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<SEC-DOCUMENT>0000088053-09-000287.txt : 20090309
<SEC-HEADER>0000088053-09-000287.hdr.sgml : 20090309
<ACCEPTANCE-DATETIME>20090309171735
ACCESSION NUMBER:		0000088053-09-000287
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20081231
FILED AS OF DATE:		20090309
DATE AS OF CHANGE:		20090309
EFFECTIVENESS DATE:		20090309

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05983
		FILM NUMBER:		09666999

	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-CSR
<SEQUENCE>1
<FILENAME>ar123108ngf.htm
<DESCRIPTION>N-CSR - ANNUAL REPORT - THE NEW GERMANY FUND, INC.
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
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<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>WASHINGTON, D. C. 20549</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:center;'><font SIZE=2>FORM N-CSR</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="281" style='border-collapse:collapse'>
    <tr >
        <td width="212" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Investment Company Act file number  </font></p> </td>
        <td width="69" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>811-05983</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:12pt;text-align:center;'><u><font size=2>The New Germany Fund, Inc.</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2> (Exact Name of Registrant as Specified in Charter)</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>New York, NY 10154-0004</font></u></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Registrant&#146;s Telephone Number, including Area Code: </font><u><font size=2>(212) 454-7190</font></u></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:center;'><font size=2>Paul Schubert</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>New York, NY 10154-0004</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Name and Address of Agent for Service)</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="193" style='border-collapse:collapse'>
    <tr >
        <td width="144" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date of fiscal year end:</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>12/31</font></u></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="211" style='border-collapse:collapse; '>
    <tr >
        <td width="144" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date of reporting period:</font></p> </td>
        <td width="67" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>12/31/08</font></u></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;'><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-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<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 small and mid-cap
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>o&nbsp;&nbsp;The European Equity Fund, Inc.--investing primarily in equity
and equity-linked securities of companies domiciled in European countries
utilizing the Euro currency. </FONT></P>
<P><FONT face="Times New Roman"
size=1>o&nbsp;&nbsp;The New Germany Fund, Inc.--investing primarily in middle
market German companies and up to 20% elsewhere in Western European companies
(with no more than 10% in any single country). </FONT></P>
<P><FONT face="Times New Roman"
size=1>o&nbsp;&nbsp;The Central Europe and Russia Fund, Inc.--investing primarily
in Central European and Russian equities. </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.</FONT></P>
<P><IMG src="j0910332_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>Annual Report</B></FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><B>December 31, 2008</B></FONT></P>
<P><FONT face="Times New Roman"
size=1>20958</FONT></P>
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<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 fourth
quarter of 2008, the impact of the financial crisis on the general economy
became increasingly apparent. Companies in the industrial sector, which had
reported a mild decrease in order intake for the third quarter, faced a sharp
reduction in order activity. From October onwards, earnings forecasts for 2008
were reduced and visibility for 2009 vanished. The US and European stock markets
accordingly continued their steep decline until the end of November, followed by
a relief rally through December. </FONT></P>
<P><FONT face="Times New Roman" size=2>During the
fourth quarter, the remaining confidence in a potential economic recovery in
early 2009 dissipated. In the US, the unemployment rate rose to the highest
level in 15 years. The US Federal Reserve Board (the Fed) cut the key rate from
1% to a target range of 0.00-0.25%, essentially saying farewell to traditional
interest-rate policy. </FONT></P>
<P><FONT face="Times New Roman" size=2>In Europe the
leading indicators showed a rapid deterioration in the economic environment and
hinted at a rather bleak start in 2009. German industrial output fell steeply in
October. The German Ifo Business Climate Index fell in December to the lowest
level since 1982 (at the time West Germany only).<SUP>1</SUP> The European
Central Bank (ECB) made its biggest rate cut ever, reducing the key rate by 75
basis points to 2.5%. In the Midcap Market Performance Index, IT companies and
companies from consumer staples outperformed the market.<SUP>2</SUP> The
worst-performing sector was telecom. Earnings expectations for the German MDAX
index were reduced by another 13.8% for 2008 and 20.5% for 2009.<SUP>3</SUP>
After this round of reductions, the MDAX now trades on a PE of 8.5 for 2008 and
8.2 for 2009. As we expect further earnings downgrades once results for the
fourth quarter have been published, we remain cautious regarding the overall
outlook for the stock market at least in the first half of 2009. Nevertheless,
even in the current turmoil we see some good opportunities for our stock picking
approach since the selling has been more or less indiscriminate lately due to
forced selling by some funds.</FONT></P>
<P><FONT face="Times New Roman" size=2>For the fiscal
year ended December 31, 2008, the New Germany Fund's total return was -46.75%
based on net asset value and -53.32% based on share price. The Fund's net asset
value is denominated in US dollars, therefore, the decline in foreign currency
against the dollar affected the Fund's total return. During the same period, the
total return of the Fund's benchmark, the Midcap Market Performance Index, was
- -47.86%.<SUP>2</SUP></FONT></P>
<P><FONT face="Times New Roman" size=2>Individual
company moves: In the fourth quarter, we switched the Fund's overweight in the
automobile sector into an underweight position by selling holdings in Leoni and
SAF Holland after both companies gave a rather gloomy outlook for
2009.<SUP>4</SUP> The remaining position, ElringKlinger, was a clear drag on
performance. Although the share price has nearly halved during the fourth
quarter after a profit warning, we think the company will benefit from an
attractive product pipeline and the introduction of stricter emission
regulations. In the insurance sector, we sold the Fund's position in AMB
Generali (takeover by the parent company), but increased its active weight by
adding to a position in German-based global reinsurance company Hannover
Rueckversicherung. Due to a rather conservative business policy, the company has
been less affected by the current financial crisis. It has a solid underwriting
track record and trades at a significant discount to peers. Despite the short
term economic gloom, we maintained an overweight in industrials. Although the
sector performed worse than the market, our stock selection mitigated the effect
and made industrials the biggest contributor (sector-wise) to relative
outperformance during the fourth quarter. We increased the Fund's overweight in
Bilfinger Berger, Germany's second largest construction company, and the single
biggest contributor to performance. The company's fast-growing Services segment
(facility management and industrial services) is far less dependent on the
economic cycle than the traditional project business. Our stock </FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>1</FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>
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<P align=left><FONT face="Times New Roman"
size=2><B>LETTER TO THE SHAREHOLDERS (</B><B>continued</B><B>)</B></FONT></P>
<P><FONT face="Times New Roman" size=2>picking in the
consumer discretionary sector continued to be beneficial for the Fund's
performance although we kept the sector as a whole on underweight. We sold the
position in Klockner and significantly increased a position in Praktiker Bau-Und
Heim, the do-it-yourself and home improvement retailer with stores in Germany
and Eastern Europe. This company should be able to weather the storm better due
to the considerable cash position. In the materials sector, we kept the Fund's
underweight position and reduced the position in Norddeutsche Affinerie
slightly. The Fund's underweight in Heidelberger Cement* helped performance, as
the stock suffered particularly from the financial burden stemming from the
company's takeover of Hanson Group in 2007. An underweight in Altana*, a
specialty chemicals business, was a drag on performance as a result of a
takeover offer by the majority shareholder. During the fourth quarter we
decreased an overweight position in the IT sector slightly by reducing the
Fund's overweight in Software, an independent provider of business
infrastructure software. Although the fund had an underweight in Epcos*, which
outperformed the market following a successful takeover bid by the Japanese TDK
Corp, the sector contributed positively to performance during the
quarter.</FONT></P>
<P><FONT face="Times New Roman" size=2>The New
Germany Fund's discount to net asset value averaged 16.7% for the year ending
December 31, 2008, compared with 9.5% for the same period last year. The Fund
purchased 147,700 of its shares in the open market during the fourth quarter of
2008.</FONT></P>
<P><FONT face="Times New Roman" size=1>The sources,
opinions and forecasts expressed are as of the date of this report. There is no
guarantee that the views, opinions and forecasts expressed herein will come to
pass. This information is subject to change at any time based on market and
other conditions and should not be construed as a recommendation for any
specific security. Past performance does not guarantee future
results.</FONT></P>
<P><FONT face="Times New Roman"
size=1><SUP>1</SUP>&nbsp;&nbsp;The Ifo Business Climate Index is a closely
watched indicator of German business conditions, based on a monthly survey of
about 7,000 companies. It is widely seen as a barometer for economic conditions
in the whole of the Eurozone, which is a term used to describe the countries
that joined the third stage of EMU and adopted the euro.</FONT></P>
<P><FONT face="Times New Roman"
size=1><SUP>2</SUP>&nbsp;&nbsp;Midcap Market Performance Index is a total return
index that is composed of various MDAX and TecDAX issues, reflecting the
performance of the mid-caps across all sectors of the Prime Segment. TecDAX is a
total return index that tracks the 30 largest and most liquid issues from the
various technology sectors of the Prime Segment beneath the DAX.</FONT></P>
<P><FONT face="Times New Roman"
size=1><SUP>3</SUP>&nbsp;&nbsp;DAX is a total rate of return index of 30
selected German blue chip stocks traded on the Frankfurt Stock Exchange. MDAX is
a total rate of return index of 50 mid-cap issues that rank below the
DAX.</FONT></P>
<P><FONT face="Times New Roman" size=1>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>*&nbsp;&nbsp;Not held in the Portfolio as of December 31,
2008.</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="j0910332_ba002.jpg"> </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=94 colSpan=3><IMG
      src="j0910332_ba003.jpg"> </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=80 colSpan=3><IMG
      src="j0910332_ba004.jpg"> </TD>
    <TD>&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></FONT><FONT face="Times New Roman"
      size=1>Chairman</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=94 colSpan=3><FONT
      face="Times New Roman" size=1>Ralf
      Oberbannscheidt<BR></FONT><FONT
      face="Times New Roman" size=1>Lead Portfolio
      Manager</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=80 colSpan=3><FONT
      face="Times New Roman" size=1>Michael G.
      Clark<BR></FONT><FONT face="Times New Roman"
      size=1>President and Chief<BR></FONT><FONT
      face="Times New Roman" size=1>Executive
      Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=12 height=8></TD></TR></TABLE>
<P>&nbsp;</P>
<P align=center><FONT face="Times New Roman"
size=1><B>For additional information about the Fund including performance,
dividends, presentations, press releases, daily NAV and shareholder reports,
please visit www.newgermanyfund.com</B></FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>2</FONT></P>
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<P align=left><FONT face="Times New Roman"
size=2><B>ECONOMIC OUTLOOK</B></FONT></P>
<P><FONT face="Times New Roman" size=2>Economic
expectations for 2009 took a severe hit in the fourth quarter and more companies
accordingly reduced their forecasts. Order intake had come to a complete
standstill in several industrial sectors. Market participants are now waiting to
see a bottom before reducing the risk premium for equities. The most severe
reductions to forecasted earnings were made to German blue chips. Nonetheless,
analysts still forecast a bottoming out in 2009 and an 18% rise in earnings per
share for DAX companies, 3.5% for MDAX components and 18% for tech companies as
measured by the TecDAX. We believe this is overly optimistic. German GDP growth
decelerated to a 0.8% rate in the third quarter of 2008 and is expected to
contract as Germany's export-driven economy feels the impact of declining global
demand. Concerns of inflation have shifted to concerns of deflation as the price
of oil continued to fall during the quarter, returning to levels last seen in
2004. German unemployment remained steady at 7.6%, but is expected to increase
over 2009. The European Central Bank (ECB) reduced interest rates 0.75
percentage points to 2.5%.</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>3</FONT></P>
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<P align=left><FONT face="Times New Roman"
size=2><B>FUND HISTORY AS OF DECEMBER 31, 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>&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: 1pt solid"
    vAlign=bottom align=center width=404 colSpan=19><FONT
      face="Times New Roman" size=1><B>For the years
      ended December 31,</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=88 colSpan=3>&nbsp;</TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=84 colSpan=3><FONT
      face="Times New Roman"
    size=1><B>2008</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=72 colSpan=3><FONT
      face="Times New Roman"
    size=1><B>2007</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=72 colSpan=3><FONT
      face="Times New Roman"
    size=1><B>2006</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=72 colSpan=3><FONT
      face="Times New Roman"
    size=1><B>2005</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=72 colSpan=3><FONT
      face="Times New Roman"
    size=1><B>2004</B></FONT></TD>
    <TD>&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>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=42 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>(46.75</FONT></TD>
    <TD vAlign=bottom align=left width=34 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>)%</FONT><FONT
      face="Times New Roman" size=1>(b)</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=39 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>25.17</FONT></TD>
    <TD vAlign=bottom align=left width=25 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=39 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>43.94</FONT></TD>
    <TD vAlign=bottom align=left width=25 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=39 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>13.68</FONT></TD>
    <TD vAlign=bottom align=left width=25 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=39 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>24.44</FONT></TD>
    <TD vAlign=bottom align=left width=25 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&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>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=42><FONT
      face="Times New Roman" size=2>(53.32</FONT></TD>
    <TD vAlign=bottom align=left width=34><FONT
      face="Times New Roman" size=2>)%</FONT></TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=39><FONT
      face="Times New Roman" size=2>25.14</FONT></TD>
    <TD vAlign=bottom align=left width=25><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=39><FONT
      face="Times New Roman" size=2>44.13</FONT></TD>
    <TD vAlign=bottom align=left width=25><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=39><FONT
      face="Times New Roman" size=2>18.94</FONT></TD>
    <TD vAlign=bottom align=left width=25><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=39><FONT
      face="Times New Roman" size=2>30.50</FONT></TD>
    <TD vAlign=bottom align=left width=25><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=88 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman"
      size=2>Benchmark</FONT><FONT
      face="Times New Roman" size=1>(1)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=42 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>(47.86</FONT></TD>
    <TD vAlign=bottom align=left width=34 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>)%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=39 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>22.10</FONT></TD>
    <TD vAlign=bottom align=left width=25 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=39 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>42.51</FONT></TD>
    <TD vAlign=bottom align=left width=25 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=39 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>14.17</FONT></TD>
    <TD vAlign=bottom align=left width=25 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=39 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>23.46</FONT></TD>
    <TD vAlign=bottom align=left width=25 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&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 gains
distributions, if any. These figures will differ depending upon the level of any
discount from or premium to net asset value at which the Fund's shares trade
during the period.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;</FONT><FONT
face="Times New Roman" size=1>(b)</FONT><FONT
face="Times New Roman" size=2>&nbsp;&nbsp;Return
includes the effect of the $0.18 per share accretion associated with the Fund's
tender offer in-kind. Excluding this accretion, total return would have been
0.95% lower.</FONT></P>
<P><FONT face="Times New Roman"
size=1>(1)</FONT><FONT face="Times New Roman"
size=1>&nbsp;&nbsp;Represents the Midcap Market Performance Index.*</FONT></P>
<P><FONT face="Times New Roman"
size=1><I>&nbsp;&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;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 chip stocks traded on the Frankfurt Stock
Exchange.</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 reinvestment of dividends and, unlike Fund returns, do not
reflect any fees or expenses. It is not possible to invest directly in 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, political and
economic changes and market risks. This may result in greater share price
volatility.</FONT></P>
<P><FONT face="Times New Roman" size=2>Closed-end
funds, unlike open-end funds, are not continuously offered. Shares, once issued,
are traded in the open market through a stock exchange. Shares of closed-end
funds frequently trade at a discount to net asset value. The price of the Fund's
shares is determined by a number of factors, several of which are beyond the
control of the Fund. Therefore, the Fund cannot predict whether its shares will
trade at, below or above net asset value.</FONT></P>
<P><FONT face="Times New Roman" size=2>The Fund has
elected to not be subject to the statutory calculation, notification and
publication requirements of the German Investment Tax Act
(Investmentsteuergesetz). As a result, German investors in the Fund may be
subject to less favorable lump-sum taxation under German law.</FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>4</FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>
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<P align=left><FONT face="Times New Roman"
size=2><B>FUND HISTORY AS OF DECEMBER 31, 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=158 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>Net
    Assets</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=67 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=2>198,263,945</FONT></TD>
    <TD vAlign=bottom width=25 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=158 colSpan=3><FONT
      face="Times New Roman" size=2>Shares
      Outstanding</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=21>&nbsp;</TD>
    <TD vAlign=bottom align=right width=67><FONT
      face="Times New Roman"
    size=2>19,564,958</FONT></TD>
    <TD vAlign=bottom width=25>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=158 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>NAV Per
      Share</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=67 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>10.13</FONT></TD>
    <TD vAlign=bottom width=25 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=left width=52 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Record<BR></B></FONT><FONT
      face="Times New Roman"
    size=1><B>Date</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=52 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Payable<BR></B></FONT><FONT
      face="Times New Roman"
    size=1><B>Date</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=77 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Ordinary<BR></B></FONT><FONT
      face="Times New Roman"
      size=1><B>Income</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=84 colSpan=3><FONT
      face="Times New Roman" size=1><B>LT
      Capital<BR></B></FONT><FONT
      face="Times New Roman"
      size=1><B>Gains</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=81 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=52 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>12</FONT><FONT
      face="Times New Roman" size=2>/15/08</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=52 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>12</FONT><FONT
      face="Times New Roman" size=2>/31/08</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=48 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>0.127</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=55 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>--</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=39 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>0.127</FONT></TD>
    <TD vAlign=bottom width=21 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=52 colSpan=3><FONT
      face="Times New Roman" size=2>05</FONT><FONT
      face="Times New Roman" size=2>/06/08</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=52 colSpan=3><FONT
      face="Times New Roman" size=2>05</FONT><FONT
      face="Times New Roman" size=2>/15/08</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=48><FONT
      face="Times New Roman" size=2>0.059</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=55><FONT
      face="Times New Roman" size=2>--</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=39><FONT
      face="Times New Roman" size=2>0.059</FONT></TD>
    <TD vAlign=bottom width=21>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=52 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>12</FONT><FONT
      face="Times New Roman" size=2>/21/07</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=52 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>01</FONT><FONT
      face="Times New Roman" size=2>/10/08</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=48 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>0.255</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=55 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>--</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=39 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>0.255</FONT></TD>
    <TD vAlign=bottom align=left width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>*</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=52 colSpan=3><FONT
      face="Times New Roman" size=2>05</FONT><FONT
      face="Times New Roman" size=2>/03/07</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=52 colSpan=3><FONT
      face="Times New Roman" size=2>05</FONT><FONT
      face="Times New Roman" size=2>/15/07</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=48><FONT
      face="Times New Roman" size=2>0.340</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=55><FONT
      face="Times New Roman" size=2>--</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=39><FONT
      face="Times New Roman" size=2>0.340</FONT></TD>
    <TD vAlign=bottom width=21>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=52 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>12</FONT><FONT
      face="Times New Roman" size=2>/21/06</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=52 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>12</FONT><FONT
      face="Times New Roman" size=2>/28/06</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=48 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>0.055</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=55 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>--</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=39 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>0.055</FONT></TD>
    <TD vAlign=bottom width=21 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=52 colSpan=3><FONT
      face="Times New Roman" size=2>05</FONT><FONT
      face="Times New Roman" size=2>/05/06</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=52 colSpan=3><FONT
      face="Times New Roman" size=2>05</FONT><FONT
      face="Times New Roman" size=2>/15/06</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=48><FONT
      face="Times New Roman" size=2>0.150</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=55><FONT
      face="Times New Roman" size=2>--</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=39><FONT
      face="Times New Roman" size=2>0.150</FONT></TD>
    <TD vAlign=bottom width=21>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=52 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>12</FONT><FONT
      face="Times New Roman" size=2>/22/05</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=52 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>12</FONT><FONT
