Times New Roman" size="2">During the years ended December 31, 2007 and
        December 31, 2006, the Fund purchased 0 and 155,500 of its shares of common stock on the
        open market at a total cost of $0 and $1,807,438, respectively. The weighted average
        discount of these purchased shares comparing the purchased price to the</font>
        <font face="Times New Roman" size="2">net asset value at the time of purchase was 0% and
        10.1%, respectively. These shares are held in treasury.</font></p>

        <p align="left"><font face="Times New Roman" size="2"><b>NOTE 7. LITIGATION</b></font></p>

        <p><font face="Times New Roman" size="2">On June 6, 2005, Robert H. Daniels, a shareholder
        of the Fund, filed a putative class action complaint on behalf of all Fund shareholders
        against the Fund and its Directors, in the Circuit Court for Baltimore City, Maryland. This
        litigation arises out of an attempt in 2005 by a shareholder of the Fund to nominate and
        elect directors who were not qualified as Directors pursuant to the Fund's director
        qualification bylaw, which sets forth certain eligibility requirements for directors,
        including a requirement of relevant experience and country knowledge consistent with the
        Fund's strategy of investment in German companies. Mr. Daniels sought declaratory and
        injunctive relief, as well as attorneys' fees, experts' fees and costs.</font></p>

        <p><font face="Times New Roman" size="2">On July 12, 2005, the Fund and its Directors
        removed the case to the United States District Court for the District of Maryland. On
        August 26, 2005, the Fund and its directors filed a motion to dismiss the complaint on
        various grounds. On March 29, 2006, the judge denied the motion to dismiss and litigation
        proceeded. On March 21, 2007, the Fund and its directors moved for summary judgment
        dismissing the action.</font></p>

        <p><font face="Times New Roman" size="2">On July 23, 2007, the Board of Directors approved
        the terms of a settlement of the action. The settlement dismissed the litigation without a
        change to the bylaws. Pursuant to the settlement and an agreement with the shareholder
        group that sought to nominate competing directors in 2005 and subsequent years, the Fund
        would conduct an in-kind tender offer for 20% of the Fund's outstanding shares of common
        stock at 96% of net asset value per share. The Fund's obligation to conduct the tender
        offer, as well as the other terms of the settlement, became effective when the final
        judgment and order was entered by the Court on October 15, 2007. The Fund commenced the
        tender offer on December 21, 2007 (See Note 8).</font></p>

        <p align="left"><font face="Times New Roman" size="2"><b>NOTE 8. TENDER
        OFFER</b></font></p>

        <p><font face="Times New Roman" size="2">In connection with the previously announced
        settlement of the civil class action Daniels vs. The New Germany Fund, Inc., on December
        21, 2007 the Fund commenced an</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        23</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
        <!-- SEQ.=23,FOLIO='23',FILE='08-2226-2.fa',USER='whazuka',CD='' --><br style="PAGE-BREAK-BEFORE: always" clear="all">


        <p align="left"><font face="Times New Roman" size="2"><b>THE NEW GERMANY FUND, INC.<br>
        NOTES TO FINANCIAL STATEMENTS &mdash;</b> <b>DECEMBER 31,</b> <b>2007
        (continued)</b></font></p>

        <p><font face="Times New Roman" size="2">in-kind tender offer for up to 4,960,940 of its
        shares of common stock, representing approximately 20% of its issued and outstanding shares
        at a price per share equal to 96% of the net asset value per share as of the close of
        regular trading on the New York Stock Exchange on February 4, 2008.</font></p>

        <p><font face="Times New Roman" size="2">The tender offer expired on February 1, 2008. The
        Fund accepted 4,960,940 properly tendered shares at a price equal to 96% of the net asset
        value on February 4, 2008. Approximately 9,708,691 shares of common stock, or approximately
        39% of the Fund's common stock outstanding, were tendered through the stated expiration
        date. In accordance with the terms of the tender offer, the Fund purchased shares on a pro
        rata basis from all tendering shareholders. Accordingly, on a pro rata basis, 51.0979% of
        shares of each shareholder who properly tendered were accepted for payment.</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        24</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
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        <br style="PAGE-BREAK-BEFORE: always" clear="all">
        <!-- Document name: 08-2226-2.ga-->

        <p align="left"><font face="Times New Roman" size="2"><b>REPORT OF INDEPENDENT REGISTERED
        PUBLIC ACCOUNTING FIRM</b></font></p>

        <p align="left"><font face="Times New Roman" size="2">To the Board of Directors and
        Shareholders of<br>
        The New Germany Fund, Inc.</font></p>

        <p><font face="Times New Roman" size="2">In our opinion, the accompanying statement of
        assets and liabilities, including the schedule of investments, and the related statements
        of operations and of changes in net assets and the financial highlights present fairly, in
        all material respects, the financial position of The New Germany Fund, Inc. (the "Fund") at
        December 31, 2007, the results of its operations for the year then ended, the changes in
        its net assets for each of the two years in the period then ended and the financial
        highlights for each of the five years in the period then ended, in conformity with
        accounting principles generally accepted in the United States of America. These financial
        statements and financial highlights (hereafter referred to as "financial statements") are
        the responsibility of the Fund's management; our responsibility is to express an opinion on
        these financial statements based on our audits. We conducted our audits of these financial
        statements in acc ordance with the standards of the Public Company Accounting Oversight
        Board (United States). Those standards require that we plan and perform the audit to obtain
        reasonable assurance about whether the financial statements are free of material
        misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
        and disclosures in the financial statements, assessing the accounting principles used and
        significant estimates made by management, and evaluating the overall financial statement
        presentation. We believe that our audits, which included confirmation of securities at
        December 31, 2007 by correspondence with the custodian and brokers, provide a reasonable
        basis for our opinion.</font></p>

        <p align="left"><font face="Times New Roman" size="2">PricewaterhouseCoopers LLP<br>
        New York, NY<br>
        February 22, 2008</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        25</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
        <!-- SEQ.=25,FOLIO='25',FILE='08-2226-2.ga',USER='whazuka',CD='' --><br style="PAGE-BREAK-BEFORE: always" clear="all">


        <p align="left"><font face="Times New Roman" size="2"><b>VOLUNTARY CASH PURCHASE PROGRAM
        AND DIVIDEND REINVESTMENT PLAN<br>
        (unaudited)</b></font></p>

        <p><font face="Times New Roman" size="2">The Fund offers shareholders a Voluntary Cash
        Purchase Program and Dividend Reinvestment Plan ("Plan") which provides for optional cash
        purchases and for the automatic reinvestment of dividends and distributions payable by the
        Fund in additional Fund shares. A more complete description of the Plan is provided in the
        Plan brochure available from DWS Scudder Investments Service Company, the transfer agent
        (the "Transfer Agent"), P.O. Box 219066, Kansas City, Missouri 64105 (telephone
        1-800-437-6269). Computershare, Inc.* (the "Plan Agent") acts as the plan agent under the
        Plan. A shareholder should read the Plan brochure carefully before enrolling in the
        Plan.</font></p>

        <p><font face="Times New Roman" size="2">Under the Plan, participating shareholders ("Plan
        Participants") appoint the Transfer Agent to receive or invest Fund distributions as
        described below under "Reinvestment of Fund Shares." In addition, Plan Participants may
        make optional cash purchases through the Transfer Agent as often as once a month as
        described below under "Voluntary Cash Purchases." There is no charge to Plan Participants
        for participating in the Plan, although when shares are purchased under the Plan by the
        Plan Agent on the New York Stock Exchange or otherwise on the open market, each Plan
        Participant will pay a pro rata share of brokerage commissions incurred in connection with
        such purchases, as described below under "Reinvestment of Fund Shares" and "Voluntary Cash
        Purchases."</font></p>

        <p><font face="Times New Roman" size="2"><b><i>Reinvestment of Fund Shares.</i></b></font>
        <font face="Times New Roman" size="2">Whenever the Fund declares a capital gains
        distribution, an income dividend or a return of capital distribution payable, at the
        election of shareholders, either in cash or in Fund shares, or payable only in cash, the
        Transfer Agent shall automatically elect to receive Fund shares for the account of each
        Plan Participant.</font></p>

        <p><font face="Times New Roman" size="2">Whenever the Fund declares a capital gains
        distribution, an income dividend or a return of capital distribution payable only in cash
        and the net asset value per share of the Fund's common stock equals or is less than the
        market price per share on the valuation date (the "Market Parity or Premium"), the Transfer
        Agent shall apply the amount of such dividend or distribution payable to a Plan Participant
        to the purchase from the Fund of Fund Shares for a Plan Participant's account, except that
        if the Fund does not offer</font> <font face="Times New Roman" size="2">shares for such
        purpose because it concludes Securities Act registration would be required and such
        registration cannot be timely effected or is not otherwise a cost-effective alternative for
        the Fund, then the Transfer Agent shall follow the procedure described in the next
        paragraph. The number of additional shares to be credited to a Plan Participant's acc ount
        shall be determined by dividing the dollar amount of the distribution payable to a Plan
        Participant by the net asset value per share of the Fund's common stock on the valuation
        date, or if the net asset value per share is less than 95% of the market price per share on
        such date, then by 95% of the market price per share. The valuation date will be the
        payable date for such dividend or distribution.</font></p>

        <p><font face="Times New Roman" size="2">Whenever the Fund declares a capital gains
        distribution, an income dividend or a return of capital distribution payable only in cash
        and the net asset value per share of the Fund's common stock exceeds the market price per
        share on the valuation date (the "Market Discount"), the Plan Agent shall apply the amount
        of such dividend or distribution payable to a Plan Participant (less a Plan Participant's
        pro rata share of brokerage commissions incurred with respect to open-market purchases in
        connection with the reinvestment of such dividend or distribution) to the purchase on the
        open market of Fund shares for a Plan Participant's account. The valuation date will be the
        payable date for such dividend or distribution. Such purchases will be made on or shortly
        after the valuation date and in no event more than 30 days after such date except where
        temporary curtailment or suspension of purchase is necessary to comply with applicable
        provisions of federal securities laws.</font></p>

        <p><font face="Times New Roman" size="2">The Transfer Agent or the Plan Agent may aggregate
        a Plan Participant's purchases with the purchases of other Plan Participants, and the
        average price (including brokerage commissions) of all shares purchased by the Plan Agent
        shall be the price per share allocable to each Plan Participant.</font></p>

        <p><font face="Times New Roman" size="2">For all purposes of the Plan, the market price of
        the Fund's common stock on a payable date shall be the last sales price on the New York
        Stock Exchange on that date, or, if there is no sale on such Exchange (or, if different,
        the principal exchange for Fund shares) on that date, then the</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        26</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
        <!-- SEQ.=26,FOLIO='26',FILE='08-2226-2.ga',USER='whazuka',CD='' --><br style="PAGE-BREAK-BEFORE: always" clear="all">


        <p align="left"><font face="Times New Roman" size="2"><b>VOLUNTARY CASH PURCHASE PROGRAM
        AND DIVIDEND REINVESTMENT PLAN<br>
        (unaudited) (continued)</b></font></p>

        <p><font face="Times New Roman" size="2">mean between the closing bid and asked quotations
        for such stock on such Exchange on such date. The net asset value per share of the Fund's
        common stock on a valuation date shall be as determined by or on behalf of the
        Fund.</font></p>

        <p><font face="Times New Roman" size="2">The Transfer Agent may hold a Plan Participant's
        shares acquired pursuant to the Plan, together with the shares of other Plan Participants
        acquired pursuant to this Plan, in non-certificated form in the name of the Transfer Agent
        or that of a nominee. The Transfer Agent will forward to each Plan Participant any proxy
        solicitation material and will vote any shares so held for a Plan Participant only in
        accordance with the proxy returned by a Plan Participant to the Fund. Upon a Plan
        Participant's written request, the Transfer Agent will deliver to a Plan Participant,
        without charge, a certificate or certificates for the full shares held by the Transfer
        Agent.</font></p>

        <p><font face="Times New Roman" size="2"><b><i>Voluntary Cash Purchases.</i></b></font>
        <font face="Times New Roman" size="2">Plan Participants have the option of making
        investments in Fund shares through the Transfer Agent as often as once a month. Plan
        Participants may invest as little as $100 in any month and may invest up to $36,000
        annually through the voluntary cash purchase feature of the Plan.</font></p>

        <p><font face="Times New Roman" size="2">The Plan Agent shall apply such funds (less a Plan
        Participant's pro rata share of brokerage commissions or other costs, if any) to the
        purchase on the New York Stock Exchange (or, if different, on the principal exchange for
        Fund shares) or otherwise on the open market of Fund shares for such Plan Participant's
        account, regardless of whether there is a Market Parity or Premium or a Market Discount.
        The Plan Agent will purchase shares for Plan Participants on or about the 15th of each
        month. Cash payments received by the Transfer Agent less than five business days prior to a
        cash purchase investment date will be held by the Transfer Agent until the next month's
        investment date. Uninvested funds will not bear interest. Plan Participants may withdraw
        any voluntary cash payment by written notice received by the Transfer Agent not less than
        48 hours before such payment is to be invested.</font></p>

