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<SEC-DOCUMENT>0000088053-08-001007.txt : 20080904
<SEC-HEADER>0000088053-08-001007.hdr.sgml : 20080904
<ACCEPTANCE-DATETIME>20080904161651
ACCESSION NUMBER:		0000088053-08-001007
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20080630
FILED AS OF DATE:		20080904
DATE AS OF CHANGE:		20080904
EFFECTIVENESS DATE:		20080904

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05983
		FILM NUMBER:		081056662

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LENOX FUND INC
		DATE OF NAME CHANGE:	19900115
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>sr063008ngf.htm
<DESCRIPTION>SEMIANNUAL REPORT
<TEXT>
<html>
    <head>
        <title></title>
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    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
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            <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-CSRS</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">Investment Company Act file number 811-05983</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"><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: center">&nbsp;</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 10154-0004</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 10154-0004</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">06/30/08</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>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <!-- Document name: 08-17975-2.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 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 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 35% of its assets in large cap German companies, and up to 20% elsewhere in Western Europe.</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 risks such as currency fluctuation, political and economic changes, and market risks. This may result in greater share price volatility.</font></p>

            <p><img src="j08179752_zc007.jpg"></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>Semi-Annual Report</b></font></p>

            <p align="center"><font face="Times New Roman" size="2"><b>June 30, 2008</b></font></p>

            <p><font face="Times New Roman" size="1">20958</font></p>
            <hr align="center" width="100%" color="gray" noshade size="3">
            <!-- SEQ.=24,FOLIO='',FILE='08-17975-2.zc',USER='sholta',CD='Aug 26 18:37 2008' --><br style="PAGE-BREAK-BEFORE: always" clear="all">
            <br style="PAGE-BREAK-BEFORE: always" clear="all">
            <!-- Document name: 08-17975-2.ba-->

            <p><img src="j08179752_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">In the second quarter, global stock market performance was characterized by high volatility. Following aggressive policy measures by the US Federal Reserve Board (the Fed) to support the US financial sector in March, tension in the credit markets continued to ease and stock markets recovered until mid-May. From then on, however, stock markets declined based on a combination of renewed tensions in credit markets, negative indications for
            growth, and accelerating inflation. Important leading indicators, such as the German Ifo Business Climate Index, continued to signal a slowdown of growth, while consumer confidence continued to weaken, particularly in the US, UK, Spain, Italy, and &mdash; to a smaller extent &mdash; Germany.<sup>1</sup> At the same time, commodity prices continued to rise significantly despite indications of slowing growth. Oil prices increased by some 34% over the quarter, reaching a record level
            of $140 per barrel at the en d of June 2008. Inflation accelerated on a global scale, reaching 4.0% year-over-year in the Eurozone in June.<sup>2</sup> With reference to the threat of further accelerating inflation and despite the weakening outlook for growth, the European Central Bank (ECB) signaled a rate increase for July, which was a further burden for stock markets.</font></p>

            <p><font face="Times New Roman" size="2">For the six months ended June 30, 2008, the New Germany Fund's total return was -1.32% based on net asset value and -6.32% based on share price. During the same period, the total return of the Fund's benchmark, the Midcap Market Performance Index, was -5.00%.<sup>3</sup></font></p>

            <p><font face="Times New Roman" size="2">During the second quarter of 2008, we decreased the Fund's underweight in the material sector by increasing existing positions in K+S and Salzgitter to benefit from the rising raw material prices.<sup>4</sup> Overall, our positions in the material sector were beneficial to the Fund's performance. The Fund's long-term holding in K+S and underweights in Pfleiderer, HeidelbergCement, Symrise and Altana contributed positively to performance,
            while underweights in Norddeutsche Affinerie and Salzgitter were a drag on performance. K+S, a leading manufacturer and marketer of commercial salt products and fertilizers, benefited from upgrades in analysts' earnings estimates for 2008. We kept the Fund's overweight in the industrial sector, which contributed positively to performance. Specifically, an overweight position in Bauer as well as an underweight position in Rofin-Sinar, Heidelberger Druckmaschinen and Wirecard helped
            the fund's performance. In contrast, exposure to underperforming ElringKlinger and Sartorius detracted from performance. In the consumer discretionary sector, ongoing concerns regarding the weakening US and European economy, rising inflation rates and poor retail sales figures from European competitors burdened the performance of consumer stocks in Germany. The Fund's underweight positions in Arcandor and Puma and overweight position in Kloeckner &amp; Co contributed positively to
            performance, while overweight positions in ProSieben and Praktiker Bau-und Heimwerkermaerkte detracted from performance. During the quarter, we sold the Fund's position in ProSieben on concerns that a deteriorating spending trend on advertising in Europe and a rather weak pricing environment may burden future profitability of the group. We reduced the Fund's overweight in financials by selling positions in Aareal and Interhyp. During the quarter, ING Direct launched a takeover for
            Interhyp, the leading independent residential mortgage distributor in Germany, and we sold the Fund's position to realize the profit. Our stock picking in the financial sector detracted from performance mainly due to an overweight in IVG Immobilien. The shares declined due to negative developments in the UK office market. However, 75% of IVG's office portfolio is located in Germany and only 4% is exposed to the UK</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">
            <!-- SEQ.=1,FOLIO='1',FILE='08-17975-2.ba',USER='sholta',CD='Aug 26 18:37 2008' --><br style="PAGE-BREAK-BEFORE: always" clear="all">

            <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">market. We believe that the share price is indicating an extremely pessimistic view on the German office market.</font></p>

            <p><font face="Times New Roman" size="2">The New Germany Fund purchased 32,900 of its shares in the open market during the first six months of 2008. The Fund's discount to net asset value averaged 13.49% for the six months ending June 30, 2008, compared with 8.43% for the same period last year.</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;The Eurozone refers to a currency union among the European Union member states that have adopted the euro as their sole currency.</font></p>

            <p><font face="Times New Roman" size="1"><sup>3</sup>&nbsp;&nbsp;The 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. MDAX is a total rate of return index of 50 midcap 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 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="j08179752_ba002.jpg"> </td>

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

                    <td valign="top" align="left" width="94" colspan="3"><img src="j08179752_ba003.jpg"> </td>

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

                    <td valign="top" align="left" width="80" colspan="3"><img src="j08179752_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><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 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>
            <hr align="center" width="100%" color="gray" noshade size="3">
            <!-- SEQ.=2,FOLIO='2',FILE='08-17975-2.ba',USER='sholta',CD='Aug 26 18:37 2008' --><br style="PAGE-BREAK-BEFORE: always" clear="all">

            <p align="left"><font face="Times New Roman" size="2"><b>FUND HISTORY AS OF JUNE 30, 2008</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 valign="bottom" align="center" width="108" colspan="3"><font face="Times New Roman" size="1"><b>For the six<br>
                    </b><b>months period<br>
                    </b><b>June 30,</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="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="108" colspan="3"><font face="Times New Roman" size="1"><b>2008</b><b>(b)</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>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="66" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="2">(1.32</font></td>

                    <td valign="bottom" align="left" width="34" 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">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="66" colspan="1"><font face="Times New Roman" size="2">(6.32</font></td>

                    <td valign="bottom" align="left" width="34" 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">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="66" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="2">(5.00</font></td>

                    <td valign="bottom" align="left" width="34" 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">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">(b)</font><font face="Times New Roman" size="2">&nbsp;&nbsp;Total returns shown for the six month period are not annualized.</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"><i>&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.</i></font></p>

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

            <p><font face="Times New Roman" size="1"><i>&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.</i></font></p>

            <p><font face="Times New Roman" size="1"><i>****&nbsp;&nbsp;Tec</i><i>DAX</i> <i>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.</i></font></p>

            <p><font face="Times New Roman" size="1"><i>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.</i></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 risks, 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>
            3</font></p>
            <hr align="center" width="100%" color="gray" noshade size="3">
            <!-- SEQ.=3,FOLIO='3',FILE='08-17975-2.ba',USER='sholta',CD='Aug 26 18:37 2008' --><br style="PAGE-BREAK-BEFORE: always" clear="all">

            <p align="left"><font face="Times New Roman" size="2"><b>FUND HISTORY AS OF JUNE 30, 2008 (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="164" 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">377,600,420</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="164" 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">19,810,858</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="164" 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">19.06</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="68" 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">05/06/08</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">05/15/08</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">0.059</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">0.059</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="52" colspan="3"><font face="Times New Roman" size="2">12/21/07</font></td>