      face="Times New Roman" size=2>/30/05</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=48 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>0.410</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=55 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>--</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=39 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>0.410</FONT></TD>
    <TD vAlign=bottom width=21 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=52 colSpan=3><FONT
      face="Times New Roman" size=2>05</FONT><FONT
      face="Times New Roman" size=2>/19/05</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=52 colSpan=3><FONT
      face="Times New Roman" size=2>05</FONT><FONT
      face="Times New Roman" size=2>/27/05</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=48><FONT
      face="Times New Roman" size=2>0.140</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=55><FONT
      face="Times New Roman" size=2>--</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=39><FONT
      face="Times New Roman" size=2>0.140</FONT></TD>
    <TD vAlign=bottom width=21>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=52 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>12</FONT><FONT
      face="Times New Roman" size=2>/22/04</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=52 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>12</FONT><FONT
      face="Times New Roman" size=2>/31/04</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=48 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>0.230</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=55 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>--</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=39 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>0.230</FONT></TD>
    <TD vAlign=bottom width=21 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=52 colSpan=3><FONT
      face="Times New Roman" size=2>05</FONT><FONT
      face="Times New Roman" size=2>/06/04</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=52 colSpan=3><FONT
      face="Times New Roman" size=2>05</FONT><FONT
      face="Times New Roman" size=2>/14/04</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=48><FONT
      face="Times New Roman" size=2>0.050</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=55><FONT
      face="Times New Roman" size=2>--</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=39><FONT
      face="Times New Roman" size=2>0.050</FONT></TD>
    <TD vAlign=bottom width=21>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=52 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>12</FONT><FONT
      face="Times New Roman" size=2>/22/03</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=52 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>12</FONT><FONT
      face="Times New Roman" size=2>/31/03</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=48 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>0.022</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=55 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>--</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=39 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>0.022</FONT></TD>
    <TD vAlign=bottom width=21 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=52 colSpan=3><FONT
      face="Times New Roman" size=2>07</FONT><FONT
      face="Times New Roman" size=2>/24/03</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=52 colSpan=3><FONT
      face="Times New Roman" size=2>07</FONT><FONT
      face="Times New Roman" size=2>/30/03</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=48><FONT
      face="Times New Roman" size=2>0.003</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=55><FONT
      face="Times New Roman" size=2>--</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=39><FONT
      face="Times New Roman" size=2>0.003</FONT></TD>
    <TD vAlign=bottom width=21>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=52 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>11</FONT><FONT
      face="Times New Roman" size=2>/20/00</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=52 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>11</FONT><FONT
      face="Times New Roman" size=2>/29/00</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=48 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>0.010</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=55 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>1.30</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=39 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>1.310</FONT></TD>
    <TD vAlign=bottom width=21 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=52 colSpan=3><FONT
      face="Times New Roman" size=2>09</FONT><FONT
      face="Times New Roman" size=2>/01/00</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=52 colSpan=3><FONT
      face="Times New Roman" size=2>09</FONT><FONT
      face="Times New Roman" size=2>/15/00</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=48><FONT
      face="Times New Roman" size=2>0.070</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=55><FONT
      face="Times New Roman" size=2>0.35</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=21><FONT
      face="Times New Roman" size=2>$</FONT></TD>
    <TD vAlign=bottom align=right width=39><FONT
      face="Times New Roman" size=2>0.420</FONT></TD>
    <TD vAlign=bottom width=21>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<P align=left><FONT face="Times New Roman"
size=2><B>OTHER INFORMATION:</B></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom align=left width=158 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>NYSE Ticker
      Symbol</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=21 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=67 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>GF</FONT></TD>
    <TD vAlign=bottom width=25 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=158 colSpan=3><FONT
      face="Times New Roman" size=2>NASDAQ
      Symbol</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=21>&nbsp;</TD>
    <TD vAlign=bottom align=right width=67><FONT
      face="Times New Roman" size=2>XGFNX</FONT></TD>
    <TD vAlign=bottom width=25>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=158 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>Dividend
      Reinvestment Plan</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=21 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=67 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>Yes</FONT></TD>
    <TD vAlign=bottom width=25 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=158 colSpan=3><FONT
      face="Times New Roman" size=2>Voluntary Cash
      Purchase Program</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=21>&nbsp;</TD>
    <TD vAlign=bottom align=right width=67><FONT
      face="Times New Roman" size=2>Yes</FONT></TD>
    <TD vAlign=bottom width=25>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=158 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>Annual Expense
      Ratio (12/31/08)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=21 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=67 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>1.25</FONT></TD>
    <TD vAlign=bottom align=left width=25 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&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><FONT face="Times New Roman"
size=1>*&nbsp;&nbsp;</FONT><FONT
face="Times New Roman" size=1><I>Although this
distribution is payable in 2008, it is taxable in 2007.</I></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='09-1033-2.bc',USER='rwaldoc',CD='Mar 04 21:51 2009' --><BR
style="PAGE-BREAK-BEFORE: always" clear=all>
<P align=left><FONT face="Times New Roman"
size=2><B>PORTFOLIO BY MARKET SECTOR AS OF DECEMBER 31, 2008 <BR>(As a % of
Common and Preferred Stocks) </B></FONT></P>
<P><IMG height=225
src="j0910332_bc005.jpg" width=415> </P>
<P align=left><FONT face="Times New Roman"
size=2><B>10 LARGEST EQUITY HOLDINGS AS OF DECEMBER 31, 2008<BR>(As a % of
Common and Preferred Stocks)</B></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>1.</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=152 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman"
    size=2>Fresenius</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>6.9</FONT></TD>
    <TD vAlign=bottom align=left width=28 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31><FONT
      face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=152 colSpan=3><FONT
      face="Times New Roman" size=2>EADS</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31><FONT
      face="Times New Roman" size=2>5.7</FONT></TD>
    <TD vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>3.</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=152 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>Bilfinger
      Berger</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>5.3</FONT></TD>
    <TD vAlign=bottom align=left width=28 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31><FONT
      face="Times New Roman" size=2>4.</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=152 colSpan=3><FONT
      face="Times New Roman" size=2>SGL
    Carbon</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31><FONT
      face="Times New Roman" size=2>4.3</FONT></TD>
    <TD vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>5.</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=152 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman"
size=2>Software</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>3.9</FONT></TD>
    <TD vAlign=bottom align=left width=28 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31><FONT
      face="Times New Roman" size=2>6.</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=152 colSpan=3><FONT
      face="Times New Roman" size=2>Qiagen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31><FONT
      face="Times New Roman" size=2>3.6</FONT></TD>
    <TD vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>7.</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=152 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>Hannover
      Rueckversicherung</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>3.6</FONT></TD>
    <TD vAlign=bottom align=left width=28 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31><FONT
      face="Times New Roman" size=2>8.</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=152 colSpan=3><FONT
      face="Times New Roman" size=2>GEA
    Group</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31><FONT
      face="Times New Roman" size=2>3.4</FONT></TD>
    <TD vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>9.</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=152 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman"
    size=2>Rheinmetall</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>3.3</FONT></TD>
    <TD vAlign=bottom align=left width=28 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31><FONT
      face="Times New Roman" size=2>10.</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=152 colSpan=3><FONT
      face="Times New Roman" size=2>United
      Internet</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=31><FONT
      face="Times New Roman" size=2>3.3</FONT></TD>
    <TD vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=2>% </FONT></TD>
    <TD width=8>&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>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>INTERVIEW WITH THE LEAD PORTFOLIO MANAGER -- Ralf
Oberbannscheidt</B></FONT></P>
<P><FONT face="Times New Roman"
size=2><B><I>Question: </I></B></FONT><FONT
face="Times New Roman" size=2><B>How has the banking
crisis affected German companies? Did the Fund have exposure to any stocks that
were impacted?</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 German banking system has been impacted by the financial crisis in
much the same way as the US system. Germany has a network of regional state
banks that were particularly hard-hit in the early days of the subprime crisis,
suffering billions of dollars in losses. Throughout 2008, the problems spread to
listed German banks, which suffered significant declines in market value amidst
investor concerns fueled by liquidity issues and write-downs of more than $20
billion. Shortly after the collapse of Lehman Brothers, Hypo Real Estate, a
midcap German company with significant exposure to mortgages, had to turn to the
German government for a EUR 35 billion rescue package. </FONT></P>
<P><FONT face="Times New Roman" size=2>In concert
with similar moves by other countries, the German government unveiled a EUR 500
billion rescue package, initially shunned due to a number of conditions placed
on companies that accept the rescue funds, including conditions limiting
dividend payments, executive pay and a requirement to lend to small companies.
The German government has provided support to a number of public institutions
and, in December, purchased a stake in blue chip Commerzbank. The Fund did not
own shares in any German banks during the second half of 2008.</FONT></P>
<P><FONT face="Times New Roman"
size=2><B><I>Question: </I></B></FONT><FONT
face="Times New Roman" size=2><B>What steps has the
German government taken to address the crisis and stimulate the
economy?</B></FONT></P>
<P><FONT face="Times New Roman" size=2><B><I>Answer:
</I></B></FONT><FONT face="Times New Roman" size=2>In
November, the German government unveiled a EUR 12 billion stimulus package that
included measures primarily focused on infrastructure spending and tax
incentives. The package, announced after the European Commission called on
member states to implement stimulus measures, was perceived to be inadequate and
was subsequently followed by an additional EUR 50 billion package, bringing the
size of the total stimulus to 2.6% of the country's GDP. </FONT></P>
<P><FONT face="Times New Roman" size=2>The new
package includes a combination of infrastructure spending, tax relief, spending
incentives, loan guarantees, and other measures and will be spent over two
years. Although it is the largest stimulus package Germany has ever implemented
and the largest of the stimulus plans announced by EU member countries,
economists believe the additional stimulus may still be inadequate to avoid a
deep recession.</FONT></P>
<P><FONT face="Times New Roman"
size=2><B><I>Question: </I></B></FONT><FONT
face="Times New Roman" size=2><B>The Fund's discount
to NAV has widened to a discount of more than 20% in the last few months of
2008. Why has this happened and what is fund management doing to address this
issue?</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 Fund's management monitors the discount to NAV on a daily basis and
reviews the discount trend with the Fund's Board of Directors on a quarterly
basis. It is our observation that the Fund's discount to NAV tends to widen
during periods of market decline, as we saw also in 2001 and 2002. The Fund's
management team continues to managed the Fund's assets to maximize long-term
value for stockholders. In addition, recognizing that some stockholders are
troubled when the discount appears to be "too high", the Fund repurchases shares
when it believes it is advantageous to do so. To address the discount level, we
have a share buyback program in place that saw 278,800 shares being repurchased
during the annual period ended December 31, 2008.</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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<P align=left><FONT face="Times New Roman"
size=2><B>DIRECTORS OF THE FUND</B></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=center width=135 colSpan=3><FONT
      face="Times New Roman" size=2><B>Name, Address
      and Age*</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=1845 colSpan=3><FONT
      face="Times New Roman" size=2><B>Principal
      Occupation(s)<BR></B></FONT><FONT
      face="Times New Roman" size=2><B>During Past
      Five Years</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=3567 colSpan=3><FONT
      face="Times New Roman" size=2><B>Other
      Directorships Held by Director</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width=135 colSpan=3><FONT
      face="Times New Roman" size=2>Detlef Bierbaum,
      66<BR></FONT><FONT face="Times New Roman"
      size=2>Class I</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1845 colSpan=3><FONT
      face="Times New Roman" size=2>Member of the
      Supervisory Board of Sal. Oppenheim Jr. &amp; Cie KGaA (investment
      management) (over five years).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=3567 colSpan=3><FONT
      face="Times New Roman" size=2>Director of The
      Central Europe and Russia Fund, Inc. (since 1990) and The European Equity
      Fund, Inc. (since 1986).<SUP>(1)</SUP> Member of Supervisory Board, Tertia
      Handelsbeteiligungsgesellschaft mbH (electronics retailer). Member,
      Supervisory Board, Douglas AG (retailer). Member of Supervisory Board, LVM
      Landwirtschaftlicher Versicherungsverein (insurance). Member of
      Supervisory Board, Monega KAG. Member of Supervisory Board, AXA Investment
      Managers GmbH (investment company). Chairman of Supervisory Board,
      Oppenheim Kapitalanlagegesellschaft mbH (investment company). Chairman of
      the Supervisory Board, Oppenheim Real Estate Investment GmbH. Member of
      the Board of Dundee REIT, Toronto.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=12 height=8></TD></TR>
  <TR>
    <TD vAlign=top align=left width=135 colSpan=3><FONT
      face="Times New Roman" size=2>Dr. Kurt W. Bock,
      50<BR></FONT><FONT face="Times New Roman"
      size=2>Class III</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1845 colSpan=3><FONT
      face="Times New Roman" size=2>Chairman and
      Chief Executive Officer of BASF Corporation (since 2007); and Member of
      the Board of Executive Directors and CFO, BASF Aktiengesellschaft (since
      2003; since January 14, 2008 BASF SE).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=3567 colSpan=3><FONT
      face="Times New Roman" size=2>Director of The
      Central Europe and Russia Fund, Inc. (since 2004) and The European Equity
      Fund, Inc. (since 2004). Member of the Supervisory Board of Wintershall
      Holding AG (since 2006). Member of the Advisory Board of Gebr. Rochling KG
      (since 2004). Member of the Board of Deutsches Rechnungslegungs Standards
      Committee ("DRSC") (since 2003).</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=12 height=8></TD></TR>
  <TR>
    <TD vAlign=top align=left width=135 colSpan=3><FONT
      face="Times New Roman" size=2>John Bult,
      72<BR></FONT><FONT face="Times New Roman"
      size=2>Class II </FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1845 colSpan=3><FONT
      face="Times New Roman" size=2>Chairman,
      PaineWebber International (asset management) (since 1985).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=3567 colSpan=3><FONT
      face="Times New Roman" size=2>Director of The
      Central Europe and Russia Fund, Inc. (since 1990) and The European Equity
      Fund, Inc. (since 1986).<SUP>(1)</SUP> Director of The Greater China Fund,
      Inc. (closed-end fund).</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=12 height=8></TD></TR>
  <TR>
    <TD vAlign=top align=left width=135 colSpan=3><FONT
      face="Times New Roman" size=2>Ambassador
      <BR></FONT><FONT face="Times New Roman"
      size=2>Richard R. Burt, 61 Class I</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1845 colSpan=3><FONT
      face="Times New Roman" size=2>Managing
      Director, McLarty Associates (international strategic advisory) (since
      2007). Chairman, IEP Advisors, LLP (information services firm). Chairman
      of the Board, Weirton Steel Corp. (1996-2004). Formerly, Partner, McKinsey
      &amp; Company (consulting firm) (1991-1994). U.S. Ambassador to the
      Federal Republic of Germany (1985-1989).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=3567 colSpan=3><FONT
      face="Times New Roman" size=2>Director of The
      Central Europe and Russia Fund, Inc. (since 2000) and The European Equity
      Fund, Inc. (formerly The Germany Fund, Inc.) (since 2000). Independent
      Director, IGT, Inc. (gaming technology) (since 2001). Board Member, HCL
      Technologies, Inc. (information technology and product engineering) (since
      1999). Member, Textron Inc. International Advisory Council (aviation,
      automotive, industrial operations and finance) (since 1996). Independent
      Director, UBS family of mutual funds (since 1998).</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=12 height=8></TD></TR></TABLE>
<P>&nbsp;</P>
<P align=center><FONT face="Times New Roman"
size=2><BR>8</FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>
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<P align=left><FONT face="Times New Roman"
size=2><B>DIRECTORS OF THE FUND (continued)</B></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=center width=135 colSpan=3><FONT
      face="Times New Roman" size=2><B>Name, Address
      and Age*</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=1845 colSpan=3><FONT
      face="Times New Roman" size=2><B>Principal
      Occupation(s)<BR></B></FONT><FONT
      face="Times New Roman" size=2><B>During Past
      Five Years</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=3567 colSpan=3><FONT
      face="Times New Roman" size=2><B>Other
      Directorships Held by Director</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width=135 colSpan=3><FONT
      face="Times New Roman" size=2>John H. Cannon,
      66 <BR></FONT><FONT face="Times New Roman"
      size=2>Class II</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1845 colSpan=3><FONT
      face="Times New Roman" size=2>Consultant (since
      2002). Vice President and Treasurer, Venator Group/Footlocker, Inc.
      (footwear retailer) (until 2001).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=3567 colSpan=3><FONT
      face="Times New Roman" size=2>Director of The
      Central Europe and Russia Fund, Inc. (since 2004) and The European Equity
      Fund, Inc. (since 2004).</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=12 height=8></TD></TR>
  <TR>
    <TD vAlign=top align=left width=135 colSpan=3><FONT
      face="Times New Roman" size=2>Richard Karl
      Goeltz, 66<BR></FONT><FONT
      face="Times New Roman" size=2>Class I</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1845 colSpan=3><FONT
      face="Times New Roman" size=2>Consultant.
      Retired Vice Chairman and Chief Financial Officer of American Express Co.
      (financial services) (1996-2000).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=3567 colSpan=3><FONT
      face="Times New Roman" size=2>Director, The
      Central Europe and Russia Fund, Inc. (since 2008) and The European Equity
      Fund, Inc. (since 2008). Independent Non-Executive Director of Aviva plc
      (financial services). Director of The Warnaco Group, Inc. (apparel).
      Trustee, The American Academy in Berlin (since 2008). Member of the Court
      of Governors of the London School of Economics and Political
      Science.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=12 height=8></TD></TR>
  <TR>
    <TD vAlign=top align=left width=135 colSpan=3><FONT
      face="Times New Roman" size=2>Dr. Franz Wilhelm
      Hopp, 66<BR></FONT><FONT face="Times New Roman"
      size=2>Class III</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1845 colSpan=3><FONT
      face="Times New Roman" size=2>Members of the
      Board of Management of VICTORIA Holding, VICTORIA Lebensversicherung AG,
      VICTORIA Versicherung AG, VICTORIA International, VICTORIA
      Ruckversicherung AG and D.A.S. Versicherungs-AG (insurance). Former Member
      of the Boards of Management of ERGO Versicherungsgruppe AG, ERGO Europa
      Beteiligungsgesellschaft AG, and ERGO International AG
    (insurance).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=3567 colSpan=3><FONT
      face="Times New Roman" size=2>Director, The
      Central Europe and Russia Fund, Inc. (since 2008) and The European Equity
      Fund, Inc. (since 2008). Chairman of the Supervisory Board of Ideenkapital
      Media Finance. Member of the Supervisory Boards of Jenoptik, AG; TMW
      Immobilien AG; Oesterreichische Volksbanken; Karastadt Quelle Bank GmbH;
      GFKL Financial Services AG; MEAG Munich ERGO Kapitalanlagegesellschaft
      mbH; Internationales Immobilieninstitut GmbH; TMW Real Estate Group L.P.,
      and Victoria Volksbanken, Oesterreich. Member of the Administrative Boards
      of Frankfurter Volksbank (bank) and HSBC Trinkaus &amp; Burkhardt (bank).
      Member of the Advisory Boards of Dresdner Bank AG, EnBW Energie
      Baden-Wuerttemberg AG (energy); Falke Bank AG; Landerskreditbank
      Baden-Wuer Hemberg; Millenium Entertainment Partners L.P. and MPE Hotel,
      LLC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=12 height=8></TD></TR>
  <TR>
    <TD vAlign=top align=left width=135 colSpan=3><FONT
      face="Times New Roman" size=2>Dr. Friedbert
      Malt, 67<BR></FONT><FONT face="Times New Roman"
      size=2>Class III</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1845 colSpan=3><FONT
      face="Times New Roman" size=2>Vice Chairman and
      Member of the Executive Committee of NOL Neptune Orient Lines Ltd.,
      Singapore ("NOL") (since 2002).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=3567 colSpan=3><FONT
      face="Times New Roman" size=2>Director of The
      Central Europe and Russia Fund, Inc. (since 2007) and The European Equity
      Fund, Inc. (since 2007). Director, TUV Rheinland of North America, Inc.
      (independent testing and assessment services). Member of the Board of NOL
      (since 2000).</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=12 height=8></TD></TR></TABLE>
<P>&nbsp;</P>
<P align=center><FONT face="Times New Roman"
size=2><BR>9</FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>
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<P align=left><FONT face="Times New Roman"
size=2><B>DIRECTORS OF THE FUND (continued)</B></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=center width=135 colSpan=3><FONT
      face="Times New Roman" size=2><B>Name, Address
      and Age*</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=1845 colSpan=3><FONT
      face="Times New Roman" size=2><B>Principal
      Occupation(s)<BR></B></FONT><FONT
      face="Times New Roman" size=2><B>During Past
      Five Years</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=3567 colSpan=3><FONT
      face="Times New Roman" size=2><B>Other
      Directorships Held by Director</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width=135 colSpan=3><FONT
      face="Times New Roman" size=2>Ernst-Ulrich
      Matz, 74<BR></FONT><FONT face="Times New Roman"
      size=2>Class III</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1845 colSpan=3><FONT
      face="Times New Roman" size=2>Consultant. Vice
      Chairman of the Supervisory Boards of Bopp &amp; Reuther AG (valve,
      control, measurement and safety technology) (1990-2001). Chief Financial
      Officer and member of the Board of Directors of IWKA Aktiengesellschaft