        <p><font face="Times New Roman" size="2"><b><i>Enrollment and Withdrawal.</i></b></font>
        <font face="Times New Roman" size="2">Both current shareholders and first-time investors in
        the Fund are eligible to participate</font> <font face="Times New Roman" size="2">in the
        Plan. Current shareholders my join the Plan by either enrolling their shares with the
        Transfer Agent or by making an initial cash deposit of at least $250 with the Transfer
        Agent. First-time investors in the Fund may join the Plan by making an initial cash deposit
        of at least $250 with the Transfer Agent. In order to become a Plan Participant,
        shareholders must complete and sign the enrollment form included in the Plan brochure and
        return it, and, if applicable, an initial cash deposit of at least $250 directly to the
        Transfer Agent if shares are registered in their name. Shareholders who hold Fund shares in
        the name of a brokerage firm, bank or other nominee shou ld contact such nominee to arrange
        for it to participate in the Plan on such shareholder's behalf.</font></p>

        <p><font face="Times New Roman" size="2">If the Plan Participant elects to participate in
        the Plan by enrolling current shares owned by the Plan Participant with the Transfer Agent,
        participation in the dividend reinvestment feature of the Plan begins with the next
        dividend or capital gains distribution payable after the Transfer Agent receives the Plan
        Participant's written authorization, provided such authorization is received by the
        Transfer Agent prior to the record date for such dividend or distribution. If such
        authorization is received after such record date, the Plan Participant's participation in
        the dividend reinvestment feature of the Plan begins with the following dividend or
        distribution.</font></p>

        <p><font face="Times New Roman" size="2">If the Plan Participant elects to participate in
        the Plan by making an initial cash deposit of at least $250 with the Transfer Agent,
        participation in the dividend reinvestment feature of the Plan begins with the next
        dividend or capital gains distribution payable after the Transfer Agent receives the Plan
        Participant's authorization and deposit, and after the Plan Agent purchases shares for the
        Plan Participant on the New York Stock Exchange (or, if different, on the principal
        exchange for Fund shares) or otherwise on the open market, provided that the authorization
        and deposit are received, and the purchases are made by the Plan Agent prior to the record
        date. If such authorization and deposit are received after the record date, or if the Plan
        Agent purchases shares for the Plan Participant after the record date, the Plan</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        27</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
        <!-- SEQ.=27,FOLIO='27',FILE='08-2226-2.ga',USER='whazuka',CD='' --><br style="PAGE-BREAK-BEFORE: always" clear="all">


        <p align="left"><font face="Times New Roman" size="2"><b>VOLUNTARY CASH PURCHASE PROGRAM
        AND DIVIDEND REINVESTMENT PLAN<br>
        (unaudited) (continued)</b></font></p>

        <p><font face="Times New Roman" size="2">Participant's participation in the dividend
        reinvestment feature of the Plan begins with the following dividend or
        distribution.</font></p>

        <p><font face="Times New Roman" size="2">A shareholder's written authorization and cash
        payment must be received by the Transfer Agent at least five business days in advance of
        the next cash purchase investment date (normally the 15th of every month) in order for the
        Plan Participant to participate in the voluntary cash purchase feature of the Plan in that
        month.</font></p>

        <p><font face="Times New Roman" size="2">Plan Participants may withdraw from the Plan
        without charge by written notice to the Transfer Agent. Plan Participants who choose to
        withdraw may elect to receive stock certificates representing all of the full shares held
        by the Transfer Agent on their behalf, or to instruct the Transfer Agent to sell such full
        shares and distribute the proceeds, net of brokerage commissions, to such withdrawing Plan
        Participant. Withdrawing Plan Participants will receive a cash adjustment for the market
        value of any fractional shares held on their behalf at the time of termination. Withdrawal
        will be effective immediately with respect to distributions with a record date not less
        than 10 days later than receipt of such written notice by the Transfer Agent.</font></p>

        <p><font face="Times New Roman" size="2"><b><i>Amendment and Termination of
        Plan.</i></b></font> <font face="Times New Roman" size="2">The Plan may only be amended or
        supplemented by the Fund or by the Transfer Agent by giving each Plan Participant written
        notice at least 90 days prior to the effective date of such amendment or supplement, except
        that such notice period may be shortened when necessary or appropriate in order to comply
        with applicable law or the rules or policies of the Securities and Exchange Commission or
        any other regulatory body.</font></p>

        <p><font face="Times New Roman" size="2">The Plan may be terminated by the Fund or by the
        Transfer Agent by written notice mailed to each Plan Participant. Such termination will be
        effective with respect to all distributions with a record date at least 90 days after the
        mailing of such written notice to the Plan Participants.</font></p>

        <p><font face="Times New Roman" size="2"><b><i>Federal Income Tax Implications of
        Reinvestment of Fund Shares.</i></b></font>
        <font face="Times New Roman" size="2">Reinvestment of Fund shares does not relieve Plan
        Participants from any income tax which may be payable on dividends or distributions. For
        U.S. federal income tax purposes, when the Fund issues shares</font>
        <font face="Times New Roman" size="2">representing an income dividend or a capital gains
        dividend, a Participant will include in income the fair market value of the shares received
        as of the payment date, which will be ordinary dividend income or capital gains, as the
        case may be. The shares will have a tax basis equal to such fair market value, and the
        holding period for the shares will begin on the day after the date of distribution. If
        shares are purchased on the open market by the Plan Agent, a Plan Participant will include
        in income the amount of the cash pay ment made. The basis of such shares will be the
        purchase price of the shares, and the holding period for the shares will begin on the day
        following the date of purchase. State, local and foreign taxes may also be
        applicable.</font></p>

        <p align="left"><font face="Times New Roman" size="1">*&nbsp;&nbsp;Effective October 15,
        2007, the stock transfer business of UMB Bank, N.A. had been acquired by Computershare
        Limited. Consequently, Computershare Limited's affiliate, Computershare Inc., became Plan
        Agent under the Plan Agency Agreement.</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        28</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
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        <p align="left"><font face="Times New Roman" size="2"><b>2007 U.S. TAX INFORMATION
        (unaudited)</b></font></p>

        <p><font face="Times New Roman" size="2">The Fund paid foreign taxes of $898,024 and earned
        $6,629,351 of foreign source income year during the year ended December 31, 2007. Pursuant
        to section 853 of the Internal Revenue Code, the Fund designates $.04 per share as foreign
        taxes paid and $.27 per share as income earned from foreign sources for the year ended
        December 31, 2007.For Federal income tax purposes, the Fund designates approximately
        $9,487,000, or the maximum amount allowable under tax law, as qualified dividend
        income.</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        29</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
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        <p align="left"><font face="Times New Roman" size="2"><b>INVESTMENT MANAGEMENT AGREEMENT
        AND<br>
        INVESTMENT ADVISORY AGREEMENT APPROVAL</b></font></p>

        <p><font face="Times New Roman" size="2">The Fund's directors unanimously approved the
        continuance of the management agreement between the Fund and Deutsche Investment Management
        Americas Inc. ("DIMA") and the investment advisory agreement between the Fund and Deutsche
        Asset Management International GmbH ("DeAMI") (together called the "agreements") at a
        meeting held on July 23, 2007.</font></p>

        <p><font face="Times New Roman" size="2">In preparation for the meeting, the directors had
        requested and evaluated extensive materials from DIMA and DeAMI, including performance and
        expense information for other investment companies with similar investment objectives
        derived from data compiled by Lipper Inc. ("Lipper"). Prior to voting, the directors
        reviewed the proposed continuance of the agreements with management and with experienced
        counsel who are independent of DIMA and DeAMI and received a memorandum from such counsel
        discussing the legal standards for their consideration of the proposed continuance. The
        directors also discussed the proposed continuance in a private session with counsel at
        which no representatives of DIMA or DeAMI were present. In reaching their determination
        relating to continuance of the agreements, the directors considered all factors they
        believed relevant, including the following:</font></p>

        <p><font face="Times New Roman" size="2">1. information comparing the Fund's performance to
        other investment companies with similar investment objectives and to an index;</font></p>

        <p><font face="Times New Roman" size="2">2. the nature, extent and quality of investment
        and administrative services rendered by DIMA and DeAMI;</font></p>

        <p><font face="Times New Roman" size="2">3. payments received by DIMA and DeAMI from all
        sources in respect to the Fund and all investment companies in the DWS Scudder family of
        funds;</font></p>

        <p><font face="Times New Roman" size="2">4. the costs borne by, and profitability of, DIMA
        and DeAMI and their affiliates in providing services to the Fund and to all investment
        companies in the DWS Scudder family of funds;</font></p>

        <p><font face="Times New Roman" size="2">5. comparative fee and expense data for the Fund
        and other investment companies with similar investment objectives;</font></p>

        <p><font face="Times New Roman" size="2">6. the extent to which economies of scale would be
        realized as the Fund grows and whether fee levels reflect these economies of scale for the
        benefit of investors;</font></p>

        <p><font face="Times New Roman" size="2">7. DIMA's and DeAMI's policies and practices
        regarding allocation of the Fund's portfolio transactions, including the extent, if any, to
        which DIMA and DeAMI benefit from soft dollar arrangements;</font></p>

        <p><font face="Times New Roman" size="2">8. the Fund's portfolio turnover rates compared to
        those of other investment companies with similar investment objectives;</font></p>

        <p><font face="Times New Roman" size="2">9. fall-out benefits which DIMA, DeAMI and their
        affiliates receive from their relationships with the Fund;</font></p>

        <p><font face="Times New Roman" size="2">10. the professional experience and qualifications
        of the Fund's portfolio management team and other senior personnel of DIMA and DeAMI;
        and</font></p>

        <p><font face="Times New Roman" size="2">11. the terms of the agreements.</font></p>

        <p><font face="Times New Roman" size="2">The directors also considered their knowledge of
        the nature and quality of the services provided by DIMA and DeAMI to the Fund gained from
        their experience, where relevant as directors of the European Equity Fund and the Central
        Europe and Russia Fund and other DWS Scudder funds, their confidence in DIMA's and DeAMI's
        integrity and competence gained from that experience and DIMA's and DeAMI's responsiveness
        to concerns raised by them in the past, including DIMA's and DeAMI's willingness to
        consider and implement organizational and operational changes designed to improve
        investment results and the services provided to the Fund.</font></p>

        <p><font face="Times New Roman" size="2">In their deliberations, the directors did not
        identify any particular information that was all-important or controlling, and each
        director attributed different weights to the various factors.</font></p>

        <p><font face="Times New Roman" size="2">The directors determined that the overall
        arrangements between the Fund and DIMA, as provided in the management agreement, and
        between the Fund and DeAMI, as provided in the investment advisory agreement, were fair and
        reasonable in light of the services performed, expenses</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        30</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
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        <p align="left"><font face="Times New Roman" size="2"><b>INVESTMENT MANAGEMENT AGREEMENT
        AND<br>
        INVESTMENT ADVISORY AGREEMENT APPROVAL (continued)</b></font></p>

        <p><font face="Times New Roman" size="2">incurred and such other matters as the directors
        considered relevant in the exercise of their reasonable judgment.</font></p>

        <p><font face="Times New Roman" size="2">The material factors and conclusions that formed
        the basis for the directors' reaching their determination to approve the continuance of the
        agreements (including their determinations that DIMA and DeAMI should continue in those
        roles for the Fund, and that the fees payable to DIMA and DeAMI pursuant to the agreements
        are appropriate) were separately discussed by the directors.</font></p>

        <p><font face="Times New Roman" size="2"><b>Nature, extent and quality of services provided
        by DIMA and DeAMI</b></font></p>

        <p><font face="Times New Roman" size="2">The directors noted that, under the management
        agreement, DIMA acts as the Fund's corporate manager and administrator and, subject to the
        supervision of the Fund's board of directors and pursuant to recommendations made by DeAMI,
        determines suitable securities for investment by the Fund. Under the investment advisory
        agreement, DeAMI, in accordance with the Fund's investment objectives, policies and
        limitations, makes recommendations with respect to the Fund's investments and, upon
        instructions given by DIMA as to suitable securities for investment, transmits purchase and
        sale orders and selects brokers and dealers to execute portfolio transactions on the Fund's
        behalf. Under the management agreement, DIMA also handles the Fund's relationships with
        shareholders, is responsible for compliance with regulatory and NYSE listing requirements,
        negotiates arrangements with third party service providers, provides the Fund's directors
        with relevant r eports, prepares the Fund's tax returns and SEC and shareholder reports,
        calculates dividends and net asset value, oversees payment of the Fund's expenses and
        maintains books and records. DIMA also provides the Fund with such office facilities and
        executive and other personnel adequate to perform its services. DIMA pays all of the
        compensation of the Fund's directors and officers who are interested persons of
        DIMA.</font></p>