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

                    <td valign="bottom" align="left" width="52" colspan="3"><font face="Times New Roman" size="2">01/10/08</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">0.255</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">0.255</font></td>

                    <td valign="bottom" width="8" 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">05/03/07</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">05/15/07</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">0.340</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">0.340</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="52" colspan="3"><font face="Times New Roman" size="2">12/21/06</font></td>

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

                    <td valign="bottom" align="left" width="52" colspan="3"><font face="Times New Roman" size="2">12/28/06</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">0.055</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">0.055</font></td>

                    <td valign="bottom" width="8" 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">05/05/06</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">05/15/06</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">0.150</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">0.150</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="52" colspan="3"><font face="Times New Roman" size="2">12/22/05</font></td>

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

                    <td valign="bottom" align="left" width="52" colspan="3"><font face="Times New Roman" size="2">12/30/05</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">0.410</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">0.410</font></td>

                    <td valign="bottom" width="8" 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">05/19/05</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">05/27/05</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">0.140</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">0.140</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="52" colspan="3"><font face="Times New Roman" size="2">12/22/04</font></td>

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

                    <td valign="bottom" align="left" width="52" colspan="3"><font face="Times New Roman" size="2">12/31/04</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">0.230</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">0.230</font></td>

                    <td valign="bottom" width="8" 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">05/06/04</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">05/14/04</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">0.050</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">0.050</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="52" colspan="3"><font face="Times New Roman" size="2">12/22/03</font></td>

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

                    <td valign="bottom" align="left" width="52" colspan="3"><font face="Times New Roman" size="2">12/31/03</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">0.022</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">0.022</font></td>

                    <td valign="bottom" width="8" 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">07/24/03</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">07/30/03</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">0.003</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">0.003</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="52" colspan="3"><font face="Times New Roman" size="2">11/20/00</font></td>

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

                    <td valign="bottom" align="left" width="52" colspan="3"><font face="Times New Roman" size="2">11/29/00</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">0.010</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">1.30</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">1.310</font></td>

                    <td valign="bottom" width="8" 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">09/01/00</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">09/15/00</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">0.070</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">0.35</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">0.420</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 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="164" 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" align="left" width="113" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="2">GF</font></td>

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

                <tr>
                    <td valign="bottom" align="left" width="164" colspan="3"><font face="Times New Roman" size="2">NASDAQ Symbol</font></td>

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

                    <td valign="bottom" align="left" width="113" colspan="3"><font face="Times New Roman" size="2">XGFNX</font></td>

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

                <tr>
                    <td valign="bottom" align="left" width="164" 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" align="left" width="113" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="2">Yes</font></td>

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

                <tr>
                    <td valign="bottom" align="left" width="164" colspan="3"><font face="Times New Roman" size="2">Voluntary Cash Purchase Program</font></td>

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

                    <td valign="bottom" align="left" width="113" colspan="3"><font face="Times New Roman" size="2">Yes</font></td>

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

                <tr>
                    <td valign="bottom" align="left" width="164" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="2">Annualized Expense Ratio (6/30/08)</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">1.14</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="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>
            4</font></p>
            <hr align="center" width="100%" color="gray" noshade size="3">
            <!-- SEQ.=4,FOLIO='4',FILE='08-17975-2.ba',USER='sholta',CD='Aug 26 18:37 2008' --><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 JUNE 30, 2008 (As a % of Portfolio's Assets)</b></font></p>

            <p><img src="j08179752_ba005.jpg"></p>

            <p align="left"><font face="Times New Roman" size="2"><b>10 LARGEST EQUITY HOLDINGS AS OF JUNE 30, 2008 (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="101" 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="37" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="2">13.1</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">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="101" 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="37" colspan="1"><font face="Times New Roman" size="2">6.1</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="101" 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="37" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="2">4.7</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="101" colspan="3"><font face="Times New Roman" size="2">Salzgitter</font></td>

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

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

                    <td valign="bottom" align="right" width="37" colspan="1"><font face="Times New Roman" size="2">4.3</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="101" 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="37" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="2">4.0</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="101" 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="37" colspan="1"><font face="Times New Roman" size="2">3.9</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="101" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="2">Bilfinger Berger</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="37" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="2">3.4</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="101" colspan="3"><font face="Times New Roman" size="2">Stada Arzneimittel</font></td>

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

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

                    <td valign="bottom" align="right" width="37" colspan="1"><font face="Times New Roman" size="2">3.1</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="101" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="2">EADS</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="37" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="2">2.9</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">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="101" colspan="3"><font face="Times New Roman" size="2">United Internet</font></td>

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

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

                    <td valign="bottom" align="right" width="37" colspan="1"><font face="Times New Roman" size="2">2.7</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>
            </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 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>
            5</font></p>
            <hr align="center" width="100%" color="gray" noshade size="3">
            <!-- SEQ.=5,FOLIO='5',FILE='08-17975-2.ba',USER='sholta',CD='Aug 26 18:37 2008' --><br style="PAGE-BREAK-BEFORE: always" clear="all">
            <br style="PAGE-BREAK-BEFORE: always" clear="all">
            <!-- Document name: 08-17975-2.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>How has the strong euro impacted German 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 euro rose 8 percent against the US dollar in the first half of 2008, and almost 15% year-over-year. Generally speaking, the strength of the euro may potentially draw export activity away from Germany. Strategically, German companies have been increasingly outsourcing their business outside Europe in the past couple of years. The cost advantages generated outside Europe
            improved profitability and have helped many companies stay competitive domestically and globally. In addition, hedging currency has become more diverse and accessible in recent years.<sup>1</sup> Currency risk management has also played a vital role in running German businesses. Most companies by now should already have positioned themselves to deal with the movement of currency. As part of our investment approach, we continue to focus on improvement in underlying businesses and a
            ssociated risks, such as currency fluctuations.</font></p>

            <p><font face="Times New Roman" size="2"><b><i>Question:</i></b><b>How are the rising consumer price index and fears of inflation affecting consumer sentiment in Germany?</b></font></p>

            <p><font face="Times New Roman" size="2"><b><i>Answer:</i></b></font> <font face="Times New Roman" size="2">With rising food prices and record energy prices, consumer confidence remains at a low level and real income growth has been hit by commodity price-related increases. Consumers are likely reluctant to spend throughout the economic recovery. We expect a slowdown in economic activity to prevent wage growth. On the positive side, disposable income is still intact with the labor
            market in good health. We expect GDP growth in Germany to surpass GDP growth in France and Italy for 2008. The European Central Bank has also taken steps to prevent further increases in inflation, raising interest rates by a quarter point to 4.25% in early July and vows to maintain a stance of heightened alertness on inflation. We believe once the fear of inflation has diminished and the consumer price index has stabilized, consumer confidence will recover, allowing the German e
            conomy to remain competitive in the medium term.</font></p>

            <p><font face="Times New Roman" size="2"><b><i>Question:</i></b><b>How did Germany's equity markets react during the first half of 2008 to the global economic crisis?</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 DAX Index and MDAX Index were down 15% and 2% respectively, in USD terms, in the first half of 2008. Small- and mid-cap stocks corrected significantly less than large-cap companies, primarily due to the fact that financial exposure in MDAX is significantly lower than in the DAX. Global stock market performance was characterized by high volatility. Tension in the credit
            markets, accelerating inflation and slowdown of growth were the key contributors to the recent market sell-off. Small- and mid-cap stocks are typically trading at a premium relative to large-caps, as their growth potential has historically been higher than blue chips. That said, the valuation for MDAX is now showing a slight premium relative to DAX. Despite the macro risk, we believe small- and mid-caps are at an attractive level and may potentially outperform blue chips if there is
            a recovery.</font></p>

            <p><font face="Times New Roman" size="1"><sup>1</sup>&nbsp;&nbsp;Hedging currency is a method of reducing exchange rate risk by diversifying currency holdings and adjusting them according to changes in exchange rates.</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 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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            <p align="left"><font face="Times New Roman" size="2"><b>ECONOMIC OUTLOOK</b></font></p>