      (production and manufacturing technology) (1978-2000). Member of the
      Supervisory Boards of Ex-Cell-O AG (machine tool and system manufacturer)
      (1996-2001) and ARO SA (1978-2000) (resistance welding).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=3567 colSpan=3><FONT
      face="Times New Roman" size=2>Member of the
      District Advisory Board of Gerling-Konzern (until 2002). Chairman of the
      Rumanian Group in the German East-West Trade Committee (until 2002).
      Member of the Advisory Council of Herder GmbH &amp; Co KG (2001-2007)
      (publishing). Member of the Supervisory Board of Photon AG (laser
      engineering) (2002-2007). Member of the District Advisory Board of
      Deutsche Bank AG, Mannheim (until 1999).</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=12 height=8></TD></TR>
  <TR>
    <TD vAlign=top align=left width=135 colSpan=3><FONT
      face="Times New Roman" size=2>Christian H.
      Strenger, 65 <BR></FONT><FONT
      face="Times New Roman" size=2>Class I</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1845 colSpan=3><FONT
      face="Times New Roman" size=2>Member of
      Supervisory Board of DWS Investment GmbH (investment management) (since
      1999), a subsidiary of Deutsche Bank AG.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=3567 colSpan=3><FONT
      face="Times New Roman" size=2>Director of The
      Central Europe and Russia Fund, Inc. (since 1990) and The European Equity
      Fund, Inc. (since 1986).<SUP>(1)</SUP> Member, Supervisory Board, Evonik
      Industries AG (chemical/utility), Fraport AG (international airport
      business) and Hermes Focus Asset Management Europe Ltd. (asset
      management).</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=12 height=8></TD></TR>
  <TR>
    <TD vAlign=top align=left width=135 colSpan=3><FONT
      face="Times New Roman" size=2>Dr. Frank Tromel,
      72 <BR></FONT><FONT face="Times New Roman"
      size=2>Class III</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1845 colSpan=3><FONT
      face="Times New Roman" size=2>Deputy Chairman
      of the Supervisory Board of DELTON AG (strategic management holding
      company operation in the pharmaceutical, household products, logistics and
      power supply sectors) (2000-2006). Member (since 2000) and Vice President
      (2002-2006) of the German Accounting Standards Board.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=3567 colSpan=3><FONT
      face="Times New Roman" size=2>Director of The
      Central Europe and Russia Fund, Inc. (since 2005) and The European Equity
      Fund, Inc. (since 2005).</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=12 height=8></TD></TR>
  <TR>
    <TD vAlign=top align=left width=135 colSpan=3><FONT
      face="Times New Roman" size=2>Robert H.
      Wadsworth, 68 <BR></FONT><FONT
      face="Times New Roman" size=2>Class I</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1845 colSpan=3><FONT
      face="Times New Roman" size=2>President, Robert
      H. Wadsworth Associates, Inc. (consulting firm) (May 1983 to
      present).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=3567 colSpan=3><FONT
      face="Times New Roman" size=2>Director of The
      Central Europe and Russia Fund, Inc. (since 1990) and The European Equity
      Fund, Inc. (since 1986), as well as other funds in the Fund Complex as
      indicated.<SUP>(2)</SUP></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=12 height=8></TD></TR>
  <TR>
    <TD vAlign=top align=left width=135 colSpan=3><FONT
      face="Times New Roman" size=2>Werner Walbrol,
      71 <BR></FONT><FONT face="Times New Roman"
      size=2>Class II</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1845 colSpan=3><FONT
      face="Times New Roman" size=2>Delegate for
      North America, Humboldt-Universitat zu Berlin. Formerly, President and
      Chief Executive Officer, The European American Chamber of Commerce, Inc.
      (until 2008). Formerly, President and Chief Executive Officer, The German
      American Chamber of Commerce, Inc. (until 2003).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=3567 colSpan=3><FONT
      face="Times New Roman" size=2>Director of The
      Central Europe and Russia Fund, Inc. (since 1990) and The European Equity
      Fund, Inc. (since 1986). Director, TUV Rheinland of North America, Inc.
      (independent testing and assessment services). Director, The German
      American Chamber of Commerce, Inc. President and Director, German-American
      Partnership Program (student exchange programs).</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=12 height=8></TD></TR></TABLE>
<P>&nbsp;</P>
<P align=center><FONT face="Times New Roman"
size=2><BR>10</FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>
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<P align=left><FONT face="Times New Roman"
size=2><B>DIRECTORS OF THE FUND (continued)</B></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=center width=135 colSpan=3><FONT
      face="Times New Roman" size=2><B>Name, Address
      and Age*</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=1845 colSpan=3><FONT
      face="Times New Roman" size=2><B>Principal
      Occupation(s)<BR></B></FONT><FONT
      face="Times New Roman" size=2><B>During Past
      Five Years</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=3567 colSpan=3><FONT
      face="Times New Roman" size=2><B>Other
      Directorships Held by Director</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width=135 colSpan=3><FONT
      face="Times New Roman" size=2>Peter Zuhlsdorff,
      67<BR></FONT><FONT face="Times New Roman"
      size=2>Class II</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1845 colSpan=3><FONT
      face="Times New Roman" size=2>Managing Director
      of DIH Deutsche Industrie Holding (holding company) (since 1997). Managing
      Director of DSD Duales System Deutschland AG (recycling) (until
      2006).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=3567 colSpan=3><FONT
      face="Times New Roman" size=2>Director of The
      Central Europe and Russia Fund, Inc. (since 2008) and The European Equity
      Fund, Inc. (since 2008). Chairman of the Supervisory Board, Sinn Leffers
      AG (retail). Member of the Supervisory Boards of Kaisers Tengelmann AG
      (food and specialty retailing) and YOC AG (mobile marketing). Member of
      the Advisory Board, Tengelmann Verwaltungs-und Beteiligungsgesellschaft
      GmbH (food and specialty retailing) and Ziegler Film (TV and film
      productions). President of the Wettbewerbs Centrale (competition
      center).</FONT></TD>
    <TD>&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 term of
office for Directors in Class I expires at the 2010 Annual Meeting, Class II
expires at the 2011 Annual Meeting and Class III expires at the 2009 Annual
Meeting. Each Director, except Mr. Matz, also serves as a Director of The
Central Europe and Russia Fund, Inc. and The European Equity Fund, Inc., the two
other closed-end registered investment companies for which Deutsche Investment
Management Americas Inc. acts as manager.</FONT></P>
<P><FONT face="Times New Roman"
size=1>(1)</FONT><FONT face="Times New Roman"
size=1>&nbsp;&nbsp;Indicates "interested" Director, as defined in the Investment
Company Act of 1940, as amended (the "1940 Act"). Mr. Bierbaum is an
"interested" Director because of his affiliation with Sal. Oppenheim Jr. &amp;
Cie KGaA, which engages in brokerage with the Fund and other accounts managed by
the investment advisor and manager; Mr. Bult is an "interested" Director because
of his affiliation with PaineWebber International, an affiliate of UBS
Securities Inc., a registered broker-dealer; and Mr. Strenger is an "interested"
Director because of his affiliation with DWS-Deutsche Gesellschaft fur
Werpapiersparen mbH ("DWS"), a majority-owned subsidiary of Deutsche Bank AG and
because of his ownership of Deutsche Bank AG shares.</FONT></P>
<P><FONT face="Times New Roman"
size=1>(2)</FONT><FONT face="Times New Roman"
size=1>&nbsp;&nbsp;Indicates that Mr. Wadsworth also serves as Director/Trustee
of the DWS Investments' open-end and closed-end investment companies. These
Funds are advised by Deutsche Investment Management Americas Inc., an indirect
wholly-owned subsidiary of Deutsche Bank AG.</FONT></P>
<P><FONT face="Times New Roman"
size=1>*&nbsp;&nbsp;The address of each Director is 345 Park Avenue, New York,
NY 10154.</FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>11</FONT></P>
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<P align=left><FONT face="Times New Roman"
size=2><B>OFFICERS OF THE FUND*</B></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=center width=168 colSpan=3><FONT
      face="Times New Roman" size=2><B>Name,
      Age</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=1360 colSpan=3><FONT
      face="Times New Roman" size=2><B>Principal
      Occupations During Past Five Years</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width=168 colSpan=3><FONT
      face="Times New Roman" size=2>Michael G.
      Clark<SUP>(1,2)</SUP>, 43<BR></FONT><FONT
      face="Times New Roman" size=2>President and
      Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1360 colSpan=3><FONT
      face="Times New Roman" size=2>Managing
      Director<SUP>(3)</SUP>, Deutsche Asset Management (2006-present);
      President of DWS</FONT><FONT
      face="Times New Roman" size=2> </FONT><FONT
      face="Times New Roman" size=2>family of funds;
      formerly, Director of Fund Board Relations (2004-2006) and Director of
      Product Development (2000-2004), Merrill Lynch Investment Managers; Senior
      Vice President Operations, Merrill Lynch Asset Management
      (1999-2000)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=8 height=8></TD></TR>
  <TR>
    <TD vAlign=top align=left width=168 colSpan=3><FONT
      face="Times New Roman" size=2>Paul H.
      Schubert<SUP>(2)</SUP>, 45<BR></FONT><FONT
      face="Times New Roman" size=2>Chief Financial
      Officer and Treasurer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1360 colSpan=3><FONT
      face="Times New Roman" size=2>Managing
      Director<SUP>(3)</SUP>, Deutsche Asset Management (since July 2004);
      formerly, Executive Director, Head of Mutual Fund Services and Treasurer
      for UBS Family of Funds (1998-2004); Vice President and Director of Mutual
      Fund Finance at UBS Global Asset Management (1994-1998)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=8 height=8></TD></TR>
  <TR>
    <TD vAlign=top align=left width=168 colSpan=3><FONT
      face="Times New Roman" size=2>David
      Goldman<SUP>(2,4)</SUP>, 34<BR></FONT><FONT
      face="Times New Roman"
    size=2>Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1360 colSpan=3><FONT
      face="Times New Roman"
      size=2>Director<SUP>(3)</SUP>, Deutsche Asset Management</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=8 height=8></TD></TR>
  <TR>
    <TD vAlign=top align=left width=168 colSpan=3><FONT
      face="Times New Roman" size=2>John
      Millette<SUP>(5,6)</SUP>, 46<BR></FONT><FONT
      face="Times New Roman" size=2>Assistant
      Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1360 colSpan=3><FONT
      face="Times New Roman"
      size=2>Director<SUP>(3)</SUP>, Deutsche Asset Management</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=8 height=8></TD></TR>
  <TR>
    <TD vAlign=top align=left width=168 colSpan=3><FONT
      face="Times New Roman" size=2>Rita
      Rubin<SUP>(2,7)</SUP>, 38<BR></FONT><FONT
      face="Times New Roman" size=2>Chief Legal
      Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1360 colSpan=3><FONT
      face="Times New Roman" size=2>Vice President
      and Counsel, Deutsche Asset Management (2007-present). Formerly, Vice
      President, Morgan Stanley Investment Management Inc. (2004-2007); Director
      and Associate General Counsel, UBS Global Asset Management (US) Inc.
      (2001-2004).</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=8 height=8></TD></TR>
  <TR>
    <TD vAlign=top align=left width=168 colSpan=3><FONT
      face="Times New Roman" size=2>Brett
      Rogers<SUP>(2,8)</SUP>, 32<BR></FONT><FONT
      face="Times New Roman" size=2>Chief Compliance
      Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left width=1360 colSpan=3><FONT
      face="Times New Roman"
      size=2>Director<SUP>(3)</SUP>, Deutsche Asset Management (2008-present);
      formerly, Chief Compliance Officer, Deutsche Asset Management (Japan) Ltd.
      (2006); Vice President, Deutsche Asset Management (2005-2008); and
      Assistant Vice President, Deutsche Asset Management (2003-2005).</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR height=8>
    <TD colSpan=8 height=8></TD></TR></TABLE>
<P>&nbsp;</P>
<P><FONT face="Times New Roman" size=1>Each also
serves as an Officer of The European Equity Fund, Inc. and The Central Europe
and Russia Fund, Inc., two other closed-end registered investment companies for
which Deutsche Investment Management Americas Inc. acts as manager.</FONT></P>
<P><FONT face="Times New Roman" size=1>*</FONT><FONT
face="Times New Roman" size=1>&nbsp;&nbsp;As a result
of their respective positions held with the Manager, these individuals are
considered "interested persons" of the Manager within the meaning of the 1940
Act. Interested persons receive no compensation from the Fund.</FONT></P>
<P><FONT face="Times New Roman"
size=1>(1)</FONT><FONT face="Times New Roman"
size=1>&nbsp;&nbsp;Since June 15, 2006.</FONT></P>
<P><FONT face="Times New Roman"
size=1>(2)</FONT><FONT face="Times New Roman"
size=1>&nbsp;&nbsp;Address: 345 Park Avenue, New York, New York
10154.</FONT></P>
<P><FONT face="Times New Roman"
size=1>(3)</FONT><FONT face="Times New Roman"
size=1>&nbsp;&nbsp;Executive title, not a board directorship.</FONT></P>
<P><FONT face="Times New Roman"
size=1>(4)</FONT><FONT face="Times New Roman"
size=1>&nbsp;&nbsp;Since July 14, 2006.</FONT></P>
<P><FONT face="Times New Roman"
size=1>(5)</FONT><FONT face="Times New Roman"
size=1>&nbsp;&nbsp;Since July 14, 2006. From January 30, 2006 to July 14, 2006
served as Secretary to the Fund.</FONT></P>
<P><FONT face="Times New Roman"
size=1>(6)</FONT><FONT face="Times New Roman"
size=1>&nbsp;&nbsp;Address: One Beacon Street, Boston, Massachusetts
02108.</FONT></P>
<P><FONT face="Times New Roman"
size=1>(7)</FONT><FONT face="Times New Roman"
size=1>&nbsp;&nbsp;Since December 19, 2008.</FONT></P>
<P><FONT face="Times New Roman"
size=1>(8)</FONT><FONT face="Times New Roman"
size=1>&nbsp;&nbsp;Since April 20, 2007.</FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>12</FONT></P>
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<P align=left><FONT face="Times New Roman"
size=2><B>SHARES REPURCHASED AND ISSUED</B></FONT></P>
<P><FONT face="Times New Roman" size=2>The Fund has
been purchasing shares of its common stock in the open market. Shares
repurchased and shares issued for dividend reinvestment for the past five years
are as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=left width=177 colSpan=3><FONT
      face="Times New Roman" size=2>Fiscal years
      ended December 31,</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=65 colSpan=3><FONT
      face="Times New Roman"
    size=1><B>2008</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=48 colSpan=3><FONT
      face="Times New Roman"
    size=1><B>2007</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=65 colSpan=3><FONT
      face="Times New Roman"
    size=1><B>2006</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=65 colSpan=3><FONT
      face="Times New Roman"
    size=1><B>2005</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=73 colSpan=3><FONT
      face="Times New Roman"
    size=1><B>2004</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=177 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2>Shares
      repurchased</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=49 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>278,800</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=32 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>--</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=49 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>155,500</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=49 bgColor=#cceeff><FONT
      face="Times New Roman" size=2>689,500</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=57 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=2>1,245,300</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=177 colSpan=3><FONT
      face="Times New Roman" size=2>Shares issued for
      dividend reinvestment</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=49><FONT
      face="Times New Roman" size=2>--</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=32><FONT
      face="Times New Roman" size=2>--</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=49><FONT
      face="Times New Roman" size=2>--</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=49><FONT
      face="Times New Roman" size=2>369,273</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=57><FONT
      face="Times New Roman" size=2>81,662</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<P align=left><FONT face="Times New Roman"
size=2><B>PRIVACY POLICY AND PRACTICES</B></FONT></P>
<P><FONT face="Times New Roman" size=2>We never sell
customer lists or information about individual clients (stockholders). We
consider privacy fundamental to our client relationships and adhere to the
policies and practices described below to protect current and former clients'
information. Internal policies are in place to protect confidentiality, while
allowing client needs to be served. Only individuals who need to do so in
carrying out their job responsibilities may access client information. We
maintain physical, electronic and procedural safeguards that comply with federal
and state standards to protect confidentiality. These safeguards extend to all
forms of interaction with us, including the Internet.</FONT></P>
<P><FONT face="Times New Roman" size=2>In the normal
course of business, we may obtain information about stockholders whose shares
are registered in their names. For purposes of these policies, "clients" means
stockholders of the Fund. (We generally do not have knowledge of or collect
personal information about stockholders who hold Fund shares in "street name,"
such as through brokers or banks.) Examples of the nonpublic personal
information collected are name, address, Social Security number and transaction
and balance information. To be able to serve our clients, certain of this client
information may be shared with affiliated and nonaffiliated third party service
providers such as transfer agents, custodians, and broker-dealers to assist us
in processing transactions and servicing the client's account with us. The
organizations described above that receive client information may only use it
for the purpose designated by the Fund.</FONT></P>
<P><FONT face="Times New Roman" size=2>We may also
disclose nonpublic personal information about clients to other parties as
required or permitted by law. For example, we are required or we may provide
information to government entities or regulatory bodies in response to requests
for information or subpoenas, to private litigants in certain circumstances, to
law enforcement authorities, or any time we believe it necessary to protect the
firm from such activity.</FONT></P>
<P align=left><FONT face="Times New Roman"
size=2><B>CERTIFICATIONS</B></FONT></P>
<P><FONT face="Times New Roman" size=2>The Fund's
chief executive officer has certified to the New York Stock Exchange that, as of
July 16, 2008, he was not aware of any violation by the Fund of applicable NYSE
corporate governance listing standards. The Fund's reports to the </FONT><FONT
face="Times New Roman" size=2>Securities and Exchange
Commission on Forms N-CSR, N-CSRS and N-Q contain certifications by the Fund's
chief executive officer and chief financial officer that relate to the Fund's
disclosure in such reports and that are required by rule 30a-2(a) under the
Investment Company Act of 1940.</FONT></P>
<P align=left><FONT face="Times New Roman"
size=2><B>PROXY VOTING</B></FONT></P>
<P><FONT face="Times New Roman" size=2>A description
of the Fund's policies and procedures for voting proxies for portfolio
securities and information about how the Fund voted proxies related to its
portfolio securities during the 12-month period ended June 30 is available on
our Web site -- www.newgermanyfund.com or on the SEC's Web site -- www.sec.gov. To
obtain a written copy of the Fund's policies and procedures without charge, upon
request, call us toll free at (800) 437-6269.</FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>13</FONT></P>
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<P align=left><FONT face="Times New Roman"
size=2><B>THE NEW GERMANY FUND, INC.<BR>SCHEDULE OF INVESTMENTS -- DECEMBER 31,
2008</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: 1pt solid"
    vAlign=bottom align=left width=173 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Shares</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=131 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Description</B></FONT></TD>
    <TD>&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: 1pt solid"
    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>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=173 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      GERMAN<BR></B></FONT><FONT
      face="Times New Roman" size=2><B>SECURITIES --
      88.9%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=238 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 colSpan=7><FONT
      face="Times New Roman" size=1><B>COMMON STOCKS
      -- 81.0%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>AEROSPACE
      &amp; DEFENSE -- 2.7%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>199,084</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>MTU Aero Engines
      Holding</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=right width=20><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: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>5,418,700</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: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>AIRLINES --
      0.3%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>100,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>Air
    Berlin*</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman" size=1>657,517</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: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>AUTO
      COMPONENTS -- 0.9%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>188,344</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman"
      size=1>ElringKlinger+</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>1,819,628</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: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>BUILDING
      PRODUCTS -- 1.4%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>110,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>Demag
      Cranes</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>2,874,727</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: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>CHEMICALS --
      6.0%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>66,664</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>K + S</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>3,704,005</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>177,760</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman"
size=1>Lanxess+</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>3,392,740</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>46,364</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>Wacker
      Chemie</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>4,815,104</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=312 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>11,911,849</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 colSpan=7><FONT
      face="Times New Roman" size=1><B>COMPUTERS
      &amp; <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>PERIPHERALS --
      1.7%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>72,727</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Wincor
      Nixdorf</FONT></TD>
    <TD bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>3,408,007</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: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 colSpan=7><FONT
      face="Times New Roman" size=1><B>CONSTRUCTION
      &amp; <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>ENGINEERING --
      8.8%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>74,341</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Bauer+</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>3,043,405</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>198,181</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>Bilfinger
      Berger</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>10,281,339</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>81,567</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman"
size=1>Hochtief</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>4,052,426</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=312 colSpan=7>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>17,377,170</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>DIVERSIFIED
      FINANCIAL <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SERVICES --
      0.7%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>55,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman"
      size=1>Grenkeleasing</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>1,362,437</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: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>ELECTRICAL
      EQUIPMENT -- 8.8%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>70,447</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman"
    size=1>Q-Cells*+</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>2,477,588</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>250,686</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>SGL
      Carbon*+</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>8,328,639</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>221,957</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman"
    size=1>Solarworld+</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>4,658,991</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>154,800</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Tognum</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,936,687</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=312 colSpan=7>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>17,401,905</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>HEALTHCARE
      PROVIDERS &amp; <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SERVICES --
      5.4%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>180,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>Celesio</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>4,854,229</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>247,460</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Rhoen