        <p><font face="Times New Roman" size="2">The directors considered the scope and quality of
        services provided by DIMA and DeAMI under the agreements and noted that the scope of
        services provided had expanded over time as a result of regulatory and other developments.
        The directors noted that, for example, DIMA is responsible</font>
        <font face="Times New Roman" size="2">for maintaining and monitoring its own and the Fund's
        compliance programs, and these compliance programs have in recent years been refined and
        enhanced in light of evolving regulatory requirements. The directors considered the quality
        of the investment research capabilities of DIMA and DeAMI and the other resources they have
        dedicated to performing services for the Fund. The quality of administrative and other
        services, including DIMA's role in coordinating the activities of the Fund's other service
        providers, also were considered. The directors concluded that, overall, they were satisfied
        w ith the nature, extent and quality of services provided (and expected to be provided) to
        the Fund under the agreements.</font></p>

        <p><font face="Times New Roman" size="2"><b>Costs of Services Provided and Profitability to
        DIMA and DeAMI</b></font></p>

        <p><font face="Times New Roman" size="2">At the request of the directors, DIMA provided
        information concerning profitability of DIMA's and DeAMI's respective investment advisory
        and investment company activities and their financial condition based on historical
        information for 2005 and 2006. The directors reviewed with DIMA assumptions and methods of
        allocation used by DIMA and DeAMI in preparing Fund specific profitability data. DIMA
        stated its belief that the methods of allocation used were reasonable, but it noted that
        there are limitations inherent in allocating costs to multiple individual advisory clients
        served by an organization such as DIMA and DeAMI where each of the advisory clients draws
        on, and benefits from, the research and other resources of the Deutsche Bank organization.
        The directors recognized that it is difficult to make comparisons of profitability from
        fund management contracts because comparative information is not generally publicly
        available and is affecte d by numerous factors, including the structure of the particular
        adviser, the types of funds it manages, its business mix, numerous assumptions regarding
        allocations and the adviser's capital structure and cost of capital. In considering
        profitability information, the directors considered the effect of possible fall-out
        benefits, on DIMA's and DeAMI's expenses, including any affiliated brokerage
        commissions.</font></p>

        <p><font face="Times New Roman" size="2">The directors noted that during 2003 and 2004 DIMA
        discontinued using soft dollars to receive third party</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        31</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
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        <p align="left"><font face="Times New Roman" size="2"><b>INVESTMENT MANAGEMENT AGREEMENT
        AND<br>
        INVESTMENT ADVISORY AGREEMENT APPROVAL (continued)</b></font></p>

        <p><font face="Times New Roman" size="2">research from brokers that execute purchases and
        sales of securities for us, and revised their policies to prohibit consideration of the
        sale of shares of DWS Scudder funds when selecting broker dealers to execute portfolio
        transactions for the Fund or other DWS Scudder funds. DIMA and DeAMI may continue to
        allocate brokerage to receive research generated by executing brokers and to receive other
        information services.</font></p>

        <p><font face="Times New Roman" size="2">The directors recognized that DIMA and DeAMI
        should, in the abstract, each be entitled to earn a reasonable level of profits for the
        services it provides to us and, based on their review, concluded that DIMA's and DeAMI's
        levels of profitability from their relationships with us were not excessive.</font></p>

        <p><font face="Times New Roman" size="2"><b>Investment Results</b></font></p>

        <p><font face="Times New Roman" size="2">In addition to the information received by the
        directors for the meeting, the directors receive detailed performance information for the
        Fund at each regular board meeting during the year. The directors reviewed information
        showing the Fund's performance compared to that of other European Closed End Funds compiled
        by Lipper (a total of 8 funds, including us). The directors also reviewed information
        showing performance of the Fund's benchmark index, currently The Germany Midcap Market
        Performance index of 80 stocks.</font></p>

        <p><font face="Times New Roman" size="2">The comparative information showed that the Fund
        ranked in the third quartile for the one-, three-year and five-year periods ended December
        31, 2006 and in the bottom quartile for the 10-year period. Because of its mid cap focus,
        the Fund's absolute performance in 2000-2002, following collapse of the mid cap market, was
        negative, but in line with its benchmark. The Fund's results were significantly positive in
        absolute terms in 2003-2006, and exceeded its benchmark, in 2003, 2004 and 2006. The Fund
        exceeded its benchmark, often substantially, in all but three of the years in the 10 years
        ended 2006. Taking into account these comparisons and the other factors considered,
        including the recent excellent performance, the directors concluded that the Fund's
        investment results over time were satisfactory.</font></p>

        <p><font face="Times New Roman" size="2"><b>Management and Investment Advisory Fees and
        Other Expenses</b></font></p>

        <p><font face="Times New Roman" size="2">The directors considered the management and
        investment advisory fee rates paid by the Fund to DIMA and DeAMI. The directors recognized
        that it is difficult to make comparisons of management and advisory fees because there are
        variations in the services that are included in the fees paid by other funds. The Fund's
        expense comparison group consisted of 33 closed end country funds. The information showed
        that the Fund's current effective management fee rate of 0.806% was in the lowest third of
        the comparison group and below the average and the median for the comparison group. It was
        noted that the actual management fee rate for the same period was 0.850%. The directors
        noted that the Fund's effective fee rate reflects the effect of breakpoints at an asset
        level of $800 million for the comparison group review, while the actual management fee rate
        was based on actual assets of the Fund as of December 31, 2006. The directors also
        considered the Fu nd's total expense ratio in comparison to the fees and expenses of funds
        within the comparison group. The directors recognized that the expense ratio information
        for the Fund potentially reflected on DIMA's provision of services, as DIMA is responsible
        for coordinating services provided to the Fund by others. The directors also noted that the
        Fund's expense ratio was in the lowest third of the comparison group. The directors
        concluded that the Fund's expense ratio was satisfactory.</font></p>

        <p><font face="Times New Roman" size="2"><b>Economies of Scale</b></font></p>

        <p><font face="Times New Roman" size="2">The directors noted that the Fund's management fee
        and investment advisory schedules do contain breakpoints that reduce the fee rate on assets
        above specified levels. The directors recognized that breakpoints may be an appropriate way
        for DIMA and DeAMI to share their economies of scale with some funds that have substantial
        assets or that may grow materially over the next year. However, they also recognized that
        there is no direct relationship between the economies of scale realized by funds and those
        realized by DIMA and DeAMI as assets increase, largely because economies of scale are
        realized (if at all) by DIMA and DeAMI across a variety of products and services, and not
        only in respect of a single fund. Having taken these factors into account, the directors
        concluded that the Fund's breakpoint arrangements were acceptable under the Fund's
        circumstances.</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        32</font></p>
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        <!-- Document name: 08-2226-2.za-->

        <p><font face="Times New Roman" size="1"><b>EXECUTIVE OFFICES</b></font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>345 Park Avenue, New York, NY
        10154</i></font></p>

        <p><font face="Times New Roman" size="1"><b>MANAGER</b></font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Deutsche Investment Management
        Americas Inc.</i></font></p>

        <p><font face="Times New Roman" size="1"><b>INVESTMENT ADVISER</b></font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Deutsche Asset Management
        International GmbH</i></font></p>

        <p><font face="Times New Roman" size="1"><b>CUSTODIAN</b></font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Brown Brothers Harriman &amp;
        Co.</i></font></p>

        <p><font face="Times New Roman" size="1"><b>T</b><b>RANSFER</b>
        <b>A</b><b>GENT</b></font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>DWS Scudder Investments Service
        Company</i></font></p>

        <p><font face="Times New Roman" size="1"><b>LEGAL COUNSEL</b></font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Sullivan &amp; Cromwell
        LLP</i></font></p>

        <p><font face="Times New Roman" size="1"><b>INDEPENDENT REGISTERED PUBLIC ACCOUNTING
        FIRM</b></font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>PricewaterhouseCoopers
        LLP</i></font></p>

        <p><font face="Times New Roman" size="1"><b>DIRECTORS AND OFFICERS</b></font></p>

        <p><font face="Times New Roman" size="1">CHRISTIAN H. STRENGER</font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Chairman and
        Director</i></font></p>

        <p><font face="Times New Roman" size="1">JOHN A. BULT</font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>

        <p><font face="Times New Roman" size="1">RICHARD R. BURT</font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>

        <p><font face="Times New Roman" size="1">JOHN H. CANNON</font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>

        <p><font face="Times New Roman" size="1">RICHARD KARL GOELTZ</font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>

        <p><font face="Times New Roman" size="1">DR. FRANZ WILHELM HOPP</font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>

        <p><font face="Times New Roman" size="1">DR. FRIEDBERT MALT*</font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>

        <p><font face="Times New Roman" size="1">ERNST-ULRICH MATZ</font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>

        <p><font face="Times New Roman" size="1">DR. FRANK TR&Ouml;MEL</font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>

        <p><font face="Times New Roman" size="1">ROBERT H. WADSWORTH</font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>

        <p><font face="Times New Roman" size="1">WERNER WALBR&Ouml;L</font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>

        <p><font face="Times New Roman" size="1">PETER Z&Uuml;HLSDORFF</font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>

        <p><font face="Times New Roman" size="1">MICHAEL CLARK</font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>President and Chief Executive
        Officer</i></font></p>

        <p><font face="Times New Roman" size="1">PAUL H. SCHUBERT</font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Chief Financial Officer and
        Treasurer</i></font></p>

        <p><font face="Times New Roman" size="1">ELISA METZGER</font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Chief Legal Officer</i></font></p>

        <p><font face="Times New Roman" size="1">BRETT ROGERS</font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Chief Compliance
        Officer</i></font></p>

        <p><font face="Times New Roman" size="1">DAVID GOLDMAN</font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Secretary</i></font></p>

        <p><font face="Times New Roman" size="1">JOHN MILLETTE</font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Assistant Secretary</i></font></p>

        <p><font face="Times New Roman" size="1">*&nbsp;&nbsp;Dr. Malt was elected to Board on July
        23, 2007.</font></p>

        <p><font face="Times New Roman" size="1">53313 (2/08)</font></p>

        <p align="center"><font face="Times New Roman" size="1"><b>VOLUNTARY CASH PURCHASE
        PROGRAM<br>
        AND DIVIDEND REINVESTMENT PLAN</b></font></p>

        <p><font face="Times New Roman" size="1">The Fund offers stockholders a Voluntary Cash
        Purchase Program and Dividend Reinvestment Plan ("Plan") which provides for optional cash
        purchases and for the automatic reinvestment of dividends and distributions payable by the
        Fund in additional Fund shares. Plan participants may invest as little as $100 in any month
        and may invest up to $36,000 annually. The Plan has been amended to allow current
        shareholders, who are not already participants in the Plan, and first time investors to
        enroll in the Plan by making an initial cash deposit of at least $250 with the plan agent.
        Share purchases are combined to receive a beneficial brokerage fee. A brochure is available
        by writing or telephoning the transfer agent:</font></p>

        <p align="center"><font face="Times New Roman" size="1">DWS Scudder Investments Service
        Company<br>
        210 W 10th Street 6th Floor<br>
        Attn Closed End Fund Area<br>
        Kansas City, MO 64105<br>
        Tel. 1-800-437-6269</font></p>

        <p><font face="Times New Roman" size="1">This report, including the financial statements
        herein, is transmitted to the shareholders of The New Germany Fund, Inc. for their
        information. This is not a prospectus, circular or represen-tation intended for use in the
        purchase of shares of the Fund or any securities mentioned in this report. The information
        contained in the letter to the shareholders, the interview with the lead portfolio manager
        and the report from the investment adviser and manager in this report is derived from
        carefully selected sources believed reasonable. We do not guarantee its accu-racy or
        completeness, and nothing in this report shall be construed to be a representation of such
        guarantee. Any opinions expressed reflect the current judgment of the author, and do not
        necessarily reflect the opinion of Deutsche Bank AG or any of its subsidiaries and
        affiliates.</font></p>

        <p><font face="Times New Roman" size="1">Notice is hereby given in accordance with Section
        23(c) of the Investment Company Act of 1940 that the Fund may purchase at market prices
        from time to time shares of its common stock in the open market.</font></p>

        <p><font face="Times New Roman" size="1">Comparisons between changes in the Fund's net
        asset value per share and changes in the MDAX, NEMAX 50 and Midcap Market Performance
        indices should be considered in light of the Fund's investment policy and objectives, the
        characteristics and quality of the Fund's investments, the size of the Fund and variations
        in the foreign currency/dollar exchange rate.</font></p>