            <p><font face="Times New Roman" size="2">Over the last three months, 2008 earnings expectations for the German MDAX Index have been essentially unchanged while EPS estimates have been sliced by 4.1% for TecDAX companies and by 5.4% for the DAX index on average. Currently, German MDAX companies are trading at a slight premium on 2008 estimate earnings multiple relatively to German blue chips. The expected earnings growth rate for the MDAX still looks healthy compared until last year,
            namely driven by earnings improvement at K+S and EADS which represented 10% and 5% of the index, while the market expects earnings growth at a single digit for the DAX. However, in light of elevated macro risks we remain cautious as 2008 estimate earnings may see further downgrades for those German small and mid caps with high leverage in times of tighter credit, higher interest and inflation rates as well as the highly dependence on bank financing. The continued slow down on
            economic growth and fears o n inflation may potentially limit for a fast recovery. Recently, the forecast of the GDP growth in Germany is at 2.6% for 2008, which indicated slightly better than the averages of other countries within the Euro-zone region. The European Central Bank (ECB) stated they will raise interest rates by quarter point to 4.25% during early July. The growth of the consumer price index forecasts at 3.3% for 2008. The labor market remains in good health.</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 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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            <!-- Document name: 08-17975-2.da-->

            <p align="left"><font face="Times New Roman" size="2"><b>THE NEW GERMANY FUND<br>
            SCHEDULE OF INVESTMENTS &mdash; JUNE 30, 2008 (unaudited)</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="171" 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="130" 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="171" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="2"><b>INVESTMENTS IN GERMAN<br>
                    </b><b>SECURITIES &ndash; 93.7%</b></font></td>

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

                    <td valign="bottom" width="237" bgcolor="#cceeff" colspan="7">&nbsp;</td>

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

                <tr>
                    <td valign="bottom" width="171" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" colspan="7"><font face="Times New Roman" size="1"><b>COMMON STOCKS &ndash; 85.8%</b></font></td>

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

                <tr>
                    <td valign="bottom" width="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" bgcolor="#cceeff" colspan="7"><font face="Times New Roman" size="1"><b>AEROSPACE &amp; DEFENSE &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="155" colspan="1"><font face="Times New Roman" size="1">109,084</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">MTU Aero Engines Holding</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">3,560,751</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="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" bgcolor="#cceeff" colspan="7"><font face="Times New Roman" size="1"><b>AUTO COMPONENTS &ndash; 2.0%</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="155" colspan="1"><font face="Times New Roman" size="1">54,448</font></td>

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

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

                    <td valign="bottom" align="left" width="130" 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">5,162,940</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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">9,245</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="130" 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">396,156</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="155" 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="130" colspan="3"><font face="Times New Roman" size="1">Saf-Holland</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">2,079,528</font></td>

                    <td valign="bottom" width="18" colspan="1">&nbsp;</td>

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

                <tr>
                    <td valign="bottom" width="309" bgcolor="#cceeff" colspan="7">&nbsp;</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">7,638,624</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="171" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" colspan="7"><font face="Times New Roman" size="1"><b>CAPITAL MARKETS &ndash; 0.6%</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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">44,448</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="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">MPC Muenchmeyer Petersen<br>
                    Capital&dagger;</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">2,342,282</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="171" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" colspan="7"><font face="Times New Roman" size="1"><b>CHEMICALS &ndash; 17.7%</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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">84,166</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="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">K + S</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">48,569,591</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="155" colspan="1"><font face="Times New Roman" size="1">177,760</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Lanxess</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">7,303,524</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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">50,000</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="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">Symrise</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">1,087,026</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="155" colspan="1"><font face="Times New Roman" size="1">46,364</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Wacker Chemie</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">9,697,035</font></td>

                    <td valign="bottom" width="18" colspan="1">&nbsp;</td>

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

                <tr>
                    <td valign="bottom" width="309" bgcolor="#cceeff" colspan="7">&nbsp;</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">66,657,176</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="171" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" colspan="7"><font face="Times New Roman" size="1"><b>COMPUTERS &amp;<br>
                    </b><b>PERIPHERALS &ndash; 1.3%</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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">72,727</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="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">Wincor Nixdorf</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">5,066,467</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="171" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" colspan="7"><font face="Times New Roman" size="1"><b>CONSTRUCTION &amp;<br>
                    </b><b>ENGINEERING &ndash; 7.8%</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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">74,341</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="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">Bauer&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">7,181,603</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="155" colspan="1"><font face="Times New Roman" size="1">143,181</font></td>

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

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

                    <td valign="bottom" align="left" width="130" 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">12,480,641</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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">96,567</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="130" 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">9,829,226</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="309" colspan="7">&nbsp;</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">29,491,470</font></td>

                    <td valign="bottom" width="18" colspan="1">&nbsp;</td>

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

                <tr>
                    <td valign="bottom" width="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" bgcolor="#cceeff" colspan="7"><font face="Times New Roman" size="1"><b>ELECTRICAL EQUIPMENT &ndash; 14.0%</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="155" colspan="1"><font face="Times New Roman" size="1">145,447</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Q-Cells*&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">14,788,515</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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">250,686</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="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">SGL Carbon*</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">17,609,961</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="155" colspan="1"><font face="Times New Roman" size="1">25,000</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">SMA Solar Technology*</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">2,181,929</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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">206,957</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="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">Solarworld</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">9,869,233</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="155" colspan="1"><font face="Times New Roman" size="1">304,800</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Tognum&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">8,220,715</font></td>

                    <td valign="bottom" width="18" colspan="1">&nbsp;</td>

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

                <tr>
                    <td valign="bottom" width="309" bgcolor="#cceeff" colspan="7">&nbsp;</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">52,670,353</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="171" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" colspan="7"><font face="Times New Roman" size="1"><b>HEALTHCARE PROVIDERS &amp;<br>
                    </b><b>SERVICES &ndash; 2.0%</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="155" 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="130" 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">1,448,108</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="155" colspan="1"><font face="Times New Roman" size="1">187,460</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Rhoen Klinikum&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">5,956,695</font></td>

                    <td valign="bottom" width="18" colspan="1">&nbsp;</td>

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

                <tr>
                    <td valign="bottom" width="309" bgcolor="#cceeff" colspan="7">&nbsp;</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">7,404,803</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="171" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" colspan="7"><font face="Times New Roman" size="1"><b>HOUSEHOLD DURABLES &ndash; 0.6%</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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">118,886</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="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">Loewe*</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">2,284,975</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>

            <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="171" 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="130" 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="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" bgcolor="#cceeff" colspan="7"><font face="Times New Roman" size="1"><b>INDUSTRIAL<br>
                    </b><b>CONGLOMERATES &ndash; 2.4%</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="155" colspan="1"><font face="Times New Roman" size="1">122,583</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Rheinmetall</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">8,866,013</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="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" bgcolor="#cceeff" colspan="7"><font face="Times New Roman" size="1"><b>INSURANCE &ndash; 2.7%</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="155" colspan="1"><font face="Times New Roman" size="1">33,938</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">AMB Generali Holding</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">6,160,344</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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">80,805</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="130" 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">3,990,861</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="309" colspan="7">&nbsp;</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">10,151,205</font></td>

                    <td valign="bottom" width="18" colspan="1">&nbsp;</td>

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

                <tr>
                    <td valign="bottom" width="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" bgcolor="#cceeff" colspan="7"><font face="Times New Roman" size="1"><b>INTERNET SOFTWARE &amp;<br>
                    </b><b>SERVICES &ndash; 2.6%</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="155" colspan="1"><font face="Times New Roman" size="1">500,966</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">United Internet</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">9,881,057</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="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" 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="155" colspan="1"><font face="Times New Roman" size="1">28,287</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Gerresheimer</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">1,442,070</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="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" bgcolor="#cceeff" colspan="7"><font face="Times New Roman" size="1"><b>MACHINERY &ndash; 8.6%</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="155" colspan="1"><font face="Times New Roman" size="1">408,046</font></td>

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

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

                    <td valign="bottom" align="left" width="130" 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">14,425,232</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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">92,116</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="130" 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">7,887,247</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="155" colspan="1"><font face="Times New Roman" size="1">298,963</font></td>

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

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

                    <td valign="bottom" align="left" width="130" 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">2,058,210</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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">52,714</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="130" 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">5,471,047</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="155" colspan="1"><font face="Times New Roman" size="1">20,000</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Vossloh</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">2,608,862</font></td>

                    <td valign="bottom" width="18" colspan="1">&nbsp;</td>

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

                <tr>
                    <td valign="bottom" width="309" bgcolor="#cceeff" colspan="7">&nbsp;</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">32,450,598</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="171" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" colspan="7"><font face="Times New Roman" size="1"><b>METALS &amp; MINING &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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">86,645</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="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">Salzgitter</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">15,888,662</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="171" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" colspan="7"><font face="Times New Roman" size="1"><b>PERSONAL PRODUCTS &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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">80,391</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="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">Beiersdorf</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">5,923,326</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="171" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" colspan="7"><font face="Times New Roman" size="1"><b>PHARMACEUTICALS &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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">157,563</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="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">Stada Arzneimittel&dagger;</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">11,324,013</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="171" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" colspan="7"><font face="Times New Roman" size="1"><b>REAL ESTATE MANAGEMENT &amp;<br>
                    </b><b>DEVELOPMENT &ndash; 3.1%</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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">96,965</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="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">Deutsche Euroshop&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">3,713,563</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="155" colspan="1"><font face="Times New Roman" size="1">339,364</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">IVG Immobilien&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">6,693,618</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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">323,204</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="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">RCM Beteiligungs*</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">1,135,462</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="309" colspan="7">&nbsp;</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">11,542,643</font></td>