      Klinikum</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>5,871,980</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=312 colSpan=7>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>10,726,209</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>HOUSEHOLD
      DURABLES -- 0.7%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>118,886</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>Loewe</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>1,422,918</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: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&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: 1pt solid"
    vAlign=bottom align=left width=173 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Shares</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=131 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Description</B></FONT></TD>
    <TD>&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: 1pt solid"
    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>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>INDUSTRIAL
      <BR></B></FONT><FONT face="Times New Roman"
      size=1><B>CONGLOMERATES -- 3.3%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>202,583</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman"
    size=1>Rheinmetall</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=right width=20><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: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>6,448,883</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: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>INSURANCE --
      3.5%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>220,805</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>Hannover
      Rueckversicherung</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>6,906,173</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: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>INTERNET
      SOFTWARE &amp; <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SERVICES --
      3.2%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>730,966</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>United
      Internet+</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>6,391,369</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: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>LIFE SCIENCES
      TOOLS &amp; <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SERVICES --
      1.3%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>98,287</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman"
      size=1>Gerresheimer</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>2,664,261</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: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>MACHINERY --
      9.4%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>388,046</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>GEA
    Group</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>6,553,986</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>92,116</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Krones+</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>3,978,528</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>298,963</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>Max
      Automation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman" size=1>893,515</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>52,714</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Pfeiffer Vacuum
      Technology</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>3,438,924</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>35,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>Vossloh</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>3,867,467</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=312 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>18,732,420</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 colSpan=7><FONT
      face="Times New Roman" size=1><B>METALS &amp;
      MINING -- 2.7%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>85,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Norddeutsche
      Affinerie+</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>3,308,438</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>26,645</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman"
    size=1>Salzgitter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>2,037,157</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=312 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>5,345,595</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 colSpan=7><FONT
      face="Times New Roman" size=1><B>PERSONAL
      PRODUCTS -- 0.9%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>30,391</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman"
    size=1>Beiersdorf+</FONT></TD>
    <TD bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,774,354</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: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 colSpan=7><FONT
      face="Times New Roman"
      size=1><B>PHARMACEUTICALS -- 2.3%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>157,563</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Stada
      Arzneimittel</FONT></TD>
    <TD bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>4,490,081</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: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 colSpan=7><FONT
      face="Times New Roman" size=1><B>REAL ESTATE
      MANAGEMENT &amp; DEVELOPMENT -- 3.5%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>96,965</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Deutsche
      Euroshop</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>3,275,422</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>374,364</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>IVG
      Immobilien+</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>2,976,707</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>323,204</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>RCM
      Beteiligungs*</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>714,365</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=312 colSpan=7>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>6,966,494</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>SEMICONDUCTORS
      &amp; <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SEMICONDUCTOR
      <BR></B></FONT><FONT face="Times New Roman"
      size=1><B>EQUIPMENT -- 1.5%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>260,766</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>Kontron</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>2,635,308</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>180,255</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Suess
      MicroTec*</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>340,779</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=312 colSpan=7>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>2,976,087</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>SOFTWARE --
      3.9%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>137,563</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman"
    size=1>Software+</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>7,649,053</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: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<P align=center><FONT face="Times New Roman"
size=2>The accompanying notes are an integral part of the financial
statements.<BR>14</FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>
<!-- SEQ.=14,FOLIO='14',FILE='09-1033-2.da',USER='rwaldoc',CD='Mar 04 21:27 2009' --><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>SCHEDULE OF INVESTMENTS -- DECEMBER 31,
2008 (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: 1pt solid"
    vAlign=bottom align=left width=173 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Shares</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=131 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Description</B></FONT></TD>
    <TD>&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: 1pt solid"
    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>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>SPECIALTY
      RETAIL -- 5.5%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>60,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>Douglas
      Holdings+</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>2,685,673</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>50,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman"
size=1>Fielmann</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>3,231,983</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>463,465</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>Praktiker Bau-Und
      Heim</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>5,025,249</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=312 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>10,942,905</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 colSpan=7><FONT
      face="Times New Roman" size=1><B>TEXTILE,
      APPAREL &amp; LUXURY <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>GOODS --
      0.5%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>4,647</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Puma+</FONT></TD>
    <TD bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>906,309</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: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 colSpan=7><FONT
      face="Times New Roman" size=1><B>TRANSPORTATION
      <BR></B></FONT><FONT face="Times New Roman"
      size=1><B>INFRASTRUCTURE -- 1.7%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>80,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Fraport</FONT></TD>
    <TD bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>3,437,439</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: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 colSpan=7><FONT
      face="Times New Roman" size=1><B>WIRELESS
      <BR></B></FONT><FONT face="Times New Roman"
      size=1><B>TELECOMMUNICATIONS <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SERVICES --
      0.4%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>120,646</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Freenet</FONT></TD>
    <TD bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>695,997</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: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom width=157>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>Total Common
      Stocks<BR></FONT><FONT face="Times New Roman"
      size=1>(cost $176,231,726)</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>160,708,487</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: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>PREFERRED
      STOCK -- 7.9%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 colSpan=7><FONT
      face="Times New Roman" size=1><B>HEALTHCARE
      EQUIPMENT &amp; <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SUPPLIES --
      7.2%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>233,465</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman"
    size=1>Fresenius</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>13,497,606</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>62,632</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman"
    size=1>Sartorius</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman" size=1>710,448</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=312 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>14,208,054</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 colSpan=7><FONT
      face="Times New Roman" size=1><B>TEXTILE,
      APPAREL &amp; LUXURY <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>GOODS --
      0.7%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>70,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Hugo
    Boss+</FONT></TD>
    <TD bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,401,221</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: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom width=157>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>Total Preferred
      Stocks<BR></FONT><FONT face="Times New Roman"
      size=1>(cost $8,537,398)</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>15,609,275</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: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=157 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Total Investments
      in <BR></FONT><FONT face="Times New Roman"
      size=1>German Securities<BR></FONT><FONT
      face="Times New Roman" size=1>(cost
      $184,769,124)</FONT></TD>
    <TD bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>176,317,762</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: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=173 colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      DUTCH<BR></B></FONT><FONT
      face="Times New Roman" size=2><B>COMMON STOCKS
      -- 9.1%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=238 colSpan=7>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>AEROSPACE
      &amp; DEFENSE -- 5.6%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>659,645</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>EADS+</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>11,031,179</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&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: 1pt solid"
    vAlign=bottom align=left width=173 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Shares</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=131 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Description</B></FONT></TD>
    <TD>&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: 1pt solid"
    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>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=173 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=238 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>LIFE SCIENCES
      TOOLS &amp; <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SERVICES --
      3.5%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>405,887</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman"
size=1>Qiagen*+</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=right width=20><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: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>6,979,445</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: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=157 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Total Investments
      in Dutch<BR></FONT><FONT face="Times New Roman"
      size=1>Common Stocks<BR></FONT><FONT
      face="Times New Roman" size=1>(cost
      $14,995,959)</FONT></TD>
    <TD bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>18,010,624</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: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom width=157>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>Total Investments
      in Common <BR></FONT><FONT
      face="Times New Roman" size=1>and Preferred
      stocks -- 98.0%<BR></FONT><FONT
      face="Times New Roman" size=1>(cost
      $199,765,083)</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>194,328,386</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: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=173 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2><B>SECURITIES
      LENDING<BR></B></FONT><FONT
      face="Times New Roman" size=2><B>COLLATERAL --
      28.4%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=238 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman"
    size=1>56,383,431</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>Daily Assets
      Institutional <BR></FONT><FONT
      face="Times New Roman" size=1>Fund,
      1.67%</FONT><FONT face="Times New Roman"
      size=1>(b)(c)<BR></FONT><FONT
      face="Times New Roman" size=1>(cost
      $56,383,431)</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>56,383,431</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: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=173 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2><B>CASH
      EQUIVALENTS </B></FONT><FONT
      face="Times New Roman"
      size=1><B>--</B></FONT><FONT
      face="Times New Roman" size=2><B>
      0.1%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=238 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=157><FONT
      face="Times New Roman" size=1>123,693</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>Cash Management
      QP <BR></FONT><FONT face="Times New Roman"
      size=1>Trust, 1.42%</FONT><FONT
      face="Times New Roman"
      size=1>(c)<BR></FONT><FONT
      face="Times New Roman" size=1>(cost
      $123,693)</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman" size=1>123,693</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: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=157 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Total Investments
      -- 126.5%<BR></FONT><FONT face="Times New Roman"
      size=1>(cost $256,272,207)</FONT></TD>
    <TD bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>250,835,510</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: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom width=157>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>Other Assets and
      Liabilities,<BR></FONT><FONT
      face="Times New Roman" size=1>Net --
      (26.5)%</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>(52,571,565</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: 1pt solid"
    vAlign=bottom align=left width=18><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=157 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1><B>NET
      ASSETS--100.0%</B></FONT></TD>
    <TD bgColor=#cceeff>&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: 2.25pt double"
    vAlign=bottom align=right width=20 bgColor=#cceeff><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: 2.25pt double"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>198,263,945</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: 2.25pt double"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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>+&nbsp;&nbsp;All or a portion of these securities were on loan. The value
of all securities loaned at December 31, 2008 amounted to $52,856,328 which is
26.7% of the net assets.</FONT></P>
<P align=left><FONT face="Times New Roman"
size=1>(a)&nbsp;&nbsp;Value stated in US dollars.</FONT></P>
<P align=left><FONT face="Times New Roman"
size=1>(b)&nbsp;&nbsp;Represents collateral held in connection with securities
lending. Income earned by the Fund is net of borrower rebates.</FONT></P>
<P align=left><FONT face="Times New Roman"
size=1>(c)&nbsp;&nbsp;Affiliated fund managed by Deutsche Investment Management
Americas, Inc. The rate shown is the annualized seven-day yield at period
end.</FONT></P>
<P align=center><FONT face="Times New Roman"
size=2>The accompanying notes are an integral part of the financial
statements.<BR>15</FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>
<!-- SEQ.=15,FOLIO='15',FILE='09-1033-2.da',USER='rwaldoc',CD='Mar 04 21:27 2009' --><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>SCHEDULE OF INVESTMENTS -- DECEMBER 31,
2008 (continued)</B></FONT></P>
<P align=left><FONT face="Times New Roman"
size=1><B>Fair Value Measurements</B></FONT></P>
<P><FONT face="Times New Roman" size=1><I>Financial
Accounting Standards Board Statement of Financial Accounting Standards No. 157,
"Fair Value Measurements," establishes a three-tier hierarchy for measuring fair
value and requires additional disclosure about the classification of fair value
measurements.</I></FONT></P>
<P><FONT face="Times New Roman" size=1><I>Various
inputs are used in determining the value of the Fund's investments. These inputs
are summarized in three broad levels. Level 1 includes quoted prices in active
markets for identical securities. Level 2 includes other significant
unobservable inputs (including quoted prices for similar securities, interest
rates, prepayment speeds and credit risk). Level 3 includes significant
unobservable inputs (including the Fund's own assumptions in determining the
fair value of investments). The inputs or methodology used for valuing
securities are not necessarily an indication of the risk associated with
investing in those securities.</I></FONT></P>
<P align=left><FONT face="Times New Roman"
size=1><I>The following is a summary of the inputs used as of December 31, 2008
in valuing the Fund's investments. For information on the Fund's policy
regarding the valuation of investments, please refer to the Security Valuation
section of Note 1 in the accompanying Notes to the 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: 1pt solid"
    vAlign=bottom align=left width=76 colSpan=3><FONT
      face="Times New Roman" size=1><B>Valuation
      Inputs</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=94 colSpan=3><FONT
      face="Times New Roman" size=1><B>Investments
      in<BR></B></FONT><FONT face="Times New Roman"
      size=1><B>Securities</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=76 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Level 1</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=66 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>250,711,817</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=76 colSpan=3><FONT
      face="Times New Roman" size=1>Level 2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=66><FONT
      face="Times New Roman" size=1>123,693</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=76 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Level 3</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=66 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>--</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=76 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=20><FONT
      face="Times New Roman"
size=1><B>$</B></FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=66><FONT
      face="Times New Roman"
      size=1><B>250,835,510</B></FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&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>16</FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>
<!-- SEQ.=16,FOLIO='16',FILE='09-1033-2.da',USER='rwaldoc',CD='Mar 04 21:27 2009' --><BR
style="PAGE-BREAK-BEFORE: always" clear=all><BR
style="PAGE-BREAK-BEFORE: always" clear=all><!-- Document name: 09-1033-2.ea-->
<P align=left><FONT face="Times New Roman"
size=2><B>THE NEW GERMANY FUND, INC.<BR>STATEMENT OF ASSETS AND
LIABILITIES<BR>December 31, 2008</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>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=397 colSpan=3><FONT
      face="Times New Roman" size=1>Investments, at
      value (cost $199,765,083) -- including $52,856,328 of securities
      loaned</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=64><FONT
      face="Times New Roman"
    size=1>194,328,386</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=397 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Investment in
      Cash Management QP Trust (cost $123,693)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=64 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>123,693</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=397 colSpan=3><FONT
      face="Times New Roman" size=1>Investment in
      Daily Assets Fund Institutional (cost $56,383,431)*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=64><FONT
      face="Times New Roman"
    size=1>56,383,431</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=397 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Total
      investments, at value (cost $256,272,207)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none"
    vAlign=bottom align=right width=64 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>250,835,510</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=397 colSpan=3><FONT
      face="Times New Roman" size=1>Foreign currency,
      at value (cost $6,359,225)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=64><FONT
      face="Times New Roman"
    size=1>6,300,332</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=397 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Receivable for
      investments sold</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=64 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>3,132</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=64><FONT
      face="Times New Roman" size=1>373,951</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&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>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=64 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>87,075</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=64><FONT
      face="Times New Roman" size=1>18,842</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&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>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=64 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>257,618,842</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=397 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Payable upon
      return of securities loaned</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=64 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>56,383,431</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=397 colSpan=3><FONT
      face="Times New Roman" size=1>Payable for Fund
      shares repurchased</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=64><FONT
      face="Times New Roman" size=1>61,112</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&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>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=64 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>82,098</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=64><FONT
      face="Times New Roman" size=1>40,848</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&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>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=64 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>19,141</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=397 colSpan=3><FONT
      face="Times New Roman" size=1>Distributions
      payable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=64><FONT
      face="Times New Roman"
    size=1>2,498,678</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=397 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Accrued expenses
      and accounts payable</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=64 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>269,589</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=397 colSpan=3><FONT
      face="Times New Roman" size=1>Total
      liabilities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=64><FONT
      face="Times New Roman"