        <p><font face="Times New Roman" size="1">Fund shares are not FDIC-insured and are not
        deposits or other obligations of, or guaranteed by, any bank. Fund shares involve
        investment risk, including possible loss of principal.</font></p>

        <p><img src="j0822262_za006.jpg"></p>

        <p align="center"><font face="Times New Roman" size="2">Copies of this report, monthly fact
        sheets and other information are available at:<br>
        www.newgermanyfund.com</font></p>

        <p align="left"><font face="Times New Roman" size="1">For latest net asset value, schedule
        of the Fund's largest holdings, dividend data and shareholder inquiries, please call
        1-800-437-6269 in the U.S. or 617-443-6918 outside of the U.S.</font></p>
        <hr align="center" width="100%" color="gray" noshade size="3">
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">ITEM 2.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">CODE OF ETHICS</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">As of the end of the period, December 31, 2007, The New
                        Germany Fund, Inc. has a code of ethics, as defined in Item 2 of Form
                        N-CSR, that applies to its Principal Executive Officer and Principal
                        Financial Officer.</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">There have been no amendments to, or waivers from, a
                        provision of the code of ethics during the period covered by this report
                        that would require disclosure under Item 2.</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">A copy of the code of ethics is filed as an exhibit to this
                        Form N-CSR.</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">ITEM 3.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">AUDIT COMMITTEE FINANCIAL EXPERT</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <font size="2"></font>

                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font size="2"><font style="FONT-SIZE: 10pt">The Fund's Board of Directors
                        has determined that the Fund has at least one</font>
                        <font style="FONT-SIZE: 10pt">"audit committee financial expert" serving on
                        its audit committee: Mr. John</font> <font style="FONT-SIZE: 10pt">H.
                        Cannon, and Mr. Robert H. Wadsworth. Each of these audit committee</font>
                        <font style="FONT-SIZE: 10pt">members is "independent," meaning that he is
                        not an "interested</font> <font style="FONT-SIZE: 10pt">person" of the Fund
                        (as that term is defined in Section 2(a)(19) of the</font>
                        <font style="FONT-SIZE: 10pt">Investment Company Act of 1940) and he does
                        not accept any consulting, advisory,</font>
                        <font style="FONT-SIZE: 10pt">or other compensatory fee from the Fund
                        (except in the capacity as a Board or</font>
                        <font style="FONT-SIZE: 10pt">committee member).<br>
                        &nbsp;<br>
                         An "audit committee financial expert" is not an "expert" for any
                        purpose,</font> <font style="FONT-SIZE: 10pt">including for purposes of
                        Section 11 of the Securities Act of 1933, as a result</font>
                        <font style="FONT-SIZE: 10pt">of being designated as an "audit committee
                        financial expert." Further, the</font>
                        <font style="FONT-SIZE: 10pt">designation of a person as an "audit
                        committee financial expert" does not mean</font>
                        <font style="FONT-SIZE: 10pt">that the person has any greater duties,
                        obligations, or liability than those</font>
                        <font style="FONT-SIZE: 10pt">imposed on the person without the "audit
                        committee financial expert"</font>
                        <font style="FONT-SIZE: 10pt">designation. Similarly, the designation of a
                        person as an "audit committee</font>
                        <font style="FONT-SIZE: 10pt">financial expert" does not affect the duties,
                        obligations, or liability of any</font> <font style="FONT-SIZE: 10pt">other
                        member of the audit committee or board of directors.</font></font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">ITEM 4.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">PRINCIPAL ACCOUNTANT FEES AND SERVICES</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">THE
        NEW GERMANY FUND, INC.</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">FORM
        N-CSR DISCLOSURE RE: AUDIT FEES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">The
        following table shows the amount of fees that PricewaterhouseCoopers, LLP
        (&ldquo;PWC&rdquo;), the Fund&rsquo;s independent registered public accounting firm, billed
        to the Fund during the Fund&rsquo;s last two fiscal years. The Audit Committee approved in
        advance all audit services and non-audit services that PWC provided to the Fund.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">The
        Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in
        his absence, any other member of the Audit Committee).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <b><font size="2">Services that the Fund&rsquo;s Independent Registered Public Accounting
        Firm Billed to the Fund</font></b></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                <tr>
                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="163">
                        <p><font size="2">Fiscal Year</font><br>
                        <font size="2">Ended</font><br>
                        <font size="2">December 31,</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="123">
                        <p><font size="2">Audit Fees Billed to Fund</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="123">
                        <p><font size="2">Audit-Related</font><br>
                        <font size="2">Fees Billed to Fund</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="131">
                        <p><font size="2">Tax Fees Billed to Fund</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="114">
                        <p><font size="2">All</font><br>
                        <font size="2">Other Fees Billed to Fund</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="163">
                        <p style="TEXT-ALIGN: left" align="left"><font size="2">2007</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="123">
                        <p><font size="2">$68,500</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="123">
                        <p><font size="2">$0</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                        <p><font size="2">$0</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="114">
                        <p><font size="2">$0</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="163">
                        <p style="TEXT-ALIGN: left" align="left"><font size="2">2006</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="123">
                        <p><font size="2">$63,000</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="123">
                        <p><font size="2">$0</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                        <p><font size="2">$0</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="114">
                        <p><font size="2">$0</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The above
        &ldquo;Audit- Related Fees&rdquo; were billed for agreed upon procedures
        performed.</font></p>
        <!-- EEDocs PBStart-->

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <b><font size="2">Services that the Fund&rsquo;s Independent Registered Public Accounting
        Firm Billed to the Adviser and Affiliated Fund Service Providers</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">The
        following table shows the amount of fees billed by PWC to Deutsche Investment Management
        Americas, Inc. (&ldquo;DeIM&rdquo; or the &ldquo;Adviser&rdquo;), and any entity
        controlling, controlled by or under common control with DeIM (&ldquo;Control
        Affiliate&rdquo;) that provides ongoing services to the Fund (&ldquo;Affiliated Fund
        Service Provider&rdquo;), for engagements directly related to the Fund&rsquo;s operations
        and financial reporting, during the Fund&rsquo;s last two fiscal years.</font></p>

        <div align="center">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                <tr style="HEIGHT: 66.1pt">
                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 66.1pt" valign="bottom" width="201">
                        <p><font size="2">Fiscal Year</font><br>
                        <font size="2">December 31,</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 66.1pt" valign="bottom" width="152">
                        <p><font size="2">Audit-Related</font><br>
                        <font size="2">Fees Billed to Adviser and Affiliated Fund Service
                        Providers</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 66.1pt" valign="bottom" width="162">
                        <p><font size="2">Tax Fees Billed to Adviser and Affiliated Fund Service
                        Providers</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 66.1pt" valign="bottom" width="140">
                        <p><font size="2">All</font><br>
                        <font size="2">Other Fees Billed to Adviser and Affiliated Fund Service
                        Providers</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="201">
                        <p style="TEXT-ALIGN: left" align="left"><font size="2">2007</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="152">
                        <p><font size="2">$58,500</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="162">
                        <p><font size="2">$25,000</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="140">
                        <p><font size="2">$0</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="201">
                        <p style="TEXT-ALIGN: left" align="left"><font size="2">2006</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="152">
                        <p><font size="2">$155,500</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="162">
                        <p><font size="2">$11,930</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="140">
                        <p><font size="2">$0</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">The
        &ldquo;Audit-Related Fees&rdquo; were billed for services in connection with the
        agreed-upon procedures related to fund mergers and additional costs related to annual
        audits and the above &ldquo;Tax Fees&rdquo; were billed in connection with tax consultation
        and agreed-upon procedures.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
        <b><font size="2">Non-Audit Services</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">The
        following table shows the amount of fees that PWC billed during the Fund&rsquo;s last two
        fiscal years for non-audit services. The Audit Committee pre-approved all non-audit
        services that PWC provided to the Adviser and any Affiliated Fund Service Provider that
        related directly to the Fund&rsquo;s operations and financial reporting. The Audit
        Committee requested and received information from PWC about any non-audit services that PWC
        rendered during the Fund&rsquo;s last fiscal year to the Adviser and any Affiliated Fund
        Service Provider. The Committee considered this information in evaluating PWC&rsquo;s
        independence.</font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                <tr style="HEIGHT: 143.5pt">
                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 143.5pt" valign="bottom" width="131">
                        <p><font size="2">Fiscal Year</font><br>
                        <font size="2">Ended</font><br>
                        <font size="2">December 31,</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 143.5pt" valign="bottom" width="131">
                        <p><font size="2">Total</font><br>
                        <font size="2">Non-Audit Fees Billed to Fund</font></p>

                        <p><font size="2">(A)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 143.5pt" valign="bottom" width="131">
                        <p><font size="2">Total Non-Audit Fees billed to Adviser and Affiliated
                        Fund Service Providers (engagements related directly to the operations and
                        financial reporting of the Fund)</font></p>

                        <p><font size="2">(B)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 143.5pt" valign="bottom" width="131">
                        <p><font size="2">Total Non-Audit Fees billed to Adviser and Affiliated
                        Fund Service Providers (all other engagements)</font></p>

                        <p><font size="2">(C)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 143.5pt" valign="bottom" width="131">
                        <p><font size="2">Total of (A), (B)</font><br>
                        <br>
                        <font size="2">and (C)</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                        <p style="TEXT-ALIGN: left" align="left"><font size="2">2007</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                        <p><font size="2">$0</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                        <p><font size="2">$25,000</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                        <p><font size="2">$600,000</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                        <p><font size="2">$625,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                        <p style="TEXT-ALIGN: left" align="left"><font size="2">2006</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                        <p><font size="2">$0</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                        <p><font size="2">$11,930</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                        <p><font size="2">$0</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                        <p><font size="2">$11,930</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">All other
        engagement fees were billed for services provided by PWC for services related to consulting
        on an IT project.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">ITEM 5.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">AUDIT COMMITTEE OF LISTED REGISTRANTS</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">The registrant has a separately-designated
                        standing audit committee established in accordance with Section 3(a)(58)(A)
                        of the Securities Exchange Act of 1934, as amended. The registrant's audit
                        committee consists of John H. Cannon (Chairman), Robert H. Wadsworth, Dr.
                        Frank Tromel, Richard R. Burt, Dr. Friedbert Malt and Werner
                        Walbrol.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">ITEM 6.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">SCHEDULE OF INVESTMENTS</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Not Applicable</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">ITEM 7.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
                        CLOSED-END MANAGEMENT INVESTMENT COMPANIES</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Proxy Voting Guidelines.</font></b> <font size="2">The
                        Fund has delegated proxy voting responsibilities to its investment advisor,
                        subject to the Board&rsquo;s general oversight. The Fund has delegated
                        proxy voting to the advisor with the direction that proxies should be voted
                        consistent with the Fund&rsquo;s best economic interests. The advisor has
                        adopted its own Proxy Voting Policies and Procedures
                        (&ldquo;Policies&rdquo;), a Proxy Voting Desktop Manual
                        (&ldquo;Manual&rdquo;), and Proxy Voting Guidelines
                        (&ldquo;Guidelines&rdquo;) for this purpose. The Policies address, among
                        other things, conflicts of interest that may arise between the interests of
                        the Fund, and the interests of the advisor and its affiliates. The Manual
                        sets forth the procedures that the advisor has implemented to vote proxies,
                        including monitoring for corporate events, communicating with the
                        fund&rsquo;s custodian regarding proxies, considering the merits f each
                        proposal, and executing and recording the proxy vote. The Guidelines set
                        forth the advisor&rsquo;s general position on various proposals, such
                        as:</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder
                        Rights &mdash; The advisor generally votes against proposals that restrict
                        shareholder rights.</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
                        Governance &mdash; The advisor generally votes for confidential and
                        cumulative voting and against supermajority voting requirements for charter
                        and bylaw amendments. The advisor generally votes for proposals to restrict
                        a chief executive officer from serving on more than three outside board of
                        directors. The advisor generally votes against proposals that require a
                        company to appoint a chairman who is an independent director.</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anti-Takeover
                        Matters &mdash; The advisor generally votes for proposals that require
                        shareholder ratification of poison pills or that request boards to redeem
                        poison pills, and votes &ldquo;against&rdquo; the adoption of poison pills
                        if they are submitted for shareholder ratification. The advisor generally
                        votes for fair price proposals.</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Routine
                        Matters &mdash; The advisor generally votes for the ratification of
                        auditors, procedural matters related to the annual meeting, and changes in
                        company name, and against bundled proposals and adjournment.</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">The general provisions described above do not apply to
                        investment companies. The advisor generally votes proxies solicited by
                        investment companies in accordance with the recommendations of an
                        independent third-party, except for proxies solicited by or with respect to
                        investment companies for which the advisor or an affiliate serves as
                        investment advisor or principal underwriter (&ldquo;affiliated investment
                        companies&rdquo;). The advisor votes affiliated investment company proxies
                        in the same proportion as the vote of the investment company&rsquo;s other
                        shareholders (sometimes called &ldquo;mirror&rdquo; or &ldquo;echo&rdquo;
                        voting). Master fund proxies solicited from feeder funds are voted in
                        accordance with applicable requirements of the Investment Company Act of
                        1940.</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Although the Guidelines set forth the advisor&rsquo;s
                        general voting positions on various proposals, the advisor may, consistent
                        with the Fund&rsquo;s best interests, determine under some circumstances to
                        vote contrary to those positions.</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">The Guidelines on a particular issue may or may not reflect
                        the view of individual members of the board, or of a majority of the board.
                        In addition, the Guidelines may reflect a voting position that differs from
                        the actual practices of the public companies within the Deutsche Bank
                        organization or of the investment companies for which the advisor or an
                        affiliate serves as investment advisor or sponsor.</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">The advisor may consider the views of a portfolio
                        company&rsquo;s management in deciding how to vote a proxy or in
                        establishing general voting positions for the Guidelines, but
                        management&rsquo;s views are not determinative.</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">As mentioned above, the Policies describe the way in which
                        the advisor resolves conflicts of interest. To resolve conflicts, the
                        advisor, under normal circumstances, votes proxies in accordance with its
                        Guidelines. If the advisor departs from the Guidelines with respect to a
                        particular proxy or if the Guidelines do not specifically address a certain
                        proxy proposal, a committee established by the advisor will vote the proxy.
                        Before voting any such proxy, however, the committee will exclude from the
                        voting discussions and determinations any member who is involved in or
                        aware of a material conflict of interest. If, after excluding any and all
                        such members, there are fewer than three voting members remaining, the
                        advisor will engage an independent third party to vote the proxy or follow
                        the proxy voting recommendations of an independent third party.</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Under certain circumstances, the advisor may not be able to
                        vote proxies or the advisor may find that the expected economic costs from
                        voting outweigh the benefits associated with voting. For example, the
                        advisor may not vote proxies on certain foreign securities due to local
                        restrictions or customs. The advisor generally does not vote proxies on
                        securities subject to share blocking restrictions.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">ITEM 8.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT
                        COMPANIES</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <b><font size="2">Portfolio Manager Team Disclosure</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The Fund is
        managed by a team of investment professionals employed by the Investment Manager and the
        Investment Advisor, who collaborate to develop and implement the Fund&rsquo;s investment
        strategy.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The
        Investment Advisor&rsquo;s portfolio managers make recommendations to the Investment
        Manager&rsquo;s portfolio managers with respect to the Fund&rsquo;s investments; the
        Investment Manager&rsquo;s portfolio managers determine which securities are suitable for
        the Fund&rsquo;s investment. Upon instructions given by the Investment Manager&rsquo;s
        portfolio managers as to which securities are suitable for investment, the Investment
        Advisor&rsquo;s portfolio managers transmit purchase and sale orders and select brokers and
        dealers to execute portfolio transactions on the Fund&rsquo;s behalf.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">The
        names of the persons primarily responsible for the day-to-day management of the
        Fund&rsquo;s portfolio and their business experience during at least the past five years
        are set forth below.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Ralf
        Oberbannscheidt, Director</font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Joined Deutsche Asset Management in 1999 and the fund in
                        2006.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Prior to that, served as senior portfolio manager for Global
                        Equities and Global Sector head of Telecommunications, after 3 years of
                        experience, including portfolio management at SEB Enskilda, Luxemberg and
                        various positions at Dresdner Bank AG, Germany.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Master&rsquo;s degree in business administration from the
                        University of Trier, MBA International Business, MIIS Monterey, USA,
                        completed bank training at Dresdner Bank, Duesseldorf.</font></p>
                    </td>
                </tr>
            </table>
        </div>
        <!-- EEDocs PBStart-->