                    <td valign="bottom" width="18" colspan="1">&nbsp;</td>

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

                <tr>
                    <td valign="bottom" width="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" bgcolor="#cceeff" 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 bgcolor="#cceeff" colspan="1">&nbsp;</td>
                </tr>

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

                    <td valign="bottom" align="right" width="155" colspan="1"><font face="Times New Roman" size="1">260,766</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Kontron</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">3,574,054</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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">300,255</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="left" width="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">Suess MicroTec*</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">2,043,454</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="309" colspan="7">&nbsp;</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">5,617,508</font></td>

                    <td valign="bottom" width="18" colspan="1">&nbsp;</td>

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

                <tr>
                    <td valign="bottom" width="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" bgcolor="#cceeff" colspan="7"><font face="Times New Roman" size="1"><b>SOFTWARE &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="155" colspan="1"><font face="Times New Roman" size="1">157,563</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Software AG</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">9,566,582</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>

            <p align="center"><font face="Times New Roman" size="2">The accompanying notes are an integral part of the financial statements.<br>
            8</font></p>
            <hr align="center" width="100%" color="gray" noshade size="3">
            <!-- SEQ.=8,FOLIO='8',FILE='08-17975-2.da',USER='sholta',CD='Aug 26 18:37 2008' --><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; JUNE 30, 2008 (unaudited) (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="171" 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="130" 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="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" bgcolor="#cceeff" colspan="7"><font face="Times New Roman" size="1"><b>SPECIALTY RETAIL &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="155" colspan="1"><font face="Times New Roman" size="1">60,000</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Douglas Holdings</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">3,128,744</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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">248,465</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="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">Praktiker Bau- und<br>
                    Heimwerkermaerkte</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">5,256,929</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="309" colspan="7">&nbsp;</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">8,385,673</font></td>

                    <td valign="bottom" width="18" colspan="1">&nbsp;</td>

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

                <tr>
                    <td valign="bottom" width="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" bgcolor="#cceeff" colspan="7"><font face="Times New Roman" size="1"><b>TEXTILE, APPAREL &amp; LUXURY<br>
                    </b><b>GOODS &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="155" colspan="1"><font face="Times New Roman" size="1">4,647</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Puma</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">1,560,520</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="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" bgcolor="#cceeff" colspan="7"><font face="Times New Roman" size="1"><b>TRADING COMPANIES &amp;<br>
                    </b><b>DISTRIBUTORS &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="155" colspan="1"><font face="Times New Roman" size="1">164,825</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Kloeckner &amp; Co.&dagger;</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">9,446,624</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="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" bgcolor="#cceeff" colspan="7"><font face="Times New Roman" size="1"><b>TRANSPORTATION<br>
                    </b><b>INFRASTRUCTURE &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="155" colspan="1"><font face="Times New Roman" size="1">20,694</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Hamburger Hafen und Logistik</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">1,610,506</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="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" bgcolor="#cceeff" colspan="7"><font face="Times New Roman" size="1"><b>WIRELESS TELECOMMUNICATIONS<br>
                    </b><b>SERVICES &ndash; 0.8%</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="155" colspan="1"><font face="Times New Roman" size="1">165,646</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Freenet&dagger;</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">3,053,217</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" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                    <td valign="bottom" width="155" 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="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">Total Common Stocks<br>
                    (cost $186,296,476)</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">323,827,118</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="171" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" colspan="7"><font face="Times New Roman" size="1"><b>PREFERRED STOCKS &ndash; 7.9%</b></font></td>

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

                <tr>
                    <td valign="bottom" width="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" bgcolor="#cceeff" colspan="7"><font face="Times New Roman" size="1"><b>HEALTHCARE EQUIPMENT &amp;<br>
                    </b><b>SUPPLIES &ndash; 6.8%</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="155" colspan="1"><font face="Times New Roman" size="1">263,465</font></td>

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

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

                    <td valign="bottom" align="left" width="130" 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">22,774,494</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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">93,566</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="130" 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">2,973,136</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="309" colspan="7">&nbsp;</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">25,747,630</font></td>

                    <td valign="bottom" width="18" colspan="1">&nbsp;</td>

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

                <tr>
                    <td valign="bottom" width="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" bgcolor="#cceeff" colspan="7"><font face="Times New Roman" size="1"><b>TEXTILE, APPAREL &amp; LUXURY<br>
                    </b><b>GOODS &ndash; 1.1%</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="155" colspan="1"><font face="Times New Roman" size="1">110,000</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Hugo Boss</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">4,075,875</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="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                    <td valign="bottom" width="155" 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="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">Total Preferred Stocks<br>
                    (cost $12,811,359)</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">29,823,505</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="155" 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="130" colspan="3"><font face="Times New Roman" size="1">Total Investments in<br>
                    German Securities<br>
                    (cost $199,107,835)</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">353,650,623</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="171" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="2"><b>INVESTMENTS IN DUTCH<br>
                    </b><b>COMMON STOCKS &ndash; 4.4%</b></font></td>

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

                    <td valign="bottom" width="237" bgcolor="#cceeff" colspan="7">&nbsp;</td>

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

                <tr>
                    <td valign="bottom" width="171" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" colspan="7"><font face="Times New Roman" size="1"><b>AEROSPACE &amp; DEFENSE &ndash; 2.9%</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="155" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">569,645</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="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">EADS&dagger;</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">10,804,922</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>

            <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="171" 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="130" 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="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="237" bgcolor="#cceeff" colspan="7"><font face="Times New Roman" size="1"><b>LIFE SCIENCES TOOLS &amp;<br>
                    </b><b>SERVICES &ndash; 1.5%</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="155" colspan="1"><font face="Times New Roman" size="1">290,887</font></td>

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

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Qiagen*&dagger;</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">5,893,267</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="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">Total Investments in Dutch<br>
                    Common Stocks<br>
                    (cost $13,494,796)</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">16,698,189</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="171" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Total Investments in Common<br>
                    and Preferred Stocks &ndash; 98.1%<br>
                    (cost $212,602,631)</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">370,348,812</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="416" bgcolor="#cceeff" colspan="11"><font face="Times New Roman" size="2"><b>SECURITIES LENDING<br>
                    </b><b>COLLATERAL &ndash; 15.4%</b></font></td>

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

                <tr>
                    <td valign="bottom" width="171" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Daily Assets Institutional<br>
                    Fund, 2.74%(b)(c)<br>
                    (cost $58,104,023)</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">58,104,023</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="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="130" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">Total Investments &ndash; 113.5%<br>
                    (cost $270,706,654)</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">428,452,835</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="171" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="130" colspan="3"><font face="Times New Roman" size="1">Other Assets and Liabilities,<br>
                    Net &ndash; (13.5)%</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">(50,852,415</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" colspan="1"><font face="Times New Roman" size="1">)</font></td>

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

                <tr>
                    <td valign="bottom" width="171" bgcolor="#cceeff" colspan="3">&nbsp;</td>

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

                    <td valign="bottom" align="left" width="130" 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">377,600,420</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 June 30, 2008 amounted to $55,233,593 which is 14.6% 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 the 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>
            9</font></p>
            <hr align="center" width="100%" color="gray" noshade size="3">
            <!-- SEQ.=9,FOLIO='9',FILE='08-17975-2.da',USER='sholta',CD='Aug 26 18:37 2008' --><br style="PAGE-BREAK-BEFORE: always" clear="all">

            <p align="left"><font face="Times New Roman" size="2"><b>THE NEW GERMANY FUND June 30, 2008 (unaudited) (continued)</b></font></p>

            <p align="left"><font face="Times New Roman" size="1"><b>Fair Value Measurements</b></font></p>