    size=1>59,354,897</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=397 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2><B>NET
      ASSETS</B></FONT></TD>
    <TD bgColor=#cceeff>&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: 2.25pt double"
    vAlign=bottom align=right width=20 bgColor=#cceeff><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: 2.25pt double"
    vAlign=bottom align=right width=64 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>198,263,945</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: 2.25pt double"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=499 colSpan=7><FONT
      face="Times New Roman" size=1>Net assets
      consist of:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=397 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Paid-in capital,
      $.001 par (Authorized 80,000,000 shares)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=64 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>437,487,516</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=397 colSpan=3><FONT
      face="Times New Roman" size=1>Cost of
      15,184,383 shares held in Treasury</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=64><FONT
      face="Times New Roman"
      size=1>(181,944,372</FONT></TD>
    <TD vAlign=bottom align=left width=18><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=397 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Undistributed net
      investment income</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=64 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>33,291</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=397 colSpan=3><FONT
      face="Times New Roman" size=1>Accumulated net
      realized loss on investments and foreign currency</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=64><FONT
      face="Times New Roman"
    size=1>(51,773,680</FONT></TD>
    <TD vAlign=bottom align=left width=18><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=397 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Net unrealized
      depreciation on investments and foreign currency</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=64 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>(5,538,810</FONT></TD>
    <TD vAlign=bottom align=left width=18 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=397 colSpan=3><FONT
      face="Times New Roman" size=1>Net
    assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=64><FONT
      face="Times New Roman"
    size=1>198,263,945</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=397 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Net asset value
      per share ($198,263,945 / 19,564,958) shares of common stock issued and
      outstanding)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</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: 2.25pt double"
    vAlign=bottom align=right width=64 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>10.13</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: 2.25pt double"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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>17</FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>
<!-- SEQ.=17,FOLIO='17',FILE='09-1033-2.ea',USER='rwaldoc',CD='Mar 04 21:27 2009' --><BR
style="PAGE-BREAK-BEFORE: always" clear=all>
<P align=left><FONT face="Times New Roman"
size=2><B><BR>THE NEW GERMANY FUND, INC.<BR>STATEMENT OF
OPERATIONS</B></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width=375 colSpan=3>&nbsp;</TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=116 colSpan=3><FONT
      face="Times New Roman" size=1><B>For
      the<BR></B></FONT><FONT face="Times New Roman"
      size=1><B>year ended<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>December 31,
      2008</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=491 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=2><B>NET INVESTMENT
      INCOME:</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=491 colSpan=7><FONT
      face="Times New Roman" size=1>Investment
      Income</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=375 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Dividends (net of
      foreign withholding taxes of $912,894)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>7,481,778</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=375 colSpan=3><FONT
      face="Times New Roman"
size=1>Interest</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman" size=1>157,806</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=375 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Interest -- Cash
      Management QP Trust</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>11,238</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=375 colSpan=3><FONT
      face="Times New Roman" size=1>Securities
      lending, including income from Daily Assets Fund Institutional, net of
      borrower rebates</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman" size=1>820,533</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=375 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Total investment
      income</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>8,471,355</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=491 colSpan=7><FONT
      face="Times New Roman"
    size=1>Expenses:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=375 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Management
      fee</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,873,400</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=375 colSpan=3><FONT
      face="Times New Roman" size=1>Investment
      advisory fee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman" size=1>906,091</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=375 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Custodian
      fee</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>194,600</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=375 colSpan=3><FONT
      face="Times New Roman" size=1>Services to
      shareholders</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman" size=1>39,408</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=375 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Reports to
      shareholders</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>241,186</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=375 colSpan=3><FONT
      face="Times New Roman" size=1>Directors' fees
      and expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman" size=1>189,666</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=375 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Legal
    fee</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>380,530</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=375 colSpan=3><FONT
      face="Times New Roman" size=1>Audit and tax
      fee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman" size=1>88,980</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&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>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>23,844</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=375 colSpan=3><FONT
      face="Times New Roman"
    size=1>Insurance</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman" size=1>19,552</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&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>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>35,718</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none"
    vAlign=bottom align=right width=78><FONT
      face="Times New Roman"
    size=1>3,992,975</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: medium none"
    vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&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>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>4,478,380</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=491 colSpan=7><FONT
      face="Times New Roman" size=2><B>REALIZED AND
      UNREALIZED GAIN (LOSS)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=491 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1>Net realized gain
      (loss) from:</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=375 colSpan=3><FONT
      face="Times New Roman"
    size=1>Investments</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman"
    size=1>4,673,471</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=375 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Tender offer
      in-kind</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>5,179,391</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman" size=1>586,230</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=375 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Net gains
      realized on the disposal of investments in violation of restrictions (Note
      3)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>219,787</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=491 colSpan=7><FONT
      face="Times New Roman" size=1>Change in net
      unrealized appreciation (depreciation) on:</FONT></TD>
    <TD>&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>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
      size=1>(206,732,264</FONT></TD>
    <TD vAlign=bottom align=left width=18 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8 bgColor=#cceeff>&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>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman"
size=1>(456,196</FONT></TD>
    <TD vAlign=bottom align=left width=18><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8>&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>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
      size=1>(196,529,581</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=left width=18 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8 bgColor=#cceeff>&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>&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: 2.25pt double"
    vAlign=bottom align=right width=20><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: 2.25pt double"
    vAlign=bottom align=right width=78><FONT
      face="Times New Roman"
      size=1>(192,051,201</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: 2.25pt double"
    vAlign=bottom align=left width=18><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8>&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<P align=center><FONT face="Times New Roman"
size=2>The accompanying notes are an integral part of the financial
statements.<BR>18</FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>
<!-- SEQ.=18,FOLIO='18',FILE='09-1033-2.ea',USER='rwaldoc',CD='Mar 04 21:27 2009' --><BR
style="PAGE-BREAK-BEFORE: always" clear=all>
<P align=left><FONT face="Times New Roman"
size=2><B><BR>THE NEW GERMANY FUND, INC.<BR>STATEMENT OF CHANGES IN NET
ASSETS</B></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width=293 colSpan=3>&nbsp;</TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=116 colSpan=3><FONT
      face="Times New Roman" size=1><B>For
      the<BR></B></FONT><FONT face="Times New Roman"
      size=1><B>year ended<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>December 31,
      2008</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=116 colSpan=3><FONT
      face="Times New Roman" size=1><B>For
      the<BR></B></FONT><FONT face="Times New Roman"
      size=1><B>year ended<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>December 31,
      2007</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=533 bgColor=#cceeff colSpan=11><FONT
      face="Times New Roman" size=2><B>INCREASE
      (DECREASE) IN NET ASSETS</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=533 colSpan=11><FONT
      face="Times New Roman"
    size=1>Operations:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=293 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Net investment
      income</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>4,478,380</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>4,188,587</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=533 colSpan=11><FONT
      face="Times New Roman" size=1>Net realized gain
      from:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=293 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman"
    size=1>Investments</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>4,893,258</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>64,350,706</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=293 colSpan=3><FONT
      face="Times New Roman" size=1>Tender offer
      in-kind</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman"
    size=1>5,179,391</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman" size=1>--</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=293 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Foreign
      currency</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>586,230</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>846,566</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=533 colSpan=11><FONT
      face="Times New Roman" size=1>Change in net
      unrealized appreciation (depreciation) on:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=293 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman"
    size=1>Investments</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
      size=1>(206,732,264</FONT></TD>
    <TD vAlign=bottom align=left width=18 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>27,839,655</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=293 colSpan=3><FONT
      face="Times New Roman" size=1>Foreign
      currency</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman"
size=1>(456,196</FONT></TD>
    <TD vAlign=bottom align=left width=18><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman" size=1>324,290</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=293 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Net increase
      (decrease) in net assets resulting from operations</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
      size=1>(192,051,201</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=left width=18 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>97,549,804</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=533 colSpan=11><FONT
      face="Times New Roman" size=1>Distributions to
      shareholders:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=293 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Net investment
      income</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>(3,677,397</FONT></TD>
    <TD vAlign=bottom align=left width=18 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>(14,758,795</FONT></TD>
    <TD vAlign=bottom align=left width=18 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=533 colSpan=11><FONT
      face="Times New Roman" size=1>Capital share
      transactions:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=293 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Cost of shares
      repurchased (278,800 and 0 shares, respectively)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>(2,920,975</FONT></TD>
    <TD vAlign=bottom align=left width=18 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>--</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=293 colSpan=3><FONT
      face="Times New Roman" size=1>Cost of shares
      tendered (4,960,940 and 0 shares, respectively)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman"
    size=1>(83,810,120</FONT></TD>
    <TD vAlign=bottom align=left width=18><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman" size=1>--</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=293 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Net decrease in
      net assets from capital share transactions</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>(86,731,095</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=left width=18 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>--</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=293 colSpan=3><FONT
      face="Times New Roman" size=1>Total increase
      (decrease) in net assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman"
      size=1>(282,459,693</FONT></TD>
    <TD vAlign=bottom align=left width=18><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman"
    size=1>82,791,009</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=533 bgColor=#cceeff colSpan=11><FONT
      face="Times New Roman" size=2><B>NET
      ASSETS</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=293 colSpan=3><FONT
      face="Times New Roman" size=1>Beginning of
      year</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman"
    size=1>480,723,638</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=78><FONT
      face="Times New Roman"
    size=1>397,932,629</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=293 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>End of year
      (including undistributed net investment income of $33,291 and
      <BR></FONT><FONT face="Times New Roman"
      size=1>distributions in excess of net investment income of $1,440,194, as
      of <BR></FONT><FONT face="Times New Roman"
      size=1>December 31, 2008 and December 31, 2007, respectively)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>198,263,945</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=78 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>480,723,638</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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>19</FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>
<!-- SEQ.=19,FOLIO='19',FILE='09-1033-2.ea',USER='rwaldoc',CD='Mar 04 21:27 2009' --><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 align=center width=197 colSpan=3><FONT
      face="Times New Roman" size=1><B></B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=507 colSpan=19><FONT
      face="Times New Roman" size=1><B>For the years
      ended December 31,</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=197 colSpan=3>&nbsp;</TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=103 colSpan=3><FONT
      face="Times New Roman"
    size=1><B>2008</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=93 colSpan=3><FONT
      face="Times New Roman"
    size=1><B>2007</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=93 colSpan=3><FONT
      face="Times New Roman"
    size=1><B>2006</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=93 colSpan=3><FONT
      face="Times New Roman"
    size=1><B>2005</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=93 colSpan=3><FONT
      face="Times New Roman"
    size=1><B>2004</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=704 bgColor=#cceeff colSpan=23><FONT
      face="Times New Roman" size=1>Per share
      operating performance:</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=704 colSpan=23><FONT
      face="Times New Roman" size=1>Net asset
      value:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=197 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Beginning of
      period</FONT></TD>
    <TD bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>19.38</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=38 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</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: 1pt solid"
    vAlign=bottom align=right width=45 bgColor=#cceeff><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: 1pt solid"
    vAlign=bottom width=28 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>11.29</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=28 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</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: 1pt solid"
    vAlign=bottom align=right width=45 bgColor=#cceeff><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: 1pt solid"
    vAlign=bottom width=28 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=20 bgColor=#cceeff><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: 1pt solid"
    vAlign=bottom align=right width=45 bgColor=#cceeff><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: 1pt solid"
    vAlign=bottom width=28 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=197 colSpan=3><FONT
      face="Times New Roman" size=1>Net investment
      income (loss)</FONT><FONT
      face="Times New Roman" size=1>(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>.22</FONT></TD>
    <TD vAlign=bottom align=left width=38><FONT
      face="Times New Roman" size=1>(b)</FONT></TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>.17</FONT></TD>
    <TD vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>.04</FONT></TD>
    <TD vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>(.01</FONT></TD>
    <TD vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>(.01</FONT></TD>
    <TD vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=197 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Net realized and
      unrealized gain (loss) on<BR></FONT><FONT
      face="Times New Roman" size=1>investments and
      foreign currency</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>(9.49</FONT></TD>
    <TD vAlign=bottom align=left width=38 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>3.77</FONT></TD>
    <TD vAlign=bottom width=28 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>4.91</FONT></TD>
    <TD vAlign=bottom width=28 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>1.32</FONT></TD>
    <TD vAlign=bottom width=28 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>2.00</FONT></TD>
    <TD vAlign=bottom width=28 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=197 colSpan=3><FONT
      face="Times New Roman" size=1>Increase
      (decrease) from investment operations</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>(9.27</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=left width=38><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>3.94</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>4.95</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>1.31</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>1.99</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=197 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Increase
      resulting from share repurchases</FONT></TD>
    <TD bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>.03</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: 1pt solid"
    vAlign=bottom width=38 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=45 bgColor=#cceeff><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: 1pt solid"
    vAlign=bottom width=28 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=45 bgColor=#cceeff><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: 1pt solid"
    vAlign=bottom width=28 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=45 bgColor=#cceeff><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: 1pt solid"
    vAlign=bottom width=28 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=45 bgColor=#cceeff><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: 1pt solid"
    vAlign=bottom width=28 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=197 colSpan=3><FONT
      face="Times New Roman" size=1>Distributions
      from net investment income</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>(.19</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: 1pt solid"
    vAlign=bottom align=left width=38><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>(.60</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: 1pt solid"
    vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>(.21</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: 1pt solid"
    vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>(.55</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: 1pt solid"
    vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>(.28</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: 1pt solid"
    vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=197 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Accretion
      resulting from tender offer in-kind</FONT></TD>
    <TD bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>.18</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: 1pt solid"
    vAlign=bottom width=38 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=45 bgColor=#cceeff><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: 1pt solid"
    vAlign=bottom width=28 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=45 bgColor=#cceeff><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: 1pt solid"
    vAlign=bottom width=28 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=45 bgColor=#cceeff><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: 1pt solid"
    vAlign=bottom width=28 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&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: 1pt solid"
    vAlign=bottom align=right width=45 bgColor=#cceeff><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: 1pt solid"
    vAlign=bottom width=28 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=197 colSpan=3><FONT
      face="Times New Roman" size=1>Dilution in net
      asset value from shares issued for <BR></FONT><FONT
      face="Times New Roman" size=1>dividend
      reinvestment</FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=45><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: 1pt solid"
    vAlign=bottom width=38>&nbsp;</TD>
    <TD width=8>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=45><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: 1pt solid"
    vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=45><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: 1pt solid"
    vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=45><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: 1pt solid"
    vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8>&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: 1pt solid"
    vAlign=bottom width=20>&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: 1pt solid"
    vAlign=bottom align=right width=45><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: 1pt solid"
    vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=1>(c)</FONT></TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=704 bgColor=#cceeff colSpan=23><FONT
      face="Times New Roman" size=1>Net asset
      value:</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=197 colSpan=3><FONT
      face="Times New Roman" size=1>End of
      period</FONT></TD>
    <TD>&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: 2.25pt double"
    vAlign=bottom align=right width=20><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: 2.25pt double"
    vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>10.13</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: 2.25pt double"
    vAlign=bottom width=38>&nbsp;</TD>
    <TD width=8>&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: 2.25pt double"
    vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>19.38</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</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: 2.25pt double"
    vAlign=bottom align=right width=45><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: 2.25pt double"
    vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&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: 2.25pt double"
    vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>11.29</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</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: 2.25pt double"
    vAlign=bottom align=right width=45><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: 2.25pt double"
    vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=704 bgColor=#cceeff colSpan=23><FONT
      face="Times New Roman" size=1>Market
      value:</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=197 colSpan=3><FONT
      face="Times New Roman" size=1>End of
      period</FONT></TD>
    <TD>&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: 2.25pt double"
    vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>8.01</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom width=38>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</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: 2.25pt double"
    vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>17.48</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: 2.25pt double"
    vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&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: 2.25pt double"
    vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>14.47</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</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: 2.25pt double"
    vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>10.19</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: 2.25pt double"
    vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&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: 2.25pt double"
    vAlign=bottom align=right width=20><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: 2.25pt double"
    vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>9.05</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: 2.25pt double"
    vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=704 bgColor=#cceeff colSpan=23><FONT
      face="Times New Roman" size=1>Total investment
      return for the period</FONT><FONT
      face="Times New Roman" size=1>+</FONT><FONT
      face="Times New Roman" size=1>:</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=197 colSpan=3><FONT
      face="Times New Roman" size=1>Based upon market
      value</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>(53.32</FONT></TD>
    <TD vAlign=bottom align=left width=38><FONT
      face="Times New Roman" size=1>)%</FONT></TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>25.14</FONT></TD>
    <TD vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=1>%</FONT></TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>44.13</FONT></TD>
    <TD vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=1>%</FONT></TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>18.94</FONT></TD>
    <TD vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=1>%</FONT></TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>30.50</FONT></TD>
    <TD vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=1>%</FONT></TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=197 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Based upon net
      asset value</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>(46.75</FONT></TD>
    <TD vAlign=bottom align=left width=38 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>)%</FONT><FONT
      face="Times New Roman" size=1>(d)(e)</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>25.17</FONT></TD>
    <TD vAlign=bottom align=left width=28 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>43.94</FONT></TD>
    <TD vAlign=bottom align=left width=28 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>13.68</FONT></TD>
    <TD vAlign=bottom align=left width=28 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>24.44</FONT></TD>
    <TD vAlign=bottom align=left width=28 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=704 colSpan=23><FONT
      face="Times New Roman" size=1>Ratio to average
      net assets:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=197 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Total
      expenses</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>1.25</FONT></TD>
    <TD vAlign=bottom align=left width=38 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>1.00</FONT></TD>
    <TD vAlign=bottom align=left width=28 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>%*</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>1.30</FONT></TD>
    <TD vAlign=bottom align=left width=28 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>%*</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>1.64</FONT></TD>
    <TD vAlign=bottom align=left width=28 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>%*</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>1.24</FONT></TD>
    <TD vAlign=bottom align=left width=28 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>%*</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=197 colSpan=3><FONT
      face="Times New Roman" size=1>Net investment
      income (loss)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>1.40</FONT></TD>
    <TD vAlign=bottom align=left width=38><FONT
      face="Times New Roman" size=1>%</FONT><FONT
      face="Times New Roman" size=1>(b)</FONT></TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>.90</FONT></TD>
    <TD vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=1>%</FONT></TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>.31</FONT></TD>
    <TD vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=1>%</FONT></TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>(.07</FONT></TD>
    <TD vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=1>)%</FONT></TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>(.08</FONT></TD>
    <TD vAlign=bottom align=left width=28><FONT
      face="Times New Roman" size=1>)%</FONT></TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=197 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Portfolio
      turnover</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>40.25</FONT></TD>
    <TD vAlign=bottom align=left width=38 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>47.42</FONT></TD>
    <TD vAlign=bottom align=left width=28 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>45.46</FONT></TD>
    <TD vAlign=bottom align=left width=28 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>51.70</FONT></TD>
    <TD vAlign=bottom align=left width=28 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=45 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>58.42</FONT></TD>
    <TD vAlign=bottom align=left width=28 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>%</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=197 colSpan=3><FONT
      face="Times New Roman" size=1>Net assets at end
      of period (000's omitted)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>198,264</FONT></TD>
    <TD vAlign=bottom width=38>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>480,724</FONT></TD>
    <TD vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>397,933</FONT></TD>
    <TD vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>281,825</FONT></TD>
    <TD vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=45><FONT
      face="Times New Roman" size=1>265,810</FONT></TD>
    <TD vAlign=bottom width=28>&nbsp;</TD>
    <TD width=8>&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) Net investment income per share and the ratio of net investment
income include non-recurring dividend income amounting to $0.04 per share and
0.23% of average daily net assets, respectively.</FONT></P>
<P align=left><FONT face="Times New Roman"
size=1>&nbsp;(c) Amount is less than $.005 per share.</FONT></P>
<P align=left><FONT face="Times New Roman"
size=1>&nbsp;(d) Includes the effect of a gain realized on the sale of
investments not meeting the investment guidelines of the Fund (see Note 3).
Excluding this gain, total return would have been .06% lower.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>(e)
Return includes the effect of the $0.18 per share accretion associated with the
Fund's tender offer in-kind. Excluding this accretion, total return would have
been 0.95% lower.</FONT></P>
<P align=left><FONT face="Times New Roman"
size=1>&nbsp;&nbsp;+&nbsp;&nbsp;Total investment return based on market value is
calculated assuming that shares of the Fund's common stock were purchased at the
closing market price as of the beginning of the year, dividends, capital gains
and other distributions were reinvested as provided for in the Fund's dividend
reinvestment plan and then sold at the closing market price per share on the
last day of the period. The computation does not reflect any sales commission
investors may incur in purchasing or selling shares of the Fund. The total
investment return based on the net asset value is similarly computed except that
the Fund's net asset value is substituted for the closing market
value.</FONT></P>
<P align=left><FONT face="Times New Roman"
size=1>&nbsp;&nbsp;*&nbsp;&nbsp;Prior to February 2007, custody credits were
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%, and 1.24% for 2007, 2006, 2005,
and 2004, respectively.</FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>20</FONT></P>
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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 -- DECEMBER
31, 2008</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 ("FASB") Statement of Financial
Accounting Standards No. 157, "Fair Value Measurements," effective at the
beginning of the Fund's fiscal year. Disclosure about the classification of fair
value measurements is included at the end of the Fund's Investment
Portfolio.</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 may lend
securities to financial institutions. The Fund retains beneficial ownership of
the securities it has loaned and continues to receive interest and dividends
paid by the securities and to participate in any changes in their market value.
The Fund requires the borrowers of the securities to maintain collateral with
the Fund consisting of liquid, unencumbered assets having a value at least equal
to or greater than the "Margin Percentage" of the value of the securities
loaned. "Margin Percentage" shall mean (i) for collateral which is denominated
in the same currency as the loaned securities, 102%, and (ii) for collateral
which is denominated in a currency different from that of the loaned securities,
105%. The Fund may invest the cash collateral into a joint trading account in an
affiliated money market fund pursuant to Exemptive Orders issued by the SEC.
Deutsche Investment Management Americas Inc. receives a
management/administration fee (0.11% annual effective rate as of December 31,
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 terminate the loan. There may be
risks of delay and costs in recovery of securities or even loss of rights in the
collateral should the borrower of the securities fail financially. The Fund is
also subject to all investment risks associated with the reinvestment of any
cash collateral received, including, but not limited to, interest rate, credit
and liquidity risk associated with such investments.</FONT></P>
<P><FONT face="Times New Roman" size=2><B><I>Foreign
Currency Translation:</I></B></FONT><FONT
face="Times New Roman" size=2> The books and records
of the Fund are maintained in United States dollars.</FONT></P>
<P><FONT face="Times New Roman" size=2>Assets and
liabilities denominated in foreign currency are translated into United States
dollars at the 11:00 a.m. mid-point of the buying and selling spot rates quoted
by the Federal Reserve Bank of New York. Purchases and sales of 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 </FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>21</FONT></P>
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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 --
</B><B>DECEMBER 31,</B><B> 2008 (continued)</B></FONT></P>
<P><FONT face="Times New Roman" size=2>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>Taxes:</I></B></FONT><FONT
face="Times New Roman" size=2> No provision has been
made for United States Federal income tax because the Fund intends to meet the
requirements of the United States Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its taxable income
to shareholders.</FONT></P>
<P><FONT face="Times New Roman" size=2>The cost of
investments at December 31, 2008 was $258,435,396 for United States Federal
income tax purposes. Accordingly, as of December 31, 2008, net unrealized
depreciation of investments aggregated $7,599,886, of which $40,656,397 and
$48,256,283 related to gross unrealized appreciation and depreciation,
respectively.</FONT></P>
<P><FONT face="Times New Roman" size=2>For United
States Federal income tax purposes, the Fund had a capital loss carryforward at
December 31, 2008 of approximately $36,048,000, which may be applied against any
realized net taxable capital gains of each succeeding year until fully utilized
or until December 31, 2010, whichever occurs first.</FONT></P>
<P><FONT face="Times New Roman" size=2>During the
year ended December 31, 2008, the Fund utilized $20,574,000 of its prior year
capital loss carryforward.</FONT></P>
<P><FONT face="Times New Roman" size=2>In addition,
from November 1, 2008 through December 31, 2008, the Fund incurred approximately
$13,738,000 of net realized capital losses. As permitted by tax regulations, the
Fund intends to elect to defer these losses and treat them as arising in the
fiscal year ended December 31, 2009.</FONT></P>
<P><FONT face="Times New Roman" size=2>Additionally,
based on the Fund's understanding of the tax rules and rates related to income,
gains and transactions for the foreign jurisdictions in which it invests, the
Fund will provide for foreign taxes, and where appropriate, deferred foreign
taxes.</FONT></P>
<P><FONT face="Times New Roman" size=2>The Fund has
reviewed the tax positions for each of the three open tax years as of December
31, 2008 and has </FONT><FONT face="Times New Roman"
size=2>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 remains subject to examinations 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, primarily relate to tender offer
in-kind redemptions, may result in reclassification of distributions; however,
net investment income, net realized gains and net assets are not
affected.</FONT></P>
<P><FONT face="Times New Roman" size=2>At December
31, 2008, the Fund's components of distributable earnings (accumulated losses)
on a tax-basis were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Undistributed
      ordinary income*</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=60 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>208,717</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=131 colSpan=3><FONT
      face="Times New Roman" size=1>Capital loss
      carryforward</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=60><FONT
      face="Times New Roman"
    size=1>(36,048,000</FONT></TD>
    <TD vAlign=bottom align=left width=18><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=131 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Net unrealized
      depreciation</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=60 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>(7,599,886</FONT></TD>
    <TD vAlign=bottom align=left width=18 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<P align=left><FONT face="Times New Roman"
size=1>*For tax purposes short-term capital gains are considered ordinary
income.</FONT></P>
<P><FONT face="Times New Roman" size=2>In addition,
the tax character of distributions paid to shareholders by the Fund is
summarized as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width=145 colSpan=3>&nbsp;</TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=173 colSpan=7><FONT
      face="Times New Roman" size=1><B>Years Ended
      December 31</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=145 colSpan=3>&nbsp;</TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=80 colSpan=3><FONT
      face="Times New Roman"
    size=1><B>2008</B></FONT></TD>
    <TD>&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: 1pt solid"
    vAlign=bottom align=center width=85 colSpan=3><FONT
      face="Times New Roman"
    size=1><B>2007</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=145 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Distributions
      from ordinary income</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=52 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>3,677,397</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=57 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>14,758,795</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<P align=left><FONT face="Times New Roman"
size=2><B>NOTE 2. MANAGEMENT AND INVESTMENT<BR>ADVISORY
AGREEMENTS</B></FONT></P>
<P><FONT face="Times New Roman" size=2>The Fund has a
Management Agreement with Deutsche Investment Management Americas Inc. (the
"Manager"). The Fund has an Investment Advisory Agreement with Deutsche Asset
Management International GmbH (the "Investment Adviser"). The Manager and the
Investment Adviser are affiliated companies.</FONT></P>
<P><FONT face="Times New Roman" size=2>The Management
Agreement provides the Manager with a fee, computed weekly and payable monthly,
at the annual rates of 0.65% of the Fund's average weekly net assets up to $100
million, 0.55% of such assets in excess of $100</FONT><FONT
face="Times New Roman" size=2> </FONT><FONT
face="Times New Roman" size=2>million </FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>22</FONT></P>
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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 --
</B><B>DECEMBER 31,</B><B> 2008 (continued)</B></FONT></P>
<P><FONT face="Times New Roman" size=2>and up to $500
million, and 0.50% 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 0.35% of the Fund's average weekly
net assets up to $100 million and 0.25% of such assets in excess of $100
million. Accordingly, for the year ended December 31, 2008, the combined fee
pursuant to the Management and Investment Advisory Agreements was equivalent to
an annual effective rate of 0.87% of the Fund's average net assets.</FONT></P>
<P><FONT face="Times New Roman" size=2>Pursuant to
the Management Agreement, the Manager is the corporate manager and administrator
of the Fund and, subject to the supervision of the Board of Directors and
pursuant to recommendations made by the Fund's Investment Adviser, determines
suitable securities for investment by the Fund. The Manager also provides office
facilities and certain administrative, clerical and bookkeeping services for the
Fund. Pursuant to the Investment Advisory Agreement, the Investment Adviser, in
accordance with the Fund's stated investment objectives, policies and
restrictions, makes recommendations to the Manager with respect to the Fund's
investments and, upon instructions given by the Manager as to suitable
securities for investment by the Fund, transmits purchase and sale orders and
select 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
paying function to DST. DISC compensates DST out of the shareholder servicing
fee it receives from the Fund. For the year ended December 31, 2008, the amount
charged to the Fund by DISC aggregated $39,408, of which $6,983 is
unpaid.</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
</FONT><FONT face="Times New Roman"
size=2>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 year ended December 31, 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><FONT face="Times New Roman" size=2>During the
year ended December 31, 2008, the Fund realized a gain of $219,787 on the sale
of investments not meeting the investment guidelines of the Fund.</FONT></P>
<P align=left><FONT face="Times New Roman"
size=2><B>NOTE 4. PORTFOLIO SECURITIES</B></FONT></P>
<P><FONT face="Times New Roman" size=2>Purchases and
sales of investment securities, excluding short-term investments for the year
ended December 31, 2008, were $129,744,714, and $215,919,861,
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
year ended December 31, 2008, the Fund purchased with cash 278,800 of its shares
of common stock on</FONT><FONT face="Times New Roman"
size=2> </FONT><FONT face="Times New Roman"
size=2>the open market at a total cost of $2,920,975 ($10.48 average per share).
The weighted average discount of these </FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>23</FONT></P>
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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 --
</B><B>DECEMBER 31,</B><B> 2008 (continued)</B></FONT></P>
<P><FONT face="Times New Roman" size=2>purchased
shares comparing purchase price to the net asset value at the time of purchase
was 15.78%. During the year ended December 31, 2008, these shares are held in
treasury and included as a component of net assets in the Statement of Assets
and Liabilities. The Fund did not reissue shares held in treasury as part of the
dividend reinvestment plan.</FONT></P>
<P><FONT face="Times New Roman" size=2>During the
year ended December 31, 2007, the Fund did not purchase shares of its common
stock on the open market.</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 $0.18 per share as a result of the in-kind tender. For fund
reporting purposes the Fund recognizes a gain on the in-kind tender offer to the
extent the value of the distributed securities exceeds their cost; the Fund
recognizes a loss if cost exceeds value. Gains and losses realized on the
in-kind tender offer are not recognized for tax purposes, and are reclassified
from undistributed realized gain (loss) to paid in capital. During the year
ended December 31, 2008 the Fund realized $5,179,391 gain attributable to the
in-kind tender offer. 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% of shares of each shareholder who properly
tendered were accepted for payment.</FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>24</FONT></P>
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<P align=left><FONT face="Times New Roman"
size=2><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>To
the Board of Directors and Shareholders of <BR>The New Germany Fund,
Inc.</FONT></P>
<P><FONT face="Times New Roman" size=2>In our
opinion, the accompanying statement of assets and liabilities, including the
schedule of investments, and the related statements of operations and of changes
in net assets and the financial highlights present fairly, in all material
respects, the financial position of The New Germany Fund, Inc. (the "Fund") at
December 31, 2008, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period then ended and
the financial highlights for each of the five years in the period then ended, in
conformity with accounting principles generally accepted in the United States of
America. These financial statements and financial highlights (hereafter referred
to as "financial statements") are the responsibility of the Fund's management.
Our responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in
accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 2008 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.</FONT></P>
<P align=left><FONT face="Times New Roman"
size=2>PricewaterhouseCoopers LLP<BR>New York, NY<BR>February 24,
2009</FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>25</FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>
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<P align=left><FONT face="Times New Roman"
size=2><B>VOLUNTARY CASH PURCHASE PROGRAM AND DIVIDEND REINVESTMENT PLAN
<BR>(unaudited)</B></FONT></P>
<P><FONT face="Times New Roman" size=2>The Fund
offers shareholders a Voluntary Cash Purchase Program and Dividend Reinvestment
Plan ("Plan") which provides for optional cash purchases and for the automatic
reinvestment of dividends and distributions payable by the Fund in additional
Fund shares. A more complete description of the Plan is provided in the Plan
brochure available from DWS Investments Service Company, the transfer agent (the
"Transfer Agent"), P.O. Box 219066, Kansas City, Missouri 64105 (telephone
1-800-437-6269). Computershare, Inc. (the "Plan Agent") acts as the plan agent
under the Plan. A shareholder should read the Plan brochure carefully before
enrolling in the Plan.</FONT></P>
<P><FONT face="Times New Roman" size=2>Under the
Plan, participating shareholders ("Plan Participants") appoint the Transfer
Agent to receive or invest Fund distributions as described below under
"Reinvestment of Fund Shares." In addition, Plan Participants may make optional
cash purchases through the Transfer Agent as often as once a month as described
below under "Voluntary Cash Purchases." There is no charge to Plan Participants
for participating in the Plan, although when shares are purchased under the Plan
by the Plan Agent on the New York Stock Exchange or otherwise on the open
market, each Plan Participant will pay a pro rata share of brokerage commissions
incurred in connection with such purchases, as described below under
"Reinvestment of Fund Shares" and "Voluntary Cash Purchases."</FONT></P>
<P><FONT face="Times New Roman"
size=2><B><I>Reinvestment of Fund Shares.</I></B></FONT><FONT
face="Times New Roman" size=2> Whenever the Fund
declares a capital gains distribution, an income dividend or a return of capital
distribution payable, at the election of shareholders, either in cash or in Fund
shares, or payable only in cash, the Transfer Agent shall automatically elect to
receive Fund shares for the account of each Plan Participant.</FONT></P>
<P><FONT face="Times New Roman" size=2>Whenever the
Fund declares a capital gains distribution, an income dividend or a return of
capital distribution payable only in cash and the net asset value per share of
the Fund's common stock equals or is less than the market price per share on the
valuation date (the "Market Parity or Premium"), the Transfer Agent shall apply
the amount of such dividend or distribution payable to a Plan Participant to the
purchase from the Fund of Fund Shares for a Plan Participant's account, except
that if the Fund does not offer </FONT><FONT
face="Times New Roman" size=2>shares for such purpose
because it concludes Securities Act registration would be required and such
registration cannot be timely effected or is not otherwise a cost-effective
alternative for the Fund, then the Transfer Agent shall follow the procedure
described in the next paragraph. The number of additional shares to be credited
to a Plan Participant's account shall be determined by dividing the dollar
amount of the distribution payable to a Plan Participant by the net asset value
per share of the Fund's common stock on the valuation date, or if the net asset
value per share is less than 95% of the market price per share on such date,
then by 95% of the market price per share. The valuation date will be the
payable date for such dividend or distribution.</FONT></P>
<P><FONT face="Times New Roman" size=2>Whenever the
Fund declares a capital gains distribution, an income dividend or a return of
capital distribution payable only in cash and the net asset value per share of