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Petra
        Pflaum, CEFA</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Senior Fund
        Manager Equities; joined the fund in 2000.</font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Director, Deutsche Asset Management, Frankfort (since 2006);
                        Prior thereto Vice President, Deutsche Asset Management
                        (2001-2006).</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Portfolio Manager for German and European small and mid caps
                        and equity analyst for German local companies as well as a member of the
                        European small and mid cap committee.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <b><font size="2">Compensation of Portfolio Managers</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Portfolio
        managers are eligible for total compensation comprised of base salary and discretionary
        incentive compensation.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Base
        Salary</font></b> <font size="2">&ndash; Base salary generally represents a smaller
        percentage of portfolio managers&rsquo; total compensation than discretionary incentive
        compensation. Base salary is linked to job function, responsibilities and financial
        services industry peer comparison through the use of extensive market data
        surveys.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <b><font size="2">Discretionary Incentive</font></b> <b><font size="2">Compensation
        &ndash;</font></b> <font size="2">Generally,</font><font size="2">discretionary incentive
        compensation comprises a greater proportion of total compensation as a portfolio
        manager&rsquo;s seniority and compensation levels increase. Discretionary incentive
        compensation is determined based on an analysis of a number of factors, including among
        other things, the performance of Deutsche Bank, the performance of the Asset Management
        division, and the employee&rsquo;s individual contribution. In evaluating individual
        contribution, management will consider a combination of quantitative and qualitative
        factors. A portion of the portfolio manager&rsquo;s discretionary incentive compensation
        may be delivered in long-term equity programs (usually in the form or Deutsche Bank equity)
        (the &ldquo;Equity Plan&rdquo;). Top performing portfolio managers may earn discretionary
        incentive compensation that is a multiple of their base salary.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">The quantitative analysis of a portfolio manager&rsquo;s
                        individual performance is based on, among other factors, performance of all
                        of the accounts managed by the portfolio manager (which includes the fund
                        and any other accounts managed by the portfolio manager) over a one-,
                        three-, and five-year period relative to the appropriate Morningstar and
                        Lipper peer group universes and/or benchmark index(es) with respect to each
                        account. Additionally, the portfolio manager&rsquo;s retail/institutional
                        asset mix is weighted, as appropriate for evaluation purposes. Generally
                        the benchmark index used is a benchmark index set forth in the fund's
                        prospectus to which the fund's performance is compared. Additional or
                        different appropriate peer group or benchmark indices may also be used.
                        Primary weight is given to pre-tax portfolio performance over three-year
                        and five-year time periods (adjusted as appropriate if the portfolio
                        manager has served for less than five years) with lesser consideration
                        given to portfolio performance over a one-year period. The increase or
                        decrease in a fund&rsquo;s assets due to the purchase or sale of fund
                        shares is not considered a material factor.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">The qualitative analysis of a portfolio manager&rsquo;s
                        individual performance is based on, among other things, the results of an
                        annual management and internal peer review process, and management's
                        assessment of overall portfolio manager contributions to investor
                        relations, the investment process and overall performance (distinct from
                        fund and other account performance). Other factors, including contributions
                        made to the investment team, as well as adherence to Compliance Policies
                        and Procedures, Risk Management procedures, the firm&rsquo;s Code of Ethics
                        and &ldquo;living the values&rdquo; of the Advisor are also
                        factors.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The
        quantitative analysis of a portfolio manager&rsquo;s performance is given more weight in
        determining discretionary incentive compensation that the qualitative portion.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Certain
        portfolio managers may also participate in the Equity Plan. The amount of equity awarded
        under the long-term equity programs is generally based on the individual&rsquo;s total
        compensation package and may comprise from 0% to 30% of the total compensation award. As
        discretionary incentive compensation increases, the percentage of compensation awarded in
        Deutsche Bank equity also increases. Portfolio managers may receive a portion of their
        equity compensation in the form of shares in the proprietary mutual funds that they manage
        or support.</font></p>
        <!-- EEDocs PBStart-->

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 3pt; TEXT-ALIGN: left"><b><font size="2">Fund
        Ownership of Portfolio Managers</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The
        following table shows the dollar range of shares owned beneficially and of record by each
        member of the Fund&rsquo;s portfolio management team in the Fund as well as in all DWS
        Funds as a group (i.e. those funds advised by Deutsche Asset Management or its affiliates),
        including investments by their immediate family members sharing the same household and
        amounts invested through retirement and deferred compensation plans. This information is
        provided as of the Fund&rsquo;s most recent fiscal year end.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="center">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="650" border="0">
                <tr>
                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 3pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" width="217">
                        <p style="LINE-HEIGHT: normal; TEXT-ALIGN: center" align="center">
                        <b><font size="2">Name of</font></b><br>
                        <b><font size="2">Portfolio Manager</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 3pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" width="217">
                        <p style="LINE-HEIGHT: normal; TEXT-ALIGN: center" align="center">
                        <b><font size="2">Dollar Range of</font></b></p>

                        <p style="LINE-HEIGHT: normal; TEXT-ALIGN: center" align="center">
                        <b><font size="2">Fund Shares Owned</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 3pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" width="217">
                        <p style="LINE-HEIGHT: normal; TEXT-ALIGN: center" align="center">
                        <b><font size="2">Dollar Range of All DWS</font></b></p>

                        <p style="LINE-HEIGHT: normal; TEXT-ALIGN: center" align="center">
                        <b><font size="2">Fund Shares Owned</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 3pt; BORDER-TOP: medium none; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" width="217">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Ralf Oberbannscheidt</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 3pt; BORDER-TOP: medium none; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" width="217">
                        <p style="MARGIN-TOP: 0in"><font size="2">$0</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 3pt; BORDER-TOP: medium none; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" width="217">
                        <p style="MARGIN-TOP: 0in"><font size="2">$0</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 3pt; BORDER-TOP: medium none; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" width="217">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: center">
                        <font size="2">Petra Pflaum</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 3pt; BORDER-TOP: medium none; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" width="217">
                        <p style="MARGIN-TOP: 0in"><font size="2">$0</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 3pt; BORDER-TOP: medium none; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" width="217">
                        <p style="MARGIN-TOP: 0in"><font size="2">$0</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Because the
        fund&rsquo;s portfolio managers are not resident in the US, they generally do not invest in
        US registered investment companies, such as the Fund, on account of US tax and other
        regulatory limitations applicable to foreign investors.</font></p>