            <p align="left"><font face="Times New Roman" size="1"><i>The following is a summary of the inputs used as of June 30, 2008 in valuing the Fund's assets carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For information on the Fund's policy regarding the valuation of investments and of the valuation inputs, and their aggregate levels used in the table below, please refer to
            the security valuation section in the accompanying Notes to Financial Statements.</i></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="182" colspan="3"><font face="Times New Roman" size="1"><b>Valuation Inputs</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="108" colspan="3"><font face="Times New Roman" size="1"><b>Investments in<br>
                    </b><b>Securities at Value</b></font></td>

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

                <tr>
                    <td valign="bottom" align="left" width="182" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">Level 1 &ndash; Quoted Prices</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="80" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">428,452,835</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="182" colspan="3"><font face="Times New Roman" size="1">Level 2 &ndash; Other Significant Observable Inputs</font></td>

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

                    <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="80" colspan="1"><font face="Times New Roman" size="1">&mdash;</font></td>

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

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

                <tr>
                    <td valign="bottom" align="left" width="182" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">Level 3 &ndash; Significant Unobservable Inputs</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="80" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">&mdash;</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="182" colspan="3"><font face="Times New Roman" size="1"><b>Total</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"><b>$</b></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="80" colspan="1"><font face="Times New Roman" size="1"><b>428,452,835</b></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="8" colspan="1">&nbsp;</td>

                    <td width="8" 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>
            10</font></p>
            <hr align="center" width="100%" color="gray" noshade size="3">
            <!-- SEQ.=10,FOLIO='10',FILE='08-17975-2.da',USER='sholta',CD='Aug 26 18:37 2008' --><br style="PAGE-BREAK-BEFORE: always" clear="all">
            <br style="PAGE-BREAK-BEFORE: always" clear="all">
            <!-- Document name: 08-17975-2.ea-->

            <p align="left"><font face="Times New Roman" size="2"><b>THE NEW GERMANY FUND<br>
            STATEMENT OF ASSETS AND LIABILITIES<br>
            JUNE 30, 2008 (unaudited)</b></font></p>

            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="bottom" align="left" width="499" 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="397" colspan="3"><font face="Times New Roman" size="1">Investments:<br>
                    Investments, at value, (cost $212,602,631) &mdash; including $52,233,593 of securities loaned</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="64" colspan="1"><font face="Times New Roman" size="1">370,348,812</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 $58,104,023)*</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="64" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">58,104,023</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 $270,706,654)</font></td>

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

                    <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="64" colspan="1"><font face="Times New Roman" size="1">428,452,835</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 currency, at value (cost $9,167,316)</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="64" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">9,365,087</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">Receivable for investments sold</font></td>

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

                    <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="64" colspan="1"><font face="Times New Roman" size="1">160,712</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">Dividends 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="64" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">94,135</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 withholding tax refund receivable</font></td>

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

                    <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="64" colspan="1"><font face="Times New Roman" size="1">455,959</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">Interest 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="64" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">118,701</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="64" colspan="1"><font face="Times New Roman" size="1">18,559</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 valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="64" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">438,665,988</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="499" 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">Cash overdraft</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="64" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">351,877</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 upon return of securities loaned</font></td>

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

                    <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="64" colspan="1"><font face="Times New Roman" size="1">58,104,023</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">Payable for fund shares repurchased</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="64" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">243,520</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 investments purchased</font></td>

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

                    <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="64" colspan="1"><font face="Times New Roman" size="1">1,894,261</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">Management 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="64" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">177,586</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 advisory fee payable</font></td>

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

                    <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="64" colspan="1"><font face="Times New Roman" size="1">84,103</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">Payable for Directors' fees and expenses</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="64" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">44,509</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="64" colspan="1"><font face="Times New Roman" size="1">165,689</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 valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="64" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">61,065,568</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="2"><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="64" colspan="1"><font face="Times New Roman" size="1">377,600,420</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="499" 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="64" 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 14,938,483 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="64" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">(179,569,891</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">Undistributed 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="64" colspan="1"><font face="Times New Roman" size="1">3,259,398</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">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="64" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">(36,351,147</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="64" colspan="1"><font face="Times New Roman" size="1">157,953,935</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 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="64" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">377,600,420</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">Net asset value per share ($377,600,420 &divide; 19,810,858) shares of common stock issued and outstanding)</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="64" colspan="1"><font face="Times New Roman" size="1">19.06</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>

            <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>
            11</font></p>
            <hr align="center" width="100%" color="gray" noshade size="3">
            <!-- SEQ.=11,FOLIO='11',FILE='08-17975-2.ea',USER='bjonesc',CD='Aug 22 01:03 2008' --><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 (unaudited)</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="114" colspan="3"><font face="Times New Roman" size="1"><b>For the<br>
                    </b><b>six months ended<br>
                    </b><b>June 30, 2008</b></font></td>

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

                <tr>
                    <td valign="bottom" align="left" width="489" 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="375" colspan="3"><font face="Times New Roman" size="1">Dividends (net of foreign withholding taxes of $893,498)</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="76" colspan="1"><font face="Times New Roman" size="1">7,445,489</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</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="76" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">86,853</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 &mdash; Cash Management QP Trust</font></td>

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

                    <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="76" colspan="1"><font face="Times New Roman" size="1">5,086</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">Securities lending, including income from Daily Assets Fund Institutional, net of borrower rebates</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="76" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">519,796</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">Total investment income</font></td>

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

                    <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="76" colspan="1"><font face="Times New Roman" size="1">8,057,224</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="489" bgcolor="#cceeff" colspan="7"><font face="Times New Roman" size="1">Expenses:</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">Management fee</font></td>

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

                    <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="76" colspan="1"><font face="Times New Roman" size="1">1,106,317</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">Investment advisory 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="76" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">529,995</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">Custodian fee</font></td>

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

                    <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="76" colspan="1"><font face="Times New Roman" size="1">78,248</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">Services to shareholders</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="76" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">18,928</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">Reports to shareholders</font></td>

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

                    <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="76" colspan="1"><font face="Times New Roman" size="1">48,642</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">Directors' fees and expenses</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="76" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">106,752</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">Professional fees</font></td>

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

                    <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="76" colspan="1"><font face="Times New Roman" size="1">253,943</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">NYSE Listing 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="76" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">12,612</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">Insurance</font></td>

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

                    <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="76" colspan="1"><font face="Times New Roman" size="1">11,800</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">Miscellaneous</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="76" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">11,676</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 expenses</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="76" colspan="1"><font face="Times New Roman" size="1">2,178,913</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">Net investment income</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="76" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">5,878,311</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="489" colspan="7"><font face="Times New Roman" size="2"><b>REALIZED AND UNREALIZED GAIN (LOSS)</b></font></td>

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

                <tr>
                    <td valign="bottom" align="left" width="489" bgcolor="#cceeff" colspan="7"><font face="Times New Roman" size="1">Net realized gain from:</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="76" colspan="1"><font face="Times New Roman" size="1">19,429,314</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="76" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">800,205</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="489" colspan="7"><font face="Times New Roman" size="1">Change in net unrealized appreciation (depreciation):</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="76" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">(43,549,386</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="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="76" colspan="1"><font face="Times New Roman" size="1">(146,329</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 gain (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="76" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">(23,466,196</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="375" colspan="3"><font face="Times New Roman" size="1"><b>NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS</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="76" colspan="1"><font face="Times New Roman" size="1">(17,587,885</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" colspan="1"><font face="Times New Roman" size="1">)</font></td>

                    <td width="8" 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>
            12</font></p>
            <hr align="center" width="100%" color="gray" noshade size="3">
            <!-- SEQ.=12,FOLIO='12',FILE='08-17975-2.ea',USER='bjonesc',CD='Aug 22 01:03 2008' --><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="309" 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="114" colspan="3"><font face="Times New Roman" size="1"><b>For the<br>
                    </b><b>six months ended<br>
                    </b><b>June 30, 2008<br>
                    </b><b>(unaudited)</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, 2007</b></font></td>

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

                <tr>
                    <td valign="bottom" align="left" width="547" 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="547" 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="309" 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="76" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">5,878,311</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">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>
                </tr>

                <tr>
                    <td valign="bottom" align="left" width="547" 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="309" 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="76" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">19,429,314</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">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="309" 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="76" colspan="1"><font face="Times New Roman" size="1">800,205</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">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="547" 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="309" 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="76" colspan="1"><font face="Times New Roman" size="1">(43,549,386</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">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="309" 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="76" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">(146,329</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>

                    <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="309" colspan="3"><font face="Times New Roman" size="1">Net increase (decrease) in net assets resulting from operations</font></td>

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

                    <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="76" colspan="1"><font face="Times New Roman" size="1">(17,587,885</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">97,549,804</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="547" 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="309" 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="76" colspan="1"><font face="Times New Roman" size="1">(1,178,719</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">(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>
                </tr>