the Fund's common stock exceeds the market price per share on the valuation date
(the "Market Discount"), the Plan Agent shall apply the amount of such dividend
or distribution payable to a Plan Participant (less a Plan Participant's pro
rata share of brokerage commissions incurred with respect to open-market
purchases in connection with the reinvestment of such dividend or distribution)
to the purchase on the open market of Fund shares for a Plan Participant's
account. The valuation date will be the payable date for such dividend or
distribution. Such purchases will be made on or shortly after the valuation date
and in no event more than 30 days after such date except where temporary
curtailment or suspension of purchase is necessary to comply with applicable
provisions of federal securities laws.</FONT></P>
<P><FONT face="Times New Roman" size=2>The Transfer
Agent or the Plan Agent may aggregate a Plan Participant's purchases with the
purchases of other Plan Participants, and the average price (including brokerage
commissions) of all shares purchased by the Plan Agent shall be the price per
share allocable to each Plan Participant.</FONT></P>
<P><FONT face="Times New Roman" size=2>For all
purposes of the Plan, the market price of the Fund's common stock on a payable
date shall be the last sales price on the New York Stock Exchange on that date,
or, if there is no sale on such Exchange (or, if different, the principal
exchange for Fund shares) on that date, then the </FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>26</FONT></P>
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<P align=left><FONT face="Times New Roman"
size=2><B>VOLUNTARY CASH PURCHASE PROGRAM AND DIVIDEND REINVESTMENT PLAN
<BR>(unaudited) (continued)</B></FONT></P>
<P><FONT face="Times New Roman" size=2>mean between
the closing bid and asked quotations for such stock on such Exchange on such
date. The net asset value per share of the Fund's common stock on a valuation
date shall be as determined by or on behalf of the Fund.</FONT></P>
<P><FONT face="Times New Roman" size=2>The Transfer
Agent may hold a Plan Participant's shares acquired pursuant to the Plan,
together with the shares of other Plan Participants acquired pursuant to this
Plan, in non-certificated form in the name of the Transfer Agent or that of a
nominee. The Transfer Agent will forward to each Plan Participant any proxy
solicitation material and will vote any shares so held for a Plan Participant
only in accordance with the proxy returned by a Plan Participant to the Fund.
Upon a Plan Participant's written request, the Transfer Agent will deliver to a
Plan Participant, without charge, a certificate or certificates for the full
shares held by the Transfer Agent.</FONT></P>
<P><FONT face="Times New Roman"
size=2><B><I>Voluntary Cash Purchases.</I></B></FONT><FONT
face="Times New Roman" size=2> Plan Participants have
the option of making investments in Fund shares through the Transfer Agent as
often as once a month. Plan Participants may invest as little as $100 in any
month and may invest up to $36,000 annually through the voluntary cash purchase
feature of the Plan.</FONT></P>
<P><FONT face="Times New Roman" size=2>The Plan Agent
shall apply such funds (less a Plan Participant's pro rata share of brokerage
commissions or other costs, if any) to the purchase on the New York Stock
Exchange (or, if different, on the principal exchange for Fund shares) or
otherwise on the open market of Fund shares for such Plan Participant's account,
regardless of whether there is a Market Parity or Premium or a Market Discount.
The Plan Agent will purchase shares for Plan Participants on or about the 15th
of each month. Cash payments received by the Transfer Agent less than five
business days prior to a cash purchase investment date will be held by the
Transfer Agent until the next month's investment date. Uninvested funds will not
bear interest. Plan Participants may withdraw any voluntary cash payment by
written notice received by the Transfer Agent not less than 48 hours before such
payment is to be invested.</FONT></P>
<P><FONT face="Times New Roman"
size=2><B><I>Enrollment and Withdrawal.</I></B></FONT><FONT
face="Times New Roman" size=2> Both current
shareholders and first-time investors in the Fund are eligible to participate
</FONT><FONT face="Times New Roman" size=2>in the
Plan. Current shareholders my join the Plan by either enrolling their shares
with the Transfer Agent or by making an initial cash deposit of at least $250
with the Transfer Agent. First-time investors in the Fund may join the Plan by
making an initial cash deposit of at least $250 with the Transfer Agent. In
order to become a Plan Participant, shareholders must complete and sign the
enrollment form included in the Plan brochure and return it, and, if applicable,
an initial cash deposit of at least $250 directly to the Transfer Agent if
shares are registered in their name. Shareholders who hold Fund shares in the
name of a brokerage firm, bank or other nominee should contact such nominee to
arrange for it to participate in the Plan on such shareholder's
behalf.</FONT></P>
<P><FONT face="Times New Roman" size=2>If the Plan
Participant elects to participate in the Plan by enrolling current shares owned
by the Plan Participant with the Transfer Agent, participation in the dividend
reinvestment feature of the Plan begins with the next dividend or capital gains
distribution payable after the Transfer Agent receives the Plan Participant's
written authorization, provided such authorization is received by the Transfer
Agent prior to the record date for such dividend or distribution. If such
authorization is received after such record date, the Plan Participant's
participation in the dividend reinvestment feature of the Plan begins with the
following dividend or distribution.</FONT></P>
<P><FONT face="Times New Roman" size=2>If the Plan
Participant elects to participate in the Plan by making an initial cash deposit
of at least $250 with the Transfer Agent, participation in the dividend
reinvestment feature of the Plan begins with the next dividend or capital gains
distribution payable after the Transfer Agent receives the Plan Participant's
authorization and deposit, and after the Plan Agent purchases shares for the
Plan Participant on the New York Stock Exchange (or, if different, on the
principal exchange for Fund shares) or otherwise on the open market, provided
that the authorization and deposit are received, and the purchases are made by
the Plan Agent prior to the record date. If such authorization and deposit are
received after the record date, or if the Plan Agent purchases shares for the
Plan Participant after the record date, the Plan </FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>27</FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>
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<P align=left><FONT face="Times New Roman"
size=2><B>VOLUNTARY CASH PURCHASE PROGRAM AND DIVIDEND REINVESTMENT PLAN
<BR>(unaudited) (continued)</B></FONT></P>
<P><FONT face="Times New Roman" size=2>Participant's
participation in the dividend reinvestment feature of the Plan begins with the
following dividend or distribution.</FONT></P>
<P><FONT face="Times New Roman" size=2>A
shareholder's written authorization and cash payment must be received by the
Transfer Agent at least five business days in advance of the next cash purchase
investment date (normally the 15th of every month) in order for the Plan
Participant to participate in the voluntary cash purchase feature of the Plan in
that month.</FONT></P>
<P><FONT face="Times New Roman" size=2>Plan
Participants may withdraw from the Plan without charge by written notice to the
Transfer Agent. Plan Participants who choose to withdraw may elect to receive
stock certificates representing all of the full shares held by the Transfer
Agent on their behalf, or to instruct the Transfer Agent to sell such full
shares and distribute the proceeds, net of brokerage commissions, to such
withdrawing Plan Participant. Withdrawing Plan Participants will receive a cash
adjustment for the market value of any fractional shares held on their behalf at
the time of termination. Withdrawal will be effective immediately with respect
to distributions with a record date not less than 10 days later than receipt of
such written notice by the Transfer Agent.</FONT></P>
<P><FONT face="Times New Roman"
size=2><B><I>Amendment and Termination of Plan.</I></B></FONT><FONT
face="Times New Roman" size=2> The Plan may only be
amended or supplemented by the Fund or by the Transfer Agent by giving each Plan
Participant written notice at least 90 days prior to the effective date of such
amendment or supplement, except that such notice period may be shortened when
necessary or appropriate in order to comply with applicable law or the rules or
policies of the Securities and Exchange Commission or any other regulatory body.
</FONT></P>
<P><FONT face="Times New Roman" size=2>The Plan may
be terminated by the Fund or by the Transfer Agent by written notice mailed to
each Plan Participant. Such termination will be effective with respect to all
distributions with a record date at least 90 days after the mailing of such
written notice to the Plan Participants.</FONT></P>
<P><FONT face="Times New Roman" size=2><B><I>Federal
Income Tax Implications of Reinvestment of Fund Shares.</I></B></FONT><FONT
face="Times New Roman" size=2> Reinvestment of Fund
shares does not relieve Plan Participants from any income tax which may be
payable on dividends or distributions. For U.S. federal income tax purposes,
when the Fund issues shares </FONT><FONT
face="Times New Roman" size=2>representing an income
dividend or a capital gains dividend, a Participant will include in income the
fair market value of the shares received as of the payment date, which will be
ordinary dividend income or capital gains, as the case may be. The shares will
have a tax basis equal to such fair market value, and the holding period for the
shares will begin on the day after the date of distribution. If shares are
purchased on the open market by the Plan Agent, a Plan Participant will include
in income the amount of the cash payment made. The basis of such shares will be
the purchase price of the shares, and the holding period for the shares will
begin on the day following the date of purchase. State, local and foreign taxes
may also be applicable.</FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>28</FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>
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<P align=left><FONT face="Times New Roman"
size=2><B>2008 U.S. TAX INFORMATION (unaudited)</B></FONT></P>
<P><FONT face="Times New Roman" size=2>The Fund paid
foreign taxes of $912,894 and earned $4,810,250 of foreign source income year
during the year ended December 31, 2008. Pursuant to section 853 of the Internal
Revenue Code, the Fund designates $0.05 per share as foreign taxes paid and
$0.25 per share as income earned from foreign sources for the year ended
December 31, 2008.</FONT></P>
<P><FONT face="Times New Roman" size=2>For Federal
income tax purposes, the Fund designates approximately $9,234,000, or the
maximum amount allowable under tax law, as qualified dividend income.</FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>29</FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>
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<P align=left><FONT face="Times New Roman"
size=2><B>INVESTMENT MANAGEMENT AGREEMENT AND<BR>INVESTMENT ADVISORY AGREEMENT
APPROVAL</B></FONT></P>
<P><FONT face="Times New Roman" size=2>The Fund's
directors unanimously approved the continuance of the management agreement
between the Fund and Deutsche Investment Management Americas Inc. ("DIMA") and
the investment advisory agreement between the Fund and Deutsche Asset Management
International GmbH ("DeAMI") (together called the "agreements") at a meeting
held on July 21, 2008.</FONT></P>
<P><FONT face="Times New Roman" size=2>In preparation
for the meeting, the directors had requested and evaluated extensive materials
from DIMA and DeAMI, including performance and expense information for other
investment companies with similar investment objectives derived from data
compiled by Lipper Inc. ("Lipper"). Prior to voting, the directors reviewed the
proposed continuance of the agreements with management and with experienced
counsel who are independent of DIMA and DeAMI and received a memorandum from
such counsel discussing the legal standards for their consideration of the
proposed continuance. The directors also discussed the proposed continuance in a
private session with counsel at which no representatives of DIMA or DeAMI were
present. In reaching their determination relating to continuance of the
agreements, the directors considered all factors they believed relevant,
including the following:</FONT></P>
<P><FONT face="Times New Roman" size=2>1. information
comparing the Fund's performance to other investment companies with similar
investment objectives and to an index;</FONT></P>
<P><FONT face="Times New Roman" size=2>2. the nature,
extent and quality of investment and administrative services rendered by DIMA
and DeAMI;</FONT></P>
<P><FONT face="Times New Roman" size=2>3. payments
received by DIMA and DeAMI from all sources in respect to the Fund and all
investment companies in the Deutsche/DWS family of funds;</FONT></P>
<P><FONT face="Times New Roman" size=2>4. the costs
borne by, and profitability of, DIMA and DeAMI and their affiliates in providing
services to the Fund and to all investment companies in the Deutsche family of
funds;</FONT></P>
<P><FONT face="Times New Roman" size=2>5. comparative
fee and expense data for the Fund and other investment companies with similar
investment objectives;</FONT></P>
<P><FONT face="Times New Roman" size=2>6. the extent
to which economies of scale would be realized as the Fund grows and whether fee
levels reflect these economies of scale for the benefit of investors;</FONT></P>
<P><FONT face="Times New Roman" size=2>7. DIMA's and
DeAMI's policies and practices regarding allocation of the Fund's portfolio
transactions, including the extent, if any, to which DIMA and DeAMI benefit from
soft dollar arrangements;</FONT></P>
<P><FONT face="Times New Roman" size=2>8. the Fund's
portfolio turnover rates compared to those of other investment companies with
similar investment objectives;</FONT></P>
<P><FONT face="Times New Roman" size=2>9. fall-out
benefits which DIMA, DeAMI and their affiliates receive from their relationships
with the Fund;</FONT></P>
<P><FONT face="Times New Roman" size=2>10. the
professional experience and qualifications of the Fund's portfolio management
team and other senior personnel of DIMA and DeAMI; and</FONT></P>
<P><FONT face="Times New Roman" size=2>11. the terms
of the agreements.</FONT></P>
<P><FONT face="Times New Roman" size=2>The directors
also considered their knowledge of the nature and quality of the services
provided by DIMA and DeAMI to the Fund gained from their experience where
relevant, as directors of the European Equity Fund, Central Europe and Russia
Fund and other Deutsche/DWS funds, their confidence in DIMA's and DeAMI's
integrity and competence gained from that experience and DIMA's and DeAMI's
responsiveness to concerns raised by them in the past, including DIMA's and
DeAMI's willingness to consider and implement organizational and operational
changes designed to improve investment results and the services provided to the
Fund.</FONT></P>
<P><FONT face="Times New Roman" size=2>In their
deliberations, the directors did not identify any particular information that
was all-important or controlling, and each director attributed different weights
to the various factors.</FONT></P>
<P><FONT face="Times New Roman" size=2>The directors
determined that the overall arrangements between the Fund and DIMA, as provided
in the management agreement, and between the Fund and DeAMI, as provided in the
investment advisory agreement, were fair and reasonable in light of the services
performed, expenses incurred and such other matters as the directors considered
relevant in the exercise of their reasonable judgment.</FONT></P>
<P><FONT face="Times New Roman" size=2>The material
factors and conclusions that formed the basis for the directors' reaching their
determination to approve the continuance of the agreements (including their
</FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>30</FONT></P>
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<P align=left><FONT face="Times New Roman"
size=2><B>INVESTMENT MANAGEMENT AGREEMENT AND<BR>INVESTMENT ADVISORY AGREEMENT
APPROVAL (continued)</B></FONT></P>
<P><FONT face="Times New Roman" size=2>determinations
that DIMA and DeAMI should continue in those roles for the Fund, and that the
fees payable to DIMA and DeAMI pursuant to the agreements are appropriate) were
separately discussed by the directors.</FONT></P>
<P><FONT face="Times New Roman" size=2><B>Nature,
extent and quality of services provided by DIMA and DeAMI</B></FONT></P>
<P><FONT face="Times New Roman" size=2>The directors
noted that, under the management agreement, DIMA acts as the Fund's corporate
manager and administrator and, subject to the supervision of the Fund's board of
directors and pursuant to recommendations made by DeAMI, determines suitable
securities for investment by the Fund. Under the investment advisory agreement,
DeAMI, in accordance with the Fund's investment objectives, policies and
limitations, makes recommendations with respect to the Fund's investments and,
upon instructions given by DIMA as to suitable securities for investment by us,
transmits purchase and sale orders and selects brokers and dealers to execute
portfolio transactions on the Fund's behalf. Under the management agreement,
DIMA also handles the Fund's relationships with shareholders, is responsible for
compliance with regulatory and NYSE listing requirements, negotiates
arrangements with third party service providers, provides the Fund's directors
with relevant reports, prepares the Fund's tax returns and SEC and shareholder
reports, calculates dividends and net asset value, oversees payment of the
Fund's expenses and maintains books and records. DIMA also provides the Fund
with such office facilities and executive and other personnel adequate to
perform its services. DIMA pays all of the compensation of the Fund's directors
and officers who are interested persons of DIMA.</FONT></P>
<P><FONT face="Times New Roman" size=2>The directors
considered the scope and quality of services provided by DIMA and DeAMI under
the agreements and noted that the scope of services provided had expanded over
time as a result of regulatory and other developments. The directors noted that,
for example, DIMA is responsible for maintaining and monitoring its own and the
Fund's compliance programs, and these compliance programs have in recent years
been refined and enhanced in light of evolving regulatory requirements. The
directors considered the quality of the investment research capabilities of DIMA
and DeAMI and the other resources they have dedicated to performing services for
the Fund. The quality of administrative </FONT><FONT
face="Times New Roman" size=2>and other services,
including DIMA's role in coordinating the activities of the Fund's other service
providers, also were considered. The directors concluded that, overall, they
were satisfied with the nature, extent and quality of services provided (and
expected to be provided) to the Fund under the agreements.</FONT></P>
<P><FONT face="Times New Roman" size=2><B>Costs of
Services Provided and Profitability to DIMA and DeAMI</B></FONT></P>
<P><FONT face="Times New Roman" size=2>At the request
of the directors, DIMA provided information concerning profitability of DIMA's
and DeAMI's respective investment advisory and investment company activities and
their financial condition based on historical information for 2006 and 2007. The
directors reviewed with DIMA assumptions and methods of allocation used by DIMA
and DeAMI in preparing Fund specific profitability data. DIMA stated its belief
that the methods of allocation used were reasonable, but it noted that there are
limitations inherent in allocating costs to multiple individual advisory clients
served by an organization such as DIMA and DeAMI where each of the advisory
clients draws on, and benefits from, the research and other resources of the
Deutsche Bank organization. The directors recognized that it is difficult to
make comparisons of profitability from fund management contracts because
comparative information is not generally publicly available and is affected by
numerous factors, including the structure of the particular adviser, the types
of funds it manages, its business mix, numerous assumptions regarding
allocations and the adviser's capital structure and cost of capital. In
considering profitability information, the directors considered the effect of
possible fall-out benefits, on DIMA's and DeAMI's expenses, including any
affiliated brokerage commissions.</FONT></P>
<P><FONT face="Times New Roman" size=2>The directors
noted that during 2003 and 2004 DIMA discontinued using soft dollars to receive
third party research from brokers that execute purchases and sales of securities
for us, and revised their policies to prohibit consideration of the sale of
shares of Deutsche/DWS funds when selecting broker dealers to execute portfolio
transactions for the Fund or other Deutsche/DWS funds. DIMA and DeAMI may
continue to allocate brokerage to receive research generated by executing
brokers and to receive other information services.</FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>31</FONT></P>
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<P align=left><FONT face="Times New Roman"
size=2><B>INVESTMENT MANAGEMENT AGREEMENT AND<BR>INVESTMENT ADVISORY AGREEMENT
APPROVAL (continued)</B></FONT></P>
<P><FONT face="Times New Roman" size=2>The directors
recognized that DIMA and DeAMI should, in the abstract, each be entitled to earn
a reasonable level of profits for the services it provides to us and, based on
their review, concluded that DIMA's and DeAMI's levels of profitability from
their relationships with us were not excessive.</FONT></P>
<P><FONT face="Times New Roman" size=2><B>Investment
Results</B></FONT></P>
<P><FONT face="Times New Roman" size=2>In addition to
the information received by the directors for the meeting, the directors receive
detailed performance information for the Fund at each regular board meeting
during the year. The directors reviewed information showing the Fund's
performance compared to that of other investment vehicles compiled by Lipper (a
total of 41 funds, including us, consisting of exchange-traded funds, open-end
funds and single-country funds). The directors also reviewed information showing
performance of the Fund's benchmark index, currently the Germany Midcap Market
Performance index of 80 stocks.</FONT></P>
<P><FONT face="Times New Roman" size=2>The
comparative information showed that the Fund ranked in the top third for the
one-, three-year and five-year periods ended December 31, 2007 and in the bottom
quartile for the 10-year period. Because of its mid cap focus, the Fund's
absolute performance in 2000-2002, following collapse of the mid cap market, was
negative, but in line with its benchmark. The Fund's results were significantly
positive in absolute terms in 2003-2007, and exceeded its benchmark, often
substantially, in all but three of the years in the 10 years ended 2007. Taking
into account these comparisons and the other factors considered, including the
recent excellent performance, the directors concluded that the Fund's investment
results over time were satisfactory.</FONT></P>
<P><FONT face="Times New Roman" size=2><B>Management
and Investment Advisory Fees and Other Expenses</B></FONT></P>
<P><FONT face="Times New Roman" size=2>The directors
considered the management and investment advisory fee rates paid by the Fund to
DIMA and DeAMI. The directors recognized that it is difficult to make
comparisons of management and advisory fees because there are variations in the
services that are included in the fees paid by other funds. The Fund's expense
comparison group consisted of 31 closed end country funds. The information
showed that the Fund's effective management fee rate of 0.849% as of
</FONT><FONT face="Times New Roman" size=2>December
31, 2007 was in the lowest third of the comparison group and below the median
for the comparison group. The directors noted that the Fund's effective fee rate
reflects the effect of breakpoints. The directors also considered the Fund's
total expense ratio in comparison to the fees and expenses of funds within the
comparison group. The directors recognized that the expense ratio information
for the Fund potentially reflected on DIMA's provision of services, as DIMA is
responsible for coordinating services provided to the Fund by others. The
directors also noted that the Fund's expense ratio was the third lowest of the
comparison group. DIMA explained that this difference was principally the result
of the Fund's relatively low management and investment advisory fee and the
Fund's relatively large asset base. The directors concluded that the Fund's
expense ratio was highly satisfactory.</FONT></P>
<P><FONT face="Times New Roman" size=2><B>Economies
of Scale</B></FONT></P>
<P><FONT face="Times New Roman" size=2>The directors
noted that the Fund's management fee and investment advisory schedules do
contain breakpoints that reduce the fee rate on assets above specified levels.
The directors recognized that breakpoints may be an appropriate way for DIMA and
DeAMI to share their economies of scale with some funds that have substantial
assets or that may grow materially over the next year. However, they also
recognized that there is no direct relationship between the economies of scale
realized by funds and those realized by DIMA and DeAMI as assets increase,
largely because economies of scale are realized (if at all) by DIMA and DeAMI
across a variety of products and services, and not only in respect of a single
fund. Having taken these factors into account, the directors concluded that the
Fund's breakpoint arrangements were acceptable under the Fund's
circumstances.</FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>32</FONT></P>
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<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
TROMEL </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 WALBROL
</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
ZUHLSDORFF </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>RITA
RUBIN</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>R-9029-1
(2/09)</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="j0910332_za006.jpg"></P>
<P align=center><FONT face="Times New Roman"
size=2>Copies of this report, monthly fact sheets and other information are
available at:<BR>www.newgermanyfund.com</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>For
latest net asset value, schedule of the Fund's largest holdings, dividend data
and shareholder inquiries, please call 1-800-437-6269 in the U.S. or
617-443-6918 outside of the U.S. </FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>