        <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 3pt; TEXT-ALIGN: left">
        <b><font size="2">Conflicts of Interest</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">In addition
        to managing the assets of the Fund, the Fund&rsquo;s portfolio managers may have
        responsibility for managing other client accounts of the Advisor or its affiliates. The
        tables below show, for each portfolio manager, the number and asset size of (1) SEC
        registered investment companies (or series thereof) other than the Fund, (2) pooled
        investment vehicles that are not registered investment companies and (3) other accounts
        (e.g., accounts managed for individuals or organizations) managed by each portfolio
        manager. Total assets attributed to each portfolio manager in the tables below include
        total assets of each account managed by them, although the manager may only manage a
        portion of such account&rsquo;s assets. The tables also show the number of performance
        based fee accounts, as well as the total assets of the accounts for which the advisory fee
        is based on the performance of the account. This information is provided as of the
        Fund&rsquo;s most recent fiscal year end.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Other
        SEC Registered Investment Companies Managed:</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="center">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="604" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="179">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <u><b><font size="2">Name of Portfolio Manager</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Number of Registered Investment</font></b>
                        <u><b><font size="2">Companies</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Total Assets of Registered Investment</font></b>
                        <u><b><font size="2">Companies</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Number of Investment Company Accounts with
                        Performance</font></b> <u><b><font size="2">Based Fee</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Total Assets of Performance Based Fee</font></b>
                        <u><b><font size="2">Accounts</font></b></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="179">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Ralf Oberbannscheidt</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">2</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$1,135,098,090</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="179">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Petra Pflaum</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="110">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Other
        Pooled Investment Vehicles Managed:</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="627" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="157">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Name of Portfolio</font></b>
                        <u><b><font size="2">Manager</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="102">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Number of Pooled Investment</font></b>
                        <u><b><font size="2">Vehicles</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="131">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Total Assets of Pooled Investment</font></b>
                        <u><b><font size="2">Vehicles</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Number of Pooled Investment Vehicle Accounts with
                        Performance</font></b> <u><b><font size="2">Based Fee</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Total Assets of Performance Based Fee</font></b>
                        <u><b><font size="2">Accounts</font></b></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="157">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Ralf Oberbannscheidt</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="102">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="131">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="157">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Petra Pflaum</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="102">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="131">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="123">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Other
        Accounts Managed:</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="center">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="574" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Name of Portfolio</font></b>
                        <u><b><font size="2">Manager</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="69">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Number of Other</font></b>
                        <u><b><font size="2">Accounts</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="128">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Total Assets of</font></b> <u><b><font size="2">Other
                        Accounts</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Number of Other Accounts with Performance</font></b>
                        <u><b><font size="2">Based Fee</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Total Assets of Performance Based Fee</font></b>
                        <u><b><font size="2">Accounts</font></b></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Ralf Oberbannscheidt</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="69">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">6</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="128">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$2,800,000,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="161">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">Petra Pflaum</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="69">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">3</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="128">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$263,798,859</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="113">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">-</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">In addition
        to the accounts above, an investment professional may manage accounts in a personal
        capacity that may include holdings that are similar to, or the same as, those of the Funds.
        The Advisor has in place a Code of Ethics that is designed to address conflicts of interest
        and that, among other things, imposes restrictions on the ability of portfolio managers and
        other &ldquo;access persons&rdquo; to invest in securities that may be recommended or
        traded in the Funds and other client accounts.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Real,
        potential or apparent conflicts of interest may arise when a portfolio manager has
        day-to-day portfolio management responsibilities with respect to more than one fund or
        account, including the following:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Certain investments may be appropriate for the Fund and also
                        for other clients advised by the Advisor, including other client accounts
                        managed by the Fund&rsquo;s portfolio management team. Investment decisions
                        for the Fund and other clients are made with a view to achieving their
                        respective investment objectives and after consideration of such factors as
                        their current holdings, availability of cash for investment and the size of
                        their investments generally. A particular security may be bought or sold
                        for only one client or in different amounts and at different times for more
                        than one but less than all clients. Likewise, because clients of the
                        Advisor may have differing investment strategies, a particular security may
                        be bought for one or more clients when one or more other clients are
                        selling the security. The investment results achieved for the Fund may
                        differ from the results achieved for other clients of the Advisor. In
                        addition, purchases or sales of the same security may be made for two or
                        more clients on the same day. In such event, such transactions will be
                        allocated among the clients in a manner believed by the Advisor to be most
                        equitable to each client, generally utilizing a pro rata allocation
                        methodology. In some cases, the allocation procedure could potentially have
                        an adverse effect or positive effect on the price or amount of the
                        securities purchased or sold by the Fund. Purchase and sale orders for the
                        Fund may be combined with those of other clients of the Advisor in the
                        interest of achieving the most favorable net results to the Fund and the
                        other clients.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">To the extent that a portfolio manager has responsibilities
                        for managing multiple client accounts, a portfolio manager will need to
                        divide time and attention among relevant accounts. The Advisor attempts to
                        minimize these conflicts by aligning its portfolio management teams by
                        investment strategy and by employing similar investment models across
                        multiple client accounts.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">In some cases, an apparent conflict may arise where the
                        Advisor has an incentive, such as a performance-based fee, in managing one
                        account and not with respect to other accounts it manages. The Advisor will
                        not determine allocations based on whether it receives a performance-based
                        fee from the client. Additionally, the Advisor has in place supervisory
                        oversight processes to periodically monitor performance deviations for
                        accounts with like strategies.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 10.45pt" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 103.68%; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 10.45pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 103.68%; TEXT-ALIGN: left">
                        <font size="2">The Advisor and its affiliates and the investment team of
                        the Funds may manage other mutual funds and separate accounts on a
                        long-short basis. The simultaneous management of long and short portfolios
                        creates potential conflicts of interest including the risk that short sale
                        activity could adversely affect the market value of the long positions(and
                        vice versa), the risk arising from sequential orders in long and short
                        positions, and the risks associated with receiving opposing orders at the
                        same time. The Advisor has adopted procedures that it believes are
                        reasonably designed to mitigate these potential conflicts of interest.
                        Included in these procedures are specific guidelines developed to ensure
                        fair and equitable treatment for all clients whose accounts are managed by
                        each Fund&rsquo;s portfolio management team. The Advisor and the portfolio
                        management team have established monitoring procedures, a protocol for
                        supervisory reviews, as well as compliance oversight to ensure that
                        potential conflicts of interest relating to this type of activity are
                        properly addressed.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-ALIGN: left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The Advisor
        is owned by Deutsche Bank AG, a multi-national financial services company. Therefore, the
        Advisor is affiliated with a variety of entities that provide and/or engage in commercial
        banking, insurance, brokerage, investment</font></p>
        <!-- EEDocs PBStart-->

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">banking,
        financial advisory, broker-dealer activities (including sales and trading), hedge funds,
        real estate and private equity investing, in addition to the provision of investment
        management services to institutional and individual investors. Since Deutsche Bank AG, its
        affiliates, directors, officers and employees (the &ldquo;Firm&rdquo;) are engaged in
        businesses and have interests other than managing asset management accounts, such other
        activities involve real, potential or apparent conflicts of interest. These interests and
        activities include potential advisory, transactional and financial activities and other
        interests in securities and companies that may be directly or indirectly purchased or sold
        by the Firm for its clients&rsquo; advisory accounts. These are considerations of which
        advisory clients should be aware and which may cause conflicts that could be to the
        disadvantage of the Advisor&rsquo;s advisory clients. The Advisor has instituted business
        and compliance policies, procedures and disclosures that are designed to identify, monitor
        and mitigate conflicts of interest and, as appropriate, to report them to the Fund&rsquo;s
        Board.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">ITEM 9.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
                        INVESTMENT COMPANY AND AFFILIATED PURCHASERS</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 4.65pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="637" border="0">
                <tr style="HEIGHT: 15.75pt">
                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(b)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(c)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(d)</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.75pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="84" rowspan="4">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Total Number of Shares Purchased&nbsp;</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="96" rowspan="4">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Average Price Paid per Share&nbsp;</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="120" rowspan="4">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Total Number of Shares Purchased as Part of Publicly
                        Announced Plans or Programs</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="132" rowspan="4">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Maximum Number of Shares that May Yet Be Purchased Under the
                        Plans or Programs</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.75pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Period</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.75pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.75pt">
                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.75pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.75pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">January 1 through January 31</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0.00</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.75pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">February 1 through February 28</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0.00</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.75pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">March 1 through March 31</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0.00</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.75pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">April 1 through April 30</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0.00</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.75pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">May 1 through May 31</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0.00</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.75pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">June 1 through June 30</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0.00</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.75pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">July 1 through July 31</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0.00</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.75pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">August 1 through August 31</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0.00</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.75pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">September 1 through September 30</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0.00</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.75pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">October 1 through October 31</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0.00</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.75pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">November 1 through November 30</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0.00</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.75pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">December 1 through December 31</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">0</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0.00</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.75pt">
                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="HEIGHT: 15.75pt">
                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Total</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="84">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">0</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">$0.00</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">n/a</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">ITEM 10.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">SUBMISSION OF MATTERS TO A VOTE OF SECURITY
                        HOLDERS</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">The Nominating Committee will consider
                        nominee candidates properly submitted by stockholders in accordance with
                        applicable law, the Fund's Articles of Incorporation or By-laws,
                        resolutions of the Board and the qualifications and procedures set forth in
                        the Nominating Committee Charter and this proxy statement. A stockholder or
                        group of stockholders seeking to submit a nominee candidate (i) must have
                        beneficially owned at least 5% of the Fund's common stock for at least two
                        years, (ii) may submit only one nominee candidate for any particular
                        meeting of stockholders, and (iii) may submit a nominee candidate for only
                        an annual meeting or other meeting of stockholders at which directors will
                        be elected. The stockholder or group of stockholders must provide notice of
                        the proposed nominee pursuant to the requirements found in the Fund's
                        By-laws. Generally, this notice must be received not less than 90 days nor
                        more than 120 days prior to the first anniversary of the date of mailing of
                        the notice for the preceding year's annual meeting. Such notice shall
                        include the specific information required by the Fund's By-laws. The
                        Nominating Committee will evaluate nominee candidates properly submitted by
                        stockholders on the same basis as it considers and evaluates candidates
                        recommended by other sources.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">ITEM 11.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">CONTROLS AND PROCEDURES</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                        <font size="2">(a)
                        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chief Executive
                        and Financial Officers concluded that the Registrant&rsquo;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>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30.6pt; TEXT-INDENT: -30.6pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                        <font size="2">(b)
                        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no
                        changes in the registrant&rsquo;s internal control over financial reporting
                        that occurred during the registrant&rsquo;s last half-year (the
                        registrant&rsquo;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&rsquo;s internal controls over financial
                        reporting.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30.6pt; TEXT-INDENT: -30.6pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">ITEM 12.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30.6pt; TEXT-INDENT: -30.6pt; TEXT-ALIGN: left">
                        <b><font size="2">EXHIBITS</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30.6pt; TEXT-INDENT: -30.6pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                        <font size="2">(a)(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code of Ethics pursuant
                        to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE
                        ETH.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30.6pt; TEXT-INDENT: -30.6pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                        <font size="2">(a)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                        <font size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certification
                        pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR
                        270.30a-2(b)) is furnished and attached hereto as Exhibit
                        99.906CERT.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Form N-CSR
        Item F</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">SIGNATURES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 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><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="192">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Registrant:</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">The New Germany Fund, Inc.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="317" border="0">
                <tr>
                    <td valign="top" nowrap width="192">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top" nowrap width="125">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">/s/Michael G. Clark</font></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="304" border="0">
                <tr>
                    <td valign="top" nowrap width="192">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="112">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Michael G. Clark</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font size="2">President</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="309" border="0">
                <tr>
                    <td valign="top" nowrap width="192">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Date:</font></p>
                    </td>

                    <td valign="top" nowrap width="117">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">February 29, 2008</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 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-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="192">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Registrant:</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">The New Germany Fund, Inc.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="317" border="0">
                <tr>
                    <td valign="top" nowrap width="192">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top" nowrap width="125">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">/s/Michael G. Clark</font></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="304" border="0">
                <tr>
                    <td valign="top" nowrap width="192">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="112">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Michael G. Clark</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font size="2">President</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="309" border="0">
                <tr>
                    <td valign="top" nowrap width="192">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Date:</font></p>
                    </td>

                    <td valign="top" nowrap width="117">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">February 29, 2008</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="300" border="0">
                <tr>
                    <td valign="top" nowrap width="192">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top" nowrap width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">/s/Paul Schubert</font></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="285" border="0">
                <tr>
                    <td valign="top" nowrap width="192">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="93">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Paul Schubert</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 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-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="309" border="0">
                <tr>
                    <td valign="top" nowrap width="192">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Date:</font></p>
                    </td>

                    <td valign="top" nowrap width="117">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">February 29, 2008</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>9
<FILENAME>code_ethics071906.txt
<DESCRIPTION>CODE OF ETHICS
<TEXT>
                               Scudder/DeAM Funds

       Principal Executive and Principal Financial Officer Code of Ethics

               For the Registered Management Investment Companies

                              Listed on Appendix A

































                                                                  Effective Date
                                                              [January 31, 2005]





Table of Contents
<TABLE>
<CAPTION>
                                                                                    Page Number

<S>         <C>                                                                          <C>
   I.       Overview.....................................................................3


   II.      Purposes of the Officer Code.................................................3


   III.     Responsibilities of Covered Officers.........................................4

      A.    Honest and Ethical Conduct...................................................4
      B.    Conflicts of Interest........................................................4
      C.    Use of Personal Fund Shareholder Information.................................6
      D.    Public Communications........................................................6
      E.    Compliance with Applicable Laws, Rules and Regulations.......................6

   IV.      Violation Reporting..........................................................7

      A.    Overview.....................................................................7
      B.    How to Report................................................................7
      C.    Process for Violation Reporting to the Fund Board............................7
      D.    Sanctions for Code Violations................................................7

   V.       Waivers from the Officer Code................................................7


   VI.      Amendments to the Code.......................................................8


   VII.     Acknowledgement and Certification of Adherence to the Officer Code...........8


   IX.      Recordkeeping................................................................8


   X.       Confidentiality..............................................................9


   Appendices...........................................................................10

      Appendix A:.......................................................................10
      List of Officers Covered under the Code, by Board:................................10
      DeAM Compliance Officer:..........................................................10
      Name: Joseph Yuen.................................................................10
      As of:      July 19, 2006Appendix B: Acknowledgement and Certification............10
      Appendix B: Acknowledgement and Certification.....................................11
      Appendix C:  Definitions..........................................................13

</TABLE>


                                       2
<PAGE>



I.       Overview

         This Principal  Executive Officer and Principal  Financial Officer Code
         of Ethics  ("Officer  Code") sets forth the  policies,  practices,  and
         values  expected  to be  exhibited  in the  conduct  of  the  Principal
         Executive  Officers and Principal  Financial Officers of the investment
         companies ("Funds") they serve ("Covered Officers").  A list of Covered
         Officers and Funds is included on Appendix A.

         The Boards of the Funds  listed on Appendix A have elected to implement
         the Officer Code,  pursuant to Section 406 of the Sarbanes-Oxley Act of
         2002 and the SEC's rules thereunder,  to promote and demonstrate honest
         and ethical conduct in their Covered Officers.