                <tr>
                    <td valign="bottom" align="left" width="547" 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="309" colspan="3"><font face="Times New Roman" size="1">Cost of shares tendered (4,960,940 and 0 shares, respectively)</font></td>

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

                    <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                    <td valign="bottom" width="76" colspan="1">&nbsp;</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">(83,810,120</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="309" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">Cost of shares repurchased (32,900 and 0 shares, respectively)</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="76" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">(546,494</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>

                    <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">&mdash;</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="309" colspan="3"><font face="Times New Roman" size="1">Net decrease in net assets from capital share transactions</font></td>

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

                    <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="76" colspan="1"><font face="Times New Roman" size="1">(84,356,614</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">&mdash;</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="309" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="1">Total increase (decrease) in net assets</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="76" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">(103,123,218</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>

                    <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">82,791,009</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="547" colspan="11"><font face="Times New Roman" size="2"><b>NET ASSETS</b></font></td>

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

                <tr>
                    <td valign="bottom" align="left" width="309" 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" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="76" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">480,723,638</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">397,932,629</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="309" colspan="3"><font face="Times New Roman" size="1">End of period (including undistributed net investment income of $3,259,398 and<br>
                    distributions in excess of net investment income of $1,440,194 as of<br>
                    June 30, 2008 and December 31, 2007, respectively)</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="76" colspan="1"><font face="Times New Roman" size="1">377,600,420</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" 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="78" 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>
            </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>
            13</font></p>
            <hr align="center" width="100%" color="gray" noshade size="3">
            <!-- SEQ.=13,FOLIO='13',FILE='08-17975-2.ea',USER='bjonesc',CD='Aug 22 01:03 2008' --><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 valign="bottom" align="center" width="141" colspan="3"><font face="Times New Roman" size="1"><b>For the six months<br>
                    </b><b>ended June 30,<br>
                    </b><b>2008</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="497" 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="141" colspan="3"><font face="Times New Roman" size="1"><b>(unaudited)</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="93" 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="93" 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="93" 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="93" 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="93" 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="830" bgcolor="#cceeff" colspan="27"><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="830" colspan="27"><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 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="80" 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="41" 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="28" 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="28" 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="28" 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="28" 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">4.53</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="28" 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="80" colspan="1"><font face="Times New Roman" size="1">.28</font></td>

                    <td valign="bottom" align="left" width="41" 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">.17</font></td>

                    <td valign="bottom" align="left" width="28" 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="28" 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="28" 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="28" 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="28" 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="80" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">(.66</font></td>

                    <td valign="bottom" align="left" width="41" 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">3.77</font></td>

                    <td valign="bottom" width="28" 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="28" 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="28" 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="28" 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="28" 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="80" colspan="1"><font face="Times New Roman" size="1">(.38</font></td>

                    <td valign="bottom" align="left" width="41" 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">3.94</font></td>

                    <td valign="bottom" width="28" 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="28" 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="28" 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="28" 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="28" 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 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="80" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">.00</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="41" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">(b)</font></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="45" 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="28" 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="45" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">.01</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="28" 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="45" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">.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="28" 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="45" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">.08</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="28" 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="45" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">.05</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="28" 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="80" colspan="1"><font face="Times New Roman" size="1">(.06</font></td>

                    <td valign="bottom" align="left" width="41" 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">(.60</font></td>

                    <td valign="bottom" align="left" width="28" 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="28" 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="28" 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="28" 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="28" 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">Increase resulting from tender offer</font></td>

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

                    <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                    <td valign="bottom" width="80" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                    <td valign="bottom" width="41" 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">.12</font></td>

                    <td valign="bottom" width="28" 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" width="45" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                    <td valign="bottom" width="28" 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" width="45" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                    <td valign="bottom" width="28" 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" width="45" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                    <td valign="bottom" width="28" 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" width="45" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                    <td valign="bottom" width="28" 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">Dilution in net asset value from dividend<br>
                    reinvestment</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="80" 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="41" 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="45" 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="28" 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="45" 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="28" 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="45" colspan="1"><font face="Times New Roman" size="1">(.02</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="28" colspan="1"><font face="Times New Roman" size="1">)</font></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="45" colspan="1"><font face="Times New Roman" size="1">.00</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="28" colspan="1"><font face="Times New Roman" size="1">(b)</font></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="45" colspan="1"><font face="Times New Roman" size="1">.00</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="28" colspan="1"><font face="Times New Roman" size="1">(b)</font></td>

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

                <tr>
                    <td valign="bottom" align="left" width="830" bgcolor="#cceeff" colspan="27"><font face="Times New Roman" size="1">Net asset value:</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">End of period</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="80" colspan="1"><font face="Times New Roman" size="1">19.06</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="41" 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" 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="45" 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="28" 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" 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="45" 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="28" 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" 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="45" 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="28" 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" 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="45" 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="28" 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" 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="45" 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="28" colspan="1">&nbsp;</td>

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

                <tr>
                    <td valign="bottom" align="left" width="830" bgcolor="#cceeff" colspan="27"><font face="Times New Roman" size="1">Market value:</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">End of period</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="80" colspan="1"><font face="Times New Roman" size="1">16.32</font></td>

                    <td valign="bottom" width="41" colspan="1">&nbsp;</td>

                    <td width="8" 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="45" colspan="1"><font face="Times New Roman" size="1">17.48</font></td>

                    <td valign="bottom" width="28" colspan="1">&nbsp;</td>

                    <td width="8" 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="45" colspan="1"><font face="Times New Roman" size="1">14.47</font></td>

                    <td valign="bottom" width="28" colspan="1">&nbsp;</td>

                    <td width="8" 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="45" colspan="1"><font face="Times New Roman" size="1">10.19</font></td>

                    <td valign="bottom" width="28" colspan="1">&nbsp;</td>

                    <td width="8" 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="45" colspan="1"><font face="Times New Roman" size="1">9.05</font></td>

                    <td valign="bottom" width="28" colspan="1">&nbsp;</td>

                    <td width="8" 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="45" colspan="1"><font face="Times New Roman" size="1">7.16</font></td>

                    <td valign="bottom" width="28" colspan="1">&nbsp;</td>

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

                <tr>
                    <td valign="bottom" align="left" width="830" bgcolor="#cceeff" colspan="27"><font face="Times New Roman" size="1">Total investment return for the period&dagger;:</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">Based upon market value</font></td>

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

                    <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                    <td valign="bottom" align="right" width="80" colspan="1"><font face="Times New Roman" size="1">(6.32</font></td>

                    <td valign="bottom" align="left" width="41" 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">25.14</font></td>

                    <td valign="bottom" align="left" width="28" 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">44.13</font></td>

                    <td valign="bottom" align="left" width="28" 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">18.94</font></td>

                    <td valign="bottom" align="left" width="28" 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">30.50</font></td>

                    <td valign="bottom" align="left" width="28" 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">102.42</font></td>

                    <td valign="bottom" align="left" width="28" 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">Based upon net asset 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="80" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">(1.32</font></td>

                    <td valign="bottom" align="left" width="41" 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">25.17</font></td>

                    <td valign="bottom" align="left" width="28" 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">43.94</font></td>

                    <td valign="bottom" align="left" width="28" 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">13.68</font></td>

                    <td valign="bottom" align="left" width="28" 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">24.44</font></td>

                    <td valign="bottom" align="left" width="28" 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">93.07</font></td>

                    <td valign="bottom" align="left" width="28" 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="830" colspan="27"><font face="Times New Roman" size="1">Ratio to average net assets:</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">Total expenses</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="80" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">1.14</font></td>

                    <td valign="bottom" align="left" width="41" 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">1.00</font></td>

                    <td valign="bottom" align="left" width="28" 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">1.30</font></td>

                    <td valign="bottom" align="left" width="28" 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">1.64</font></td>

                    <td valign="bottom" align="left" width="28" 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">1.24</font></td>

                    <td valign="bottom" align="left" width="28" 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">1.40</font></td>

                    <td valign="bottom" align="left" width="28" 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">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="80" colspan="1"><font face="Times New Roman" size="1">1.53</font></td>

                    <td valign="bottom" align="left" width="41" 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">.90</font></td>

                    <td valign="bottom" align="left" width="28" 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">.31</font></td>

                    <td valign="bottom" align="left" width="28" 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">(.07</font></td>

                    <td valign="bottom" align="left" width="28" 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">(.08</font></td>

                    <td valign="bottom" align="left" width="28" 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">.05</font></td>

                    <td valign="bottom" align="left" width="28" 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">Portfolio turnover</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="80" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="1">16.39</font></td>

                    <td valign="bottom" align="left" width="41" 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">47.42</font></td>

                    <td valign="bottom" align="left" width="28" 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">45.46</font></td>

                    <td valign="bottom" align="left" width="28" 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">51.70</font></td>

                    <td valign="bottom" align="left" width="28" 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">58.42</font></td>

                    <td valign="bottom" align="left" width="28" 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">86.07</font></td>

                    <td valign="bottom" align="left" width="28" 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">Net assets at end of period (000's omitted)</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="80" colspan="1"><font face="Times New Roman" size="1">377,600</font></td>

                    <td valign="bottom" width="41" colspan="1">&nbsp;</td>

                    <td width="8" 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="45" colspan="1"><font face="Times New Roman" size="1">480,724</font></td>

                    <td valign="bottom" width="28" colspan="1">&nbsp;</td>

                    <td width="8" 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="45" colspan="1"><font face="Times New Roman" size="1">397,933</font></td>

                    <td valign="bottom" width="28" colspan="1">&nbsp;</td>

                    <td width="8" 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="45" colspan="1"><font face="Times New Roman" size="1">281,825</font></td>

                    <td valign="bottom" width="28" colspan="1">&nbsp;</td>

                    <td width="8" 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="45" colspan="1"><font face="Times New Roman" size="1">265,810</font></td>

                    <td valign="bottom" width="28" colspan="1">&nbsp;</td>

                    <td width="8" 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="45" colspan="1"><font face="Times New Roman" size="1">230,587</font></td>

                    <td valign="bottom" width="28" 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">&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="left"><font face="Times New Roman" size="1">&nbsp;&nbsp;**&nbsp;&nbsp;Annualized.</font></p>

            <p align="left"><font face="Times New Roman" size="1">&nbsp;&nbsp;***&nbsp;&nbsp;Not Annualized.</font></p>

            <p align="left"><font face="Times New Roman" size="1">&nbsp;&nbsp;****&nbsp;&nbsp;Not Annualized. The ratio for the six months ended June 30, 2008 has not been annualized since the Fund believes it would not be appropriate because the Fund's dividend income is not earned ratably throughout the fiscal year.</font></p>

            <p align="center"><font face="Times New Roman" size="2"><br>
            14</font></p>
            <hr align="center" width="100%" color="gray" noshade size="3">
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            <!-- Document name: 08-17975-2.fa-->

            <p align="left"><font face="Times New Roman" size="2"><b>THE NEW GERMANY FUND, INC.<br>
            NOTES TO FINANCIAL STATEMENTS &mdash; JUNE 30, 2008 (unaudited)</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">The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"), which governs the application of generally accepted accounting principles that require fair value measurements of the Fund's assets and liabilities. Fair value is an estimate of the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or
            most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk</font></p>

            <p><font face="Times New Roman" size="2">inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs
            are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.</font></p>

            <p><font face="Times New Roman" size="2">Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels as follows:</font></p>

            <p><font face="Times New Roman" size="2">&bull; Level 1 &mdash; quoted prices in active markets for identical securities</font></p>

            <p><font face="Times New Roman" size="2">&bull; Level 2 &mdash; other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)</font></p>

            <p><font face="Times New Roman" size="2">&bull; Level 3 &mdash; significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)</font></p>

            <p><font face="Times New Roman" size="2">For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value. The Fund's Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly. Level 2 observable inputs may include quoted prices for
            similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants. Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for similar liabilities. For
            Level 3 valuation techni ques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset</font></p>

            <p align="center"><font face="Times New Roman" size="2"><br>
            15</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>THE NEW GERMANY FUND, INC.<br>
            NOTES TO FINANCIAL STATEMENTS &mdash; JUNE 30, 2008 (unaudited) (continued)</b></font></p>

            <p><font face="Times New Roman" size="2">or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances. In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.</font></p>

            <p><font face="Times New Roman" size="2">The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective. Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to the type of the security, the existence of any
            contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's financial statements, an evaluation of the forces that influence the issuer and the market(s) in which
            the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.</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 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</font></p>

            <p><font face="Times New Roman" size="2">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
            Exemptive Orders issued by the SEC. Deutsche Investment Management Americas Inc. receives a management fee (.07% annualized effective rate as of June 30, 2008) 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 t erminate 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 Translations:</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 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>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 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</font></p>

            <p align="center"><font face="Times New Roman" size="2"><br>
            16</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>THE NEW GERMANY FUND, INC.<br>
            NOTES TO FINANCIAL STATEMENTS &mdash;</b> <b>JUNE 30, 2008</b> <b>(unaudited) (continued)</b></font></p>

            <p><font face="Times New Roman" size="2">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 June 30, 2008 was $270,706,654 for United States Federal income tax purposes. Accordingly, as of June 30, 2008, net unrealized appreciation of investments aggregated $157,746,181, of which $166,363,911 and $8,617,730 related to gross unrealized appreciation and depreciation, respectively.</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 the 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. The Fund's federal tax returns for the prior three fiscal years remain 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 distributions; however, net investment income, net realized gains and net assets are not affected.</font></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, for the six months ended June 30, 2008, the combined fee pursuant to the Management and Investment Advisory Agreements was equivalent to an annualized effective rate of .86% of the Fund's average daily 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 Investments Service Company ("DISC"), an affiliate of the Manager, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent and dividend-paying agent function to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended June
            30, 2008, the amount charged to the Fund by DISC aggregated $18,928, of which $14,628 is unpaid.</font></p>

            <p align="center"><font face="Times New Roman" size="2"><br>
            17</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>THE NEW GERMANY FUND, INC.<br>
            NOTES TO FINANCIAL STATEMENTS &mdash;</b> <b>JUNE 30, 2008</b> <b>(unaudited) (continued)</b></font></p>

            <p><font face="Times New Roman" size="2">Deutsche Bank AG, the German parent of the Manager and the Investment Adviser, and its affiliates may receive brokerage commissions as a result of executing agency transactions in portfolio securities on behalf of the Fund, that the Board determined were effected in compliance with the Fund's Rule 17e-1 procedures. For the six months ended June 30, 2008, Deutsche Bank AG and its affiliates did not receive brokerage commissions.</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">Pursuant to an Exemptive Order issued by the SEC, the Fund may invest in the Cash Management QP Trust (the "QP Trust") and other affiliated funds managed by the Advisor. 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 six months ended June 30, 2008, were $63,917,627, and $146,611,891, 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, such as 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 six months ended June 30, 2008 and the year ended December 31, 2007, the Fund purchased 32,900 and 0 of its shares of common stock on the open market at a total cost of $546,494 and $0, respectively. The weighted average discount of these purchased shares comparing the purchased</font></p>

            <p><font face="Times New Roman" size="2">price to the net asset value at the time of purchase was 13.56% and 0%, respectively. These shares are held in treasury.</font></p>

            <p align="left"><font face="Times New Roman" size="2"><b>NOTE 7. 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 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. The net asset value per share of the Fund's common shareholders was increased by approximately $0.12 per share as a result of the in-kind tender. 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>
            18</font></p>
            <hr align="center" width="100%" color="gray" noshade size="3">
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            <!-- Document name: 08-17975-2.ga-->

            <p align="left"><font face="Times New Roman" size="2"><b>THE NEW GERMANY FUND, INC.<br>
            REPORT OF STOCKHOLDERS' MEETING (unaudited)</b></font></p>

            <p><font face="Times New Roman" size="2">The Annual Meeting of Stockholders of The New Germany Fund, Inc. was held on June 20, 2008. At the Meeting, the following matters were voted upon by the stockholders (the resulting votes are presented below):</font></p>

            <p><font face="Times New Roman" size="2">1. To elect six Directors to serve for a term of various lengths and until their successors are elected and qualify.</font></p>

            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="bottom" width="90" 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="159" colspan="7"><font face="Times New Roman" size="1"><b>Number of Votes:</b></font></td>

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

                <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="90" colspan="3"><font face="Times New Roman" size="1"><b>Director</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>For</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>Withheld</b></font></td>

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

                <tr>
                    <td valign="bottom" align="left" width="90" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="2">Detlef Bierbaum</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="62" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="2">14,588,087</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">1,117,522</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="90" colspan="3"><font face="Times New Roman" size="2">Dr. Kurt W. Bock</font></td>

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

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

                    <td valign="bottom" align="right" width="62" colspan="1"><font face="Times New Roman" size="2">14,591,216</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">1,114,394</font></td>