         Deutsche Asset  Management,  Inc. or its affiliates  ("DeAM") serves as
         the  investment  adviser to each Fund.  All Covered  Officers  are also
         employees of DeAM or an affiliate. Thus, in addition to adhering to the
         Officer  Code,  these  individuals  must comply with DeAM  policies and
         procedures,  such as the DeAM Code of Ethics governing personal trading
         activities,  as adopted  pursuant  to Rule 17j-1  under the  Investment
         Company Act of 1940.(1) In addition,  such individuals also must comply
         with other applicable Fund policies and procedures.

         The DeAM Compliance Officer, who shall not be a Covered Officer and who
         shall serve as such  subject to the  approval  of the Fund's  Board (or
         committee  thereof),  is primarily  responsible  for  implementing  and
         enforcing  this Code.  The  Compliance  Officer  has the  authority  to
         interpret  this  Officer  Code  and  its  applicability  to  particular
         circumstances.  Any questions about the Officer Code should be directed
         to the DeAM Compliance Officer.

         The DeAM Compliance  Officer and his or her contact  information can be
         found in Appendix A.

II.      Purposes of the Officer Code

         The purposes of the Officer Code are to deter wrongdoing and to:

         o        promote  honest and ethical  conduct among  Covered  Officers,
                  including the ethical handling of actual or apparent conflicts
                  of interest between personal and professional relationships;

         o        promote  full,  fair,  accurate,   timely  and  understandable
                  disclosures  in reports and documents that the Funds file with
                  or submit to the SEC (and in other public  communications from
                  the  Funds)  and  that  are  within  the   Covered   Officer's
                  responsibilities;

         o        promote   compliance   with   applicable   laws,   rules   and
                  regulations;

         o        encourage the prompt  internal  reporting of violations of the
                  Officer Code to the DeAM Compliance Officer; and

         o        establish accountability for adherence to the Officer Code.

         Any  questions  about the  Officer  Code  should be  referred to DeAM's
         Compliance Officer.

- --------

(1) The  obligations  imposed by the  Officer  Code are  separate  from,  and in
addition to, any obligations  imposed under codes of ethics adopted  pursuant to
Rule  17j-1  under the  Investment  Company  Act of 1940,  and any other code of
conduct  applicable to Covered  Officers in whatever  capacity  they serve.  The
Officer  Code does not  incorporate  any of those other codes and,  accordingly,
violations of those codes will not  necessarily be considered  violations of the
Officer Code and waivers granted under those codes would not necessarily require
a waiver to be granted under this Code.  Sanctions imposed under those codes may
be considered  in  determining  appropriate  sanctions for any violation of this
Code.


                                       3
<PAGE>

III.     Responsibilities of Covered Officers

         A.       Honest and Ethical Conduct

         It is the duty of every Covered  Officer to encourage  and  demonstrate
         honest and ethical conduct,  as well as adhere to and require adherence
         to the Officer Code and any other  applicable  policies and  procedures
         designed to promote this behavior.  Covered  Officers must at all times
         conduct  themselves with integrity and  distinction,  putting first the
         interests of the Fund(s) they serve.  Covered  Officers  must be honest
         and candid  while  maintaining  confidentiality  of  information  where
         required by law, DeAM policy or Fund policy.

         Covered   Officers  also  must,  at  all  times,  act  in  good  faith,
         responsibly  and with  due  care,  competence  and  diligence,  without
         misrepresenting  or being  misleading  about material facts or allowing
         their  independent  judgment to be subordinated.  Covered Officers also
         should maintain skills appropriate and necessary for the performance of
         their duties for the Fund(s).  Covered  Officers also must  responsibly
         use and control all Fund assets and resources entrusted to them.

         Covered  Officers may not  retaliate  against  others for, or otherwise
         discourage  the  reporting  of,  actual or apparent  violations  of the
         Officer Code or applicable laws or regulations. Covered Officers should
         create an  environment  that  encourages  the exchange of  information,
         including concerns of the type that this Code is designed to address.

         B.       Conflicts of Interest

         A  "conflict  of  interest"  occurs when a Covered  Officer's  personal
         interests  interfere with the interests of the Fund for which he or she
         serves as an officer.  Covered  Officers may not  improperly  use their
         position with a Fund for personal or private gain to themselves,  their
         family,  or any other person.  Similarly,  Covered Officers may not use
         their  personal  influence  or  personal   relationships  to  influence
         decisions  or other Fund  business or  operational  matters  where they
         would  benefit  personally  at the  Fund's  expense  or to  the  Fund's
         detriment.  Covered Officers may not cause the Fund to take action,  or
         refrain from taking action,  for their  personal  benefit at the Fund's
         expense or to the Fund's  detriment.  Some  examples  of  conflicts  of
         interest  follow  (this  is not an  all-inclusive  list):  being in the
         position of  supervising,  reviewing or having any influence on the job
         evaluation,  pay or benefit of any  immediate  family  member who is an
         employee of a Fund service provider or is otherwise associated with the
         Fund; or having an ownership  interest in, or having any  consulting or
         employment relationship with, any Fund service provider other than DeAM
         or its affiliates.

         Certain  conflicts  of  interest  covered by this Code arise out of the
         relationships  between  Covered  Officers and the Fund that already are
         subject to conflict of interest  provisions in the  Investment  Company
         Act and the Investment Advisers Act. For example,  Covered Officers may
         not individually  engage in certain  transactions (such as the purchase
         or sale of securities or other property) with the Fund because of their
         status as  "affiliated  persons"  of the Fund.  Covered  Officers  must
         comply with applicable laws and regulations.  Therefore, any violations
         of  existing  statutory  and  regulatory   prohibitions  on  individual
         behavior could be considered a violation of this Code.

         As  to  conflicts  arising  from,  or  as  a  result  of  the  advisory
         relationship (or any other relationships) between the Fund and DeAM, of
         which the  Covered  Officers  are also  officers  or  employees,  it is
         recognized by the Board that, subject to DeAM's fiduciary duties to the
         Fund,  the Covered  Officers  will in the normal course of their duties
         (whether formally for the Fund or for DeAM, or for both) be involved in
         establishing  policies  and  implementing  decisions  which  will  have
         different  effects on


                                       4
<PAGE>

         DeAM and the Fund. The Board  recognizes that the  participation of the
         Covered  Officers  in  such  activities  is  inherent  in the  contract
         relationship  between  the Fund and DeAM,  and is  consistent  with the
         expectation of the Board of the performance by the Covered  Officers of
         their duties as officers of the Fund.

         Covered  Officers  should  avoid  actual  conflicts  of  interest,  and
         appearances  of conflicts of  interest,  between the Covered  Officer's
         duties  to the  Fund and his or her  personal  interests  beyond  those
         contemplated  or anticipated  by applicable  regulatory  schemes.  If a
         Covered  Officer  suspects or knows of a conflict or an  appearance  of
         one, the Covered Officer must immediately report the matter to the DeAM
         Compliance  Officer.  If a Covered Officer, in lieu of reporting such a
         matter to the DeAM Compliance  Officer,  may report the matter directly
         to the Fund's Board (or committee  thereof),  as appropriate  (e.g., if
         the  conflict  involves  the DeAM  Compliance  Officer  or the  Covered
         Officer reasonably  believes it would be futile to report the matter to
         the DeAM Compliance Officer).

         When  actual,  apparent or  suspected  conflicts  of interest  arise in
         connection with a Covered  Officer,  DeAM personnel aware of the matter
         should promptly contact the DeAM Compliance  Officer.  There will be no
         reprisal or retaliation against the person reporting the matter.

         Upon receipt of a report of a possible  conflict,  the DeAM  Compliance
         Officer will take steps to determine  whether a conflict exists.  In so
         doing,  the DeAM  Compliance  Officer  may take any  actions  he or she
         determines to be appropriate in his or her sole  discretion and may use
         all  reasonable  resources,   including  retaining  or  engaging  legal
         counsel,  accounting firms or other consultants,  subject to applicable
         law.(2)  The costs  associated  with such  actions  may be borne by the
         Fund,  if  appropriate,  after  consultation  with the Fund's Board (or
         committee  thereof).  Otherwise,  such  costs  will be borne by DeAM or
         other appropriate Fund service provider.

         After full review of a report of a possible  conflict of interest,  the
         DeAM  Compliance  Officer may determine  that no conflict or reasonable
         appearance  of a conflict  exists.  If,  however,  the DeAM  Compliance
         Officer  determines  that an actual  conflict  exists,  the  Compliance
         Officer will resolve the conflict  solely in the interests of the Fund,
         and will report the conflict and its resolution to the Fund's Board (or
         committee thereof).  If the DeAM Compliance Officer determines that the
         appearance of a conflict exists,  the DeAM Compliance Officer will take
         appropriate  steps to remedy such  appearance.  In lieu of  determining
         whether  a  conflict  exists  and/or  resolving  a  conflict,  the DeAM
         Compliance Officer instead may refer the matter to the Fund's Board (or
         committee  thereof),  as  appropriate.  However,  the  DeAM  Compliance
         Officer  must  refer the  matter  to the  Fund's  Board  (or  committee
         thereof) if the DeAM  Compliance  Officer is  directly  involved in the
         conflict or under similar appropriate circumstances.

         After  responding to a report of a possible  conflict of interest,  the
         DeAM  Compliance  Officer  will  discuss  the  matter  with the  person
         reporting it (and with the Covered  Officer at issue, if different) for
         purposes  of  educating   those  involved  on  conflicts  of  interests
         (including how to detect and avoid them, if appropriate).

         Appropriate   resolution   of  conflicts   may  restrict  the  personal
         activities of the Covered  Officer and/or his family,  friends or other
         persons.

         Solely because a conflict is disclosed to the DeAM  Compliance  Officer
         (and/or the Board or  Committee  thereof)  and/or  resolved by the DeAM
         Compliance  Officer does not mean that the  conflict or its  resolution
         constitutes a waiver from the Code's requirements.


- --------

(2) For  example,  retaining a Fund's  independent  accounting  firm may require
pre-approval by the Fund's audit committee.


                                       5
<PAGE>

         Any  questions  about  conflicts  of  interests,  including  whether  a
         particular  situation  might be a  conflict  or an  appearance  of one,
         should be directed to the DeAM Compliance Officer.

         C.       Use of Personal Fund Shareholder Information

         A Covered Officer may not use or disclose  personal  information  about
         Fund  shareholders,  except in the performance of his or her duties for
         the Fund. Each Covered Officer also must abide by the Funds' and DeAM's
         privacy policies under SEC Regulation S-P.

         D.       Public Communications

         In connection with his or her  responsibilities for or involvement with
         a  Fund's  public   communications  and  disclosure   documents  (e.g.,
         shareholder reports,  registration  statements,  press releases),  each
         Covered  Officer must  provide  information  to Fund service  providers
         (within the DeAM  organization  or  otherwise)  and to the Fund's Board
         (and  any  committees  thereof),   independent   auditors,   government
         regulators and  self-regulatory  organizations that is fair,  accurate,
         complete, objective, relevant, timely and understandable.

         Further,  within the scope of their  duties,  Covered  Officers  having
         direct or supervisory authority over Fund disclosure documents or other
         public Fund communications will, to the extent appropriate within their
         area of responsibility, endeavor to ensure full, fair, timely, accurate
         and  understandable  disclosure  in  Fund  disclosure  documents.  Such
         Covered Officers will oversee, or appoint others to oversee,  processes
         for the timely and accurate  creation and review of all public  reports
         and regulatory filings. Within the scope of his or her responsibilities
         as a Covered  Officer,  each  Covered  Officer  also  will  familiarize
         himself or herself with the disclosure  requirements  applicable to the
         Fund,  as well as the business and  financial  operations  of the Fund.
         Each Covered  Officer  also will adhere to, and will promote  adherence
         to, applicable disclosure controls, processes and procedures, including
         DeAM's Disclosure Controls and Procedures,  which govern the process by
         which Fund disclosure documents are created and reviewed.

         To the extent that Covered  Officers  participate  in the creation of a
         Fund's  books or records,  they must do so in a way that  promotes  the
         accuracy, fairness and timeliness of those records.

         E.       Compliance with Applicable Laws, Rules and Regulations

         In connection with his or her duties and within the scope of his or her
         responsibilities as a Covered Officer, each Covered Officer must comply
         with governmental  laws, rules and regulations,  accounting  standards,
         and  Fund   policies/procedures   that   apply  to  his  or  her  role,
         responsibilities  and duties  with  respect  to the Funds  ("Applicable
         Laws").  These  requirements  do not  impose on  Covered  Officers  any
         additional  substantive duties.  Additionally,  Covered Officers should
         promote compliance with Applicable Laws.

         If a Covered  Officer  knows of any material  violations  of Applicable
         Laws or suspects that such a violation may have  occurred,  the Covered
         Officer  is  expected  to  promptly  report  the  matter  to  the  DeAM
         Compliance Officer.