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

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

                <tr>
                    <td valign="bottom" align="left" width="90" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="2">John Bult</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="62" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="2">14,573,727</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">1,131,883</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="90" colspan="3"><font face="Times New Roman" size="2">John H. Cannon</font></td>

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

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

                    <td valign="bottom" align="right" width="62" colspan="1"><font face="Times New Roman" size="2">14,594,633</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">1,110,976</font></td>

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

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

                <tr>
                    <td valign="bottom" align="left" width="90" bgcolor="#cceeff" colspan="3"><font face="Times New Roman" size="2">Werner Walbr&ouml;l</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="62" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="2">14,578,075</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">1,127,535</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="90" colspan="3"><font face="Times New Roman" size="2">Peter Z&uuml;hlsdorff</font></td>

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

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

                    <td valign="bottom" align="right" width="62" colspan="1"><font face="Times New Roman" size="2">14,567,872</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">1,137,737</font></td>

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

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

            <p>&nbsp;</p>

            <p><font face="Times New Roman" size="2">2. To ratify the appointment by the Audit Committee and the Board of Directors of PricewaterhouseCoopers LLP, an independent registered public accounting firm, as independent auditors for the fiscal year ending December 31, 2008.</font></p>

            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="bottom" align="center" width="19" colspan="3">
                    </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="219" colspan="11"><font face="Times New Roman" size="1"><b>Number of Votes:</b></font></td>

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

                <tr>
                    <td valign="bottom" align="left" width="19" colspan="3">
                    </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>For</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>Against</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="60" colspan="3"><font face="Times New Roman" size="1"><b>Abstain</b></font></td>

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

                <tr>
                    <td valign="bottom" align="left" width="19" bgcolor="#cceeff" colspan="3">
                    </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="62" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="2">15,562,681</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">102,959</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="44" bgcolor="#cceeff" colspan="1"><font face="Times New Roman" size="2">39,971</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">In addition to the four Class II nominees, Messrs. John Bult, John H. Cannon, Werner Walbr&ouml;l and Peter Z&uuml;hlsdorff proposed for re-election, the Nominating Committee of The New Germany Fund, Inc. recommended and all of the current members of the Board of Directors approved the nomination for election of two current directors of The Central Europe and Russia Fund, Inc. and The European Equity Fund, Inc., Mr. Detlef Bierbaum and Dr.
            Kurt W. Bock. The purpose for the additional directors' nominations is to conform membership across the Boards of all funds in the Family of Investment Companies consisting of the The Central Europe and Russia Fund, Inc., The New Germany Fund, Inc. and The European Equity Fund, Inc. The Family of Investment Companies are closed-end funds that share the same investment adviser and manager and hold themselves out as related companies. Messrs. Bierbaum and Bock will serve terms of
            office of various lengths an d until his successor is elected and qualifies.</font></p>

            <p><font face="Times New Roman" size="2">With the election of the above-named Directors, The New Germany Fund, Inc. is governed by Detlef Bierbaum, Dr. Kurt W. Bock, John Bult, Ambassador Richard R. Burt, John H. Cannon, Richard Karl Goeltz, Dr. Franz Wilhelm Hopp, Dr. Friedbert H. Malt, Ernst-Ulrich Matz, Christian H. Strenger, Dr. Frank Tr&ouml;mel, Robert H. Wadsworth, Werner Walbr&ouml;l and Peter Z&uuml;hlsdorff.</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 relating to its portfolio securities during the 12 month period ended June 30 is available on our web site &mdash; www.newgermanyfund.com &mdash; (click on the "proxy voting record" link in the left hand tool bar) or on the SEC's web site at www.sec.gov. To obtain a written copy of the Fund's
            policies and procedures without charge, upon request, call us toll free at 1-800-437-6269.</font></p>

            <p align="center"><font face="Times New Roman" size="2"><br>
            19</font></p>
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            <!-- Document name: 08-17975-2.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 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">DETLEF BIERBAUM*</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. KURT W. BOCK*</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 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">RITA RUBIN**</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">R-4292-1 (8/08)</font></p>

            <p align="left"><font face="Times New Roman" size="1">*&nbsp;&nbsp;Messrs. Bierbaum and Bock initially elected by shareholders on June 20, 2008.</font></p>

            <p><font face="Times New Roman" size="1">**&nbsp;&nbsp;Ms. Rubin appointed on July 21, 2008.</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 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. Plan participants may invest as little as $100 in any month and may invest up to $36,000 annually. The Plan allows current shareholders, who are not already participants in the Plan, and
            first time investors to enroll in the Plan by making an initial cash deposit of at least $250 with the plan agent. Share purchases are combined to receive a beneficial brokerage fee. A brochure is available by writing or telephoning the transfer agent:</font></p>

            <p align="center"><font face="Times New Roman" size="1">DWS 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 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="j08179752_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>
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        </div>

        <div style="WIDTH: 600px">
            <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">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 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">
                            <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 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>

                    <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>
                </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 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>

                    <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 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>

                    <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 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>

                    <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>
                </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 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="649" border="0">
                    <tr style="HEIGHT: 15.75pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="193">
                            <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"><font size="2">(a)</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="84">
                            <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="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="144">
                            <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="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"><font size="2">(d)</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 63pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 63pt" valign="bottom" nowrap width="193">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Period</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 63pt" 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">Total Number of Shares Purchased</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 63pt" 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">Average Price Paid per Share</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 63pt" valign="bottom" nowrap width="144">
                            <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="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 63pt" 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">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; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="193">
                            <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="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; 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="144">
                            <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="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; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="193">
                            <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="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</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="84">
                            <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="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="144">
                            <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="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; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="193">
                            <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="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">4,960,940</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="84">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">$16.89</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="144">
                            <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="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; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="193">
                            <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="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</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="84">
                            <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="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="144">
                            <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="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; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="193">
                            <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="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</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="84">
                            <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="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="144">
                            <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="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; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="193">
                            <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="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</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="84">
                            <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="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="144">
                            <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="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; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="193">
                            <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="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">32,900</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="84">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">$16.61</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="144">
                            <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="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; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="193">
                            <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: center">&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="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; HEIGHT: 15.75pt" valign="bottom" nowrap width="144">
                            <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; 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="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="193">
                            <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="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">4,993,840</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="84">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">$16.89</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="144">
                            <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="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; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="193">
                            <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: center">&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="84">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; 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="144">
                            <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="132">
                            <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 title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </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="649" border="0">
                    <tr style="HEIGHT: 65.25pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 65.25pt" width="649">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">* On December 21, 2007 the Fund announced and commenced an in-king tender offer. The Fund approved the tender offer for up to 4,960,940 of its shares of common stock, representing approximately 20% of its outstanding shares. This tender offer expired on February 1, 2008 and 4,960,940 shares were tendered.</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">**</font> All shares were purchased in open market transactions.</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; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">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: 30.6pt; TEXT-INDENT: -30.6pt; TEXT-ALIGN: left"><font size="2">(a) &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>

                    <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"><font size="2">(b) &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 second fiscal quarter of the period covered by this 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: 30.6pt; TEXT-INDENT: -30.6pt; TEXT-ALIGN: left"><font size="2">(a)(1)&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: 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: 30.6pt; TEXT-INDENT: -30.6pt; TEXT-ALIGN: left"><font size="2">(b)&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>

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

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>
        </div>

        <div style="WIDTH: 600px">
            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Form N-CSRS 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></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="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">Date:</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"><font size="2">August 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="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">Date:</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"><font size="2">August 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="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">Date:</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"><font size="2">August 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">&nbsp;</p>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>9
<FILENAME>cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
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<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

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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: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-CSRS 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-CSRS;</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>


<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <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>(d)</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>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</font></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=2>5.</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 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>
</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>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>
</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>(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>
</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="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>August 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>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

</DIV>

<p style=' margin-bottom:3pt; margin-top:12pt;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>Form N-CSRS 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='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-CSRS;</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>


<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <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>(d)</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>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</font></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=2>5.</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 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>
</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>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>
</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>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="564" style='margin-left:5.4pt;border-collapse:collapse'>
    <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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 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>
    <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: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>
    <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: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>
</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>


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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>12
<FILENAME>cert906.htm
<DESCRIPTION>906 CERTIFICATION
<TEXT>
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<TITLE> </TITLE>
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<div style='width:600;'>



<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-CSRS;</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-CSRS (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>August 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>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

</DIV>

<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-CSRS;</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-CSRS (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>August 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'>
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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>
        <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'>
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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>


<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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