                                       6
<PAGE>

IV.      Violation Reporting

         A.       Overview

         Each  Covered  Officer  must  promptly  report  to the DeAM  Compliance
         Officer,   and  promote  the  reporting  of,  any  known  or  suspected
         violations of the Officer Code.  Failure to report a violation may be a
         violation of the Officer Code.

         Examples of violations of the Officer Code include, but are not limited
         to, the following:

         o        Unethical or dishonest behavior

         o        Obvious lack of adherence to policies  surrounding  review and
                  approval of public  communications  and  regulatory  filings

         o        Failure to report violations of the Officer Code

         o        Known or obvious  deviations from Applicable Laws

         o        Failure to  acknowledge  and certify  adherence to the Officer
                  Code

         The  DeAM  Compliance  Officer  has the  authority  to take any and all
         action he or she considers appropriate in his or her sole discretion to
         investigate  known or suspected Code violations,  including  consulting
         with  the  Fund's  Board,  the  independent  Board  members,   a  Board
         committee,  the Fund's legal counsel and/or counsel to the  independent
         Board members. The Compliance Officer also has the authority to use all
         reasonable resources to investigate violations,  including retaining or
         engaging legal counsel, accounting firms or other consultants,  subject
         to  applicable  law.(3) The costs  associated  with such actions may be
         borne by the Fund, if appropriate,  after  consultation with the Fund's
         Board (or committee  thereof).  Otherwise,  such costs will be borne by
         DeAM.


         B.       How to Report

         Any known or suspected  violations of the Officer Code must be promptly
         reported to the DeAM Compliance Officer.

         C.       Process for Violation Reporting to the Fund Board

         The DeAM Compliance  Officer will promptly report any violations of the
         Code to the Fund's Board (or committee thereof).

         D.       Sanctions for Code Violations

         Violations of the Code will be taken seriously. In response to reported
         or otherwise known  violations,  DeAM and the relevant Fund's Board may
         impose sanctions  within the scope of their  respective  authority over
         the Covered Officer at issue.  Sanctions  imposed by DeAM could include
         termination  of employment.  Sanctions  imposed by a Fund's Board could
         include termination of association with the Fund.

         V.       Waivers from the Officer Code

         A  Covered  Officer  may  request  a waiver  from the  Officer  Code by
         transmitting  a written  request  for a waiver  to the DeAM  Compliance
         Officer.(4)  The request must include the rationale for the request and
         must explain how the waiver would be in furtherance of the standards of
         conduct  described in and underlying  purposes of the Officer Code. The
         DeAM  Compliance  Officer will present this  information


- --------

(3) For  example,  retaining a Fund's  independent  accounting  firm may require
pre-approval by the Fund's audit committee.

(4) Of course,  it is not a waiver of the Officer  Code if the Fund's  Board (or
committee thereof)  determines that a matter is not a deviation from the Officer
Code's requirements or is otherwise not covered by the Code.


                                       7
<PAGE>

         to the Fund's Board (or committee  thereof).  The Board (or  committee)
         will determine  whether to grant the requested waiver. If the Board (or
         committee)  grants the requested  waiver,  the DeAM Compliance  Officer
         thereafter  will  monitor  the  activities  subject to the  waiver,  as
         appropriate, and will promptly report to the Fund's Board (or committee
         thereof) regarding such activities, as appropriate.

         The DeAM Compliance Officer will coordinate and facilitate any required
         public disclosures of any waivers granted or any implicit waivers.

VI.      Amendments to the Code

         The DeAM  Compliance  Officer will review the Officer Code from time to
         time for its continued  appropriateness and will propose any amendments
         to the  Fund's  Board (or  committee  thereof)  on a timely  basis.  In
         addition, the Board (or committee thereof) will review the Officer Code
         at least annually for its continued  appropriateness  and may amend the
         Code as necessary or appropriate.

         The DeAM Compliance Officer will coordinate and facilitate any required
         public disclosures of Code amendments.

VII.     Acknowledgement and Certification of Adherence to the Officer Code

         Each  Covered  Officer  must sign a  statement  upon  appointment  as a
         Covered Officer and annually  thereafter  acknowledging  that he or she
         has  received  and read the Officer  Code,  as amended or updated,  and
         confirming  that  he or she has  complied  with  it  (see  Appendix  B:
         Acknowledgement  and  Certification  of  Obligations  Under the Officer
         Code).

         Understanding  and  complying  with the  Officer  Code  and  truthfully
         completing the  Acknowledgement  and Certification Form is each Covered
         Officer's obligation.

         The DeAM Compliance Officer will maintain such  Acknowledgements in the
         Fund's books and records.

VIII.    Scope of Responsibilities

         A Covered Officer's responsibilities under the Officer Code are limited
         to:

         (1)      Fund matters over which the Officer has direct  responsibility
                  or   control,   matters   in  which  the   Officer   routinely
                  participates,  and matters with which the Officer is otherwise
                  involved  (i.e.,  matters  within  the  scope  of the  Covered
                  Officer's  responsibilities  as a Fund officer);  and

         (2)      Fund matters of which the Officer has actual knowledge.


IX.      Recordkeeping

         The DeAM  Compliance  Officer  will  create  and  maintain  appropriate
         records regarding the implementation and operation of the Officer Code,
         including records relating to conflicts of interest  determinations and
         investigations of possible Code violations.



                                       8
<PAGE>

X.       Confidentiality

         All reports and records prepared or maintained pursuant to this Officer
         Code  shall be  considered  confidential  and shall be  maintained  and
         protected  accordingly.  Except as  otherwise  required  by law or this
         Officer Code,  such matters shall not be disclosed to anyone other than
         the DeAM Compliance  Officer,  the Fund's Board (or committee thereof),
         legal counsel, independent auditors, and any consultants engaged by the
         Compliance Officer.



                                       9
<PAGE>



         Appendices

         Appendix A:



         List of Officers Covered under the Code, by Board:

<TABLE>
<CAPTION>

=========================================== ============================== =========================== ============================
                Fund Board                  Principal Executive Officers      Principal Financial               Treasurer
                                                                                    Officers
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
<S>     <C>    <C>    <C>    <C>    <C>    <C>
Chicago                                     Michael Clark                  Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
New York                                    Michael Clark                  Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Hedge Strategies Fund                       Pam Kiernan                    Marielena Glassman          Marielena Glassman
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Germany*                                    Michael Clark                  Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Topiary BPI                                 Pam Kiernan                    Marielena Glassman          Marielena Glassman
=========================================== ============================== =========================== ============================
</TABLE>

*        Central Europe and Russia, European Equity, and New Germany Funds


         DeAM Compliance Officer:

         Name: Joseph Yuen

         DeAM Department: Compliance

         Phone Numbers: 212-454-7443

         Fax Numbers: 212-454-4703









As of:   July 19, 2006

                                       10
<PAGE>



Appendix B: Acknowledgement and Certification


                    Initial Acknowledgement and Certification
                      of Obligations Under the Officer Code



- --------------------------------------------------------------------------------
Print Name                 Department                Location         Telephone




         1.       I  acknowledge  and certify that I am a Covered  Officer under
                  the Scudder Fund  Principal  Executive and  Financial  Officer
                  Code of Ethics ("Officer Code"),  and therefore subject to all
                  of its requirements and provisions.

         2.       I have received and read the Officer Code and I understand the
                  requirements and provisions set forth in the Officer Code.

         3.       I have disclosed any conflicts of interest of which I am aware
                  to the DeAM Compliance Officer.

         4.       I will act in the best interest of the Funds for which I serve
                  as an  officer  and have  maintained  the  confidentiality  of
                  personal information about Fund shareholders.

         5.       I will report any known or suspected violations of the Officer
                  Code in a timely manner to the DeAM Compliance Officer.













         -----------------------------------------------------------------------
         Signature                                                        Date


                                       11
<PAGE>




                    Annual Acknowledgement and Certification
                      of Obligations Under the Officer Code



- --------------------------------------------------------------------------------
Print Name                 Department                Location         Telephone



         1.       I  acknowledge  and certify that I am a Covered  Officer under
                  the Scudder Fund  Principal  Executive and  Financial  Officer
                  Code of Ethics ("Officer Code"),  and therefore subject to all
                  of its requirements and provisions.

         2.       I have  received and read the Officer  Code,  and I understand
                  the requirements and provisions set forth in the Officer Code.

         3.       I have adhered to the Officer Code.

         4.       I have not knowingly been a party to any conflict of interest,
                  nor have I had  actual  knowledge  about  actual  or  apparent
                  conflicts  of  interest  that I did  not  report  to the  DeAM
                  Compliance  Officer  in  accordance  with the  Officer  Code's
                  requirements.

         5.       I have  acted in the best  interest  of the  Funds for which I
                  serve as an officer and have maintained the confidentiality of
                  personal information about Fund shareholders.

         6.       With  respect to the  duties I perform  for the Fund as a Fund
                  officer,  I believe that  effective  processes are in place to
                  create and file public  reports and  documents  in  accordance
                  with applicable regulations.

         7.       With  respect to the  duties I perform  for the Fund as a Fund
                  officer,  I have complied to the best of my knowledge with all
                  Applicable  Laws (as that term is defined in the Officer Code)
                  and  have  appropriately  monitored  those  persons  under  my
                  supervision for compliance with Applicable Laws.

         8.       I have  reported  any  known or  suspected  violations  of the
                  Officer  Code  in a  timely  manner  to  the  DeAM  Compliance
                  Officer.














- --------------------------------------------------------------------------------
Signature                                                               Date


                                       12
<PAGE>


         Appendix C:  Definitions

         Principal Executive Officer

         Individual  holding  the office of  President  of the Fund or series of
         Funds, or a person performing a similar function.

         Principal Financial Officer

         Individual  holding  the office of  Treasurer  of the Fund or series of
         Funds, or a person performing a similar function.

         Registered Investment Management Investment Company

         Registered  investment  companies other than a face-amount  certificate
         company or a unit investment trust.

         Waiver

         A waiver is an approval of an exemption from a Code requirement.

         Implicit Waiver

         An implicit  waiver is the failure to take action  within a  reasonable
         period of time  regarding a material  departure  from a requirement  or
         provision  of the  Officer  Code that has been  made  known to the DeAM
         Compliance Officer or the Fund's Board (or committee thereof).



                                       13
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>10
<FILENAME>cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>




<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'><img src="img1.gif"><br> </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>&nbsp;</font></p>

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

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>President</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Form N-CSR Certification under Sarbanes Oxley Act</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>&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>I, Michael G. Clark, certify that: </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='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</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>I have reviewed this report, filed on behalf of The New Germany Fund, Inc., on Form N-CSR;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</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 >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</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>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></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</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 >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</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>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</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 >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</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 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></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='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" 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="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</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>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></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</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 >
            <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="48" valign=top >
            <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 >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><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></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</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 >
            <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="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</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>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></p> </td> </tr></table>
</div>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><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 half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><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></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><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></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
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            <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>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>February 29, 2008</font></p> </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Michael G. Clark</font></p>  </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>President</font></font></p>  </td> </tr>
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            <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="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <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>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>Chief Financial Officer and Treasurer</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Form N-CSR Certification under Sarbanes Oxley Act</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>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Paul Schubert, certify that: </font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of The New Germany Fund, Inc., on Form N-CSR;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><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></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><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></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><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></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <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 >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><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></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><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></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><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 half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><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></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><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></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <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 >
            <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>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>February 29, 2008</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <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>
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        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Paul Schubert </font></p>  </td> </tr>
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        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>Chief Financial Officer and Treasurer</font></font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <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="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <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>
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<TYPE>EX-99.906CERT
<SEQUENCE>13
<FILENAME>cert906.htm
<DESCRIPTION>906 CERTIFICATION
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<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'><img src="img1.gif"><br> </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>&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;'><b><font size=2>President</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Section 906 Certification under Sarbanes Oxley Act</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>&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>I, Michael G. Clark, certify that: </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='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</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>I have reviewed this report, filed on behalf of The New Germany Fund, Inc., on Form N-CSR;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</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 >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</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>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSR (the &#147;Report&#148;) fully complies with the requirements of &sect; 13 (a) or &sect;15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></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>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>February 29, 2008</font></p> </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <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>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Michael G. Clark </font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>President</font></font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <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="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <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>
<!-- EEDocs PBStart-->
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<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'>
<img src="img2.gif"><br> </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>&nbsp;</font></p>

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

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>Chief Financial Officer and Treasurer</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Section 906 Certification under Sarbanes Oxley Act</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>&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>I, Paul Schubert, certify that: </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="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</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>I have reviewed this report, filed on behalf of The New Germany Fund, Inc., on Form N-CSR;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;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="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</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>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSR (the &#147;Report&#148;) fully complies with the requirements of &sect; 13 (a) or &sect;&nbsp;15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></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="590" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>February 29, 2008</font></p> </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <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>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Paul Schubert </font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>Chief Financial Officer and Treasurer</font></font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <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="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <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>


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



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