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<div style='width:600;'>



<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="655" style='border-collapse:collapse'>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 2.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>CODE OF ETHICS</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>As of the end of the period, December 31, 2008, The New Germany Fund, Inc. has a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p
style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>A copy of the code of ethics is filed as an exhibit to this Form N-CSR.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 3.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>AUDIT COMMITTEE FINANCIAL EXPERT</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Fund's Board of Directors has determined that the Fund has at least one "audit committee financial expert" serving on its audit committee: Mr. John H. Cannon, and Mr. Robert H. Wadsworth. Each of these audit committee members is "independent," meaning that he is not an "interested person" of the Fund (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940) and he does not accept any consulting, advisory, or other compensatory fee from the Fund (except in the capacity as a Board or committee member).</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>An "audit committee financial expert" is not an
"expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 4.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>PRINCIPAL ACCOUNTANT FEES AND SERVICES</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </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:center;'><b><font size=2>THE NEW GERMANY FUND, INC.</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=2>FORM N-CSR DISCLOSURE RE: AUDIT FEES</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The following table shows the amount of fees that PricewaterhouseCoopers, LLP (&#147;PWC&#148;), the Fund&#146;s independent registered public accounting firm, billed to the Fund during the Fund&#146;s last two fiscal years.  The Audit Committee approved in advance all audit services and non-audit services that PWC provided to the Fund.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=2>Services that the Fund&#146;s Independent Registered Public Accounting Firm Billed to the Fund</font></b></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse;  '>
    <tr >
        <td width="163" valign=bottom style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Fiscal Year</font><br> <font size=2>Ended</font><br> <font size=2>December 31,</font></p> </td>
        <td width="123" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Audit Fees Billed to Fund</font></p> </td>
        <td width="123" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Audit-Related</font><br> <font size=2>Fees Billed to Fund</font></p> </td>
        <td width="131" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Tax Fees Billed to Fund</font></p> </td>
        <td width="114" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>All</font><br> <font size=2>Other Fees Billed to Fund</font></p> </td> </tr>
    <tr >
        <td width="163" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>2008</font></p> </td>
        <td width="123" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$70,000</font></p> </td>
        <td width="123" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td>
        <td width="114" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td> </tr>
    <tr >
        <td width="163" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>2007</font></p> </td>
        <td width="123" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$68,500</font></p> </td>
        <td width="123" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td>
        <td width="114" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</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:12pt; margin-top:0pt;text-align:center;'><b><font size=2>Services that the Fund&#146;s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The following table shows the amount of fees billed by PWC to Deutsche Investment Management Americas, Inc. (&#147;DeIM&#148; or the &#147;Adviser&#148;), and any entity controlling, controlled by or under common control with DeIM (&#147;Control Affiliate&#148;) that provides ongoing services to the Fund (&#147;Affiliated Fund Service Provider&#148;), for engagements directly related to the Fund&#146;s operations and financial reporting, during the Fund&#146;s last two fiscal years.</font></p>

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


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse;  '>
    <tr style='height:66.1pt'>
        <td width="201" valign=bottom style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:66.1pt'>
            <p ><font size=2>Fiscal Year</font><br> <font size=2>December 31,</font></p> </td>
        <td width="152" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:66.1pt'>
            <p ><font size=2>Audit-Related</font><br> <font size=2>Fees Billed<sup> </sup>to Adviser and Affiliated Fund Service Providers</font></p> </td>
        <td width="162" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:66.1pt'>
            <p ><font size=2>Tax Fees Billed to Adviser and Affiliated Fund Service Providers</font></p> </td>
        <td width="140" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:66.1pt'>
            <p ><font size=2>All</font><br> <font size=2>Other Fees Billed to Adviser and Affiliated Fund Service Providers</font></p> </td> </tr>
    <tr >
        <td width="201" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>2008</font></p> </td>
        <td width="152" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td>
        <td width="162" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$19,000</font></p> </td>
        <td width="140" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td> </tr>
    <tr >
        <td width="201" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>2007</font></p> </td>
        <td width="152" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$58,500</font></p> </td>
        <td width="162" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$25,000</font></p> </td>
        <td width="140" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td> </tr></table>
</div>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The &#147;Audit-Related Fees&#148; were billed for services in connection with the agreed-upon procedures related to fund mergers and the above &#147;Tax Fees&#148; were billed in connection with tax consultation and agreed-upon procedures.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=2>Non-Audit Services</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The following table shows the amount of fees that PWC billed during the Fund&#146;s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that PWC provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund&#146;s operations and financial reporting. The Audit Committee requested and received information from PWC about any non-audit services that PWC rendered during the Fund&#146;s last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating PWC&#146;s independence.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><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="655" style='border-collapse:collapse;  '>
    <tr style='height:143.5pt'>
        <td width="131" valign=bottom style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:143.5pt'>
            <p  style=' page-break-after:avoid'><font size=2>Fiscal Year</font><br> <font size=2>Ended</font><br> <font size=2>December 31,</font></p> </td>
        <td width="131" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:143.5pt'>
            <p  style=' page-break-after:avoid'><font size=2>Total </font><br> <font size=2>Non-Audit Fees Billed to Fund</font></p>
<p  style=' page-break-after:avoid'><font size=2>(A)</font></p> </td>
        <td width="131" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:143.5pt'>
            <p  style=' page-break-after:avoid'><font size=2>Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)</font></p>
<p  style=' page-break-after:avoid'><font size=2>(B)</font></p> </td>
        <td width="131" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:143.5pt'>
            <p  style=' page-break-after:avoid'><font size=2>Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)</font></p>
<p  style=' page-break-after:avoid'><font size=2>(C)</font></p> </td>
        <td width="131" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:143.5pt'>
            <p  style=' page-break-after:avoid'><font size=2>Total of (A), (B)</font><br> <br> <font size=2>and (C)</font></p> </td> </tr>
    <tr >
        <td width="131" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left;page-break-after:avoid'><font size=2>2008</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$0</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$19,000</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$0</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$19,000</font></p> </td> </tr>
    <tr >
        <td width="131" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left;page-break-after:avoid'><font size=2>2007</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$0</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$25,000</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$600,000</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$625,000</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>All other engagement fees were billed for services provided by PWC for services related to consulting on an IT project.</font></p>


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

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:center;'><font size=2>***</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>PwC advised the Fund's Audit Committee that PwC has identified two matters that it determined to be inconsistent with the SEC's auditor independence rules.  In the first instance, an employee of PwC had power of attorney over an account which included DWS funds.  The employee did not perform any audit services for the DWS Funds, but did work on a non audit project for Deutsche Bank AG.  In the second instance, an employee of PwC served as a nominee shareholder (effectively equivalent to a Trustee) of various companies/trusts since 2001. Some of these companies held shares of Aberdeen, a sub advisor to certain DWS Funds, and of certain funds sponsored by subsidiaries of Deutsche Bank AG.  The trustee relationship has ceased.  PwC informed the Audit Committee that these matters could have constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X.  PwC
advised the Audit Committee that PwC believes its independence had not been impacted as it related to the audits of the Fund.  In reaching this conclusion, PwC noted that during the time of its audit, the engagement team was not aware of the investment and that PwC does not believe these situations affected PwC's ability to act objectively and impartially and to issue a report on financial statements as the funds' independent auditor.</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>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse'>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 5.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>AUDIT COMMITTEE OF LISTED REGISTRANTS</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The registrant's audit committee consists of John H. Cannon (Chairman), Robert H. Wadsworth, Dr. Frank Tromel, Richard R. Burt, Dr. Friedbert Malt and Werner Walbrol.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 6.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>SCHEDULE OF INVESTMENTS</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not Applicable</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 7.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

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


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    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>I.</font></B></p> </td>
        <td width="125" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>INTRODUCTION</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM has adopted and implemented the following policies and procedures, which it believes are reasonably designed to ensure that proxies are voted in the best economic interest of clients, in accordance with its fiduciary duties and local regulation. In addition, AM&#146;s proxy policies reflect the fiduciary standards and responsibilities for ERISA accounts.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>The attached guidelines represent a set of global recommendations that were determined by the Global Proxy Voting Sub-Committee (&#147;the GPVSC&#148;).  These guidelines were developed to provide AM with a comprehensive list of recommendations that represent how AM will generally vote proxies for its clients.  The recommendations derived from the application of these guidelines are not intended to influence the various AM legal entities either directly or indirectly by parent or affiliated companies.  In addition, the organizational structures and documents of the various AM legal entities allows, where necessary or appropriate, the execution by individual AM subsidiaries of the proxy voting rights independently of any DB parent or affiliated company.  This applies in particular to non U.S. fund management companies.  The individuals that make proxy voting decisions are also free to act independently,
subject to the normal and customary supervision by the management/boards of these AM legal entities.</font></p>


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


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        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>II.</font></B></p> </td>
        <td width="291" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>AM&#146;S PROXY VOTING RESPONSIBILITIES</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Proxy votes are the property of AM&#146;s advisory clients.<sup>1</sup>  As such, AM&#146;s authority and responsibility to vote such proxies depend upon its contractual relationships with its clients.  AM has delegated responsibility for effecting its advisory clients&#146; proxy votes to Institutional Shareholder Services (&#147;ISS&#148;), an independent third-party proxy voting specialist.  ISS votes AM&#146;s advisory clients&#146; proxies in accordance with AM&#146;s proxy guidelines or AM&#146;s specific instructions.  Where a client has given specific instructions as to how a proxy should be voted, AM will notify ISS to carry out those instructions.  Where no specific instruction exists, AM will follow the procedures in voting the proxies set forth in this document.  Certain Taft-Hartley clients may direct AM to have ISS vote their proxies in accordance with Taft Hartley voting Guidelines </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Clients may in certain instances contract with their custodial agent and notify AM that they wish to engage in securities lending transactions. In such cases, it is the responsibility of the custodian to deduct the number of shares that are on loan so that they do not get voted twice.</font></p>


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        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>III.</font></B></p> </td>
        <td width="83" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>POLICIES</font></B></p> </td> </tr></table>
</div>



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<table border="0" cellspacing=0 cellpadding=0 width="498" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>1.</font></b></i></p> </td>
        <td width="435" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Proxy voting activities are conducted in the best economic interest of clients</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM has adopted the following policies and procedures to ensure that proxies are voted in accordance with the best economic interest of its clients, as determined by AM in good faith after appropriate review.</font></p>


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    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>2.</font></b></i></p> </td>
        <td width="247" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>The Global Proxy Voting Sub-Committee</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The Global Proxy Voting Sub-Committee (the &#147;GPVSC&#148;) is an internal working group established by the applicable AM&#146;s Investment Risk Oversight Committee pursuant to a written charter.  The GPVSC is responsible for overseeing AM&#146;s proxy voting activities, including:</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>(i)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>adopting, monitoring and updating guidelines, attached as Exhibit A (the &#147;Guidelines&#148;), that provide how AM will generally vote proxies pertaining to a comprehensive list of common proxy voting matters;</font></p> </td> </tr></table>
</div>


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


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        <td width="19" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1><sup>1</sup></font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>For purposes of these Policies and Procedures, &#147;clients&#148; refers to persons or entities: for which AM serves as investment adviser or sub-adviser; for which AM votes proxies; and that have an economic or beneficial ownership interest in the portfolio securities of issuers soliciting such proxies.</font></p> </td> </tr></table>
</div>


<sup>&nbsp;</sup>


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    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>(ii)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>voting proxies where (A) the issues are not covered by specific client instruction or the Guidelines; (B) the Guidelines specify that the issues are to be determined on a case-by-case basis; or (C) where an exception to the Guidelines may be in the best economic interest of AM&#146;s clients; and</font></p> </td> </tr></table>
</div>



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    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>(iii)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>monitoring the Proxy Vendor Oversight&#146;s proxy voting activities (see below).</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM&#146;s Proxy Vendor Oversight, a function of AM&#146;s Operations Group, is responsible for coordinating with ISS to administer AM&#146;s proxy voting process and for voting proxies in accordance with any specific client instructions or, if there are none, the Guidelines, and overseeing ISS&#146; proxy responsibilities in this regard.</font></p>


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        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>3.</font></b></i></p> </td>
        <td width="445" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Availability of Proxy Voting Policies and Procedures and proxy voting record</font></b></i></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:12pt;text-align:justify;'><font size=2>Copies of these Policies and Procedures, as they may be updated from time to time, are made available to clients as required by law and otherwise at AM&#146;s discretion.  Clients may also obtain information on how their proxies were voted by AM as required by law and otherwise at AM&#146;s discretion; however, AM must not selectively disclose its investment company clients&#146; proxy voting records.  The Proxy Vendor Oversight will make proxy voting reports available to advisory clients upon request.  The investment companies&#146; proxy voting records will be disclosed to shareholders by means of publicly-available annual filings of each company&#146;s proxy voting record for 12-month periods ended June 30 (see &#147;Recordkeeping&#148; below), if so required by relevant law.</font></p>


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        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>IV.</font></B></p> </td>
        <td width="111" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>PROCEDURES</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The key aspects of AM&#146;s proxy voting process are as follows:</font></p>


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        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>1.</font></b></i></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>The GPVSC&#146;s Proxy Voting Guidelines</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The Guidelines set forth the GPVSC&#146;s standard voting positions on a comprehensive list of common proxy voting matters.  The GPVSC has developed, and continues to update the Guidelines based on consideration of current corporate governance principles, industry standards, client feedback, and the impact of the matter on issuers and the value of the investments.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The GPVSC will review the Guidelines as necessary to support the best economic interests of AM&#146;s clients and, in any event, at least annually.  The GPVSC will make changes to the Guidelines, whether as a result of the annual review or otherwise, taking solely into account the best economic interests of clients.  Before changing the Guidelines, the GPVSC will thoroughly review and evaluate the proposed change and the reasons therefore, and the GPVSC Chair will ask GPVSC members whether anyone outside of the AM organization (but within Deutsche Bank and its affiliates) or any entity that identifies itself as a AM advisory client has requested or attempted to influence the proposed change and whether any member has a conflict of interest with respect to the proposed change.  If any such matter is reported to the GPVSC Chair, the Chair will promptly notify the Conflicts of Interest Management
Sub-Committee (see below) and will defer the approval, if possible.  Lastly, the GPVSC will fully document its rationale for approving any change to the Guidelines.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The Guidelines may reflect a voting position that differs from the actual practices of the public company(ies) within the Deutsche Bank organization or of the investment companies for which AM or an affiliate serves as investment adviser or sponsor.  Investment companies, particularly closed-end investment companies, are different from traditional operating companies. These differences may call for differences in voting positions on the same matter.  Further, the manner in which AM votes investment company proxies may differ from proposals for which a AM-advised or sponsored investment company solicits proxies from its shareholders.  As reflected in the Guidelines, proxies solicited by closed-end (and open-end) investment companies are generally voted in accordance with the pre-determined guidelines of ISS. See Section IV.3.B.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Funds (&#147;Underlying Funds&#148;) in which Topiary Fund Management Fund of Funds (each, a &#147;Fund&#148;) invest, may from time to time seek to revise their investment terms (i.e. liquidity, fees, etc.) or investment structure.  In such event, the Underlying Funds may require approval/consent from its investors to effect the relevant changes.  Topiary Fund Management has adopted Proxy Voting Procedures which outline the process for these approvals.</font></p>


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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>2.</font></b></i></p> </td>
        <td width="304" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Specific proxy voting decisions made by the GPVSC</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The Proxy Vendor Oversight will refer to the GPVSC all proxy proposals (i) that are not covered by specific client instructions or the Guidelines; or (ii) that, according to the Guidelines, should be evaluated and voted on a case-by-case basis.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Additionally, if, the Proxy Vendor Oversight, the GPVSC Chair or any member of the GPVSC, a portfolio manager, a research analyst or a sub-adviser believes that voting a particular proxy in accordance with the Guidelines may not be in the best economic interests of clients, that individual may bring the matter to the attention of the GPVSC Chair and/or the Proxy Vendor Oversight.<sup>2</sup></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>If the Proxy Vendor Oversight refers a proxy proposal to the GPVSC or the GPVSC determines that voting a particular proxy in accordance with the Guidelines is not in the best economic interests of clients, the GPVSC will evaluate and vote the proxy, subject to the procedures below regarding conflicts.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The GPVSC endeavors to hold meetings to decide how to vote particular proxies sufficiently before the voting deadline so that the procedures below regarding conflicts can be completed before the GPVSC&#146;s voting determination. </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>3.</font></b></i></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Certain proxy votes may not be cast</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>In some cases, the GPVSC may determine that it is in the best economic interests of its clients not to vote certain proxies.  If the conditions below are met with regard to a proxy proposal, AM will abstain from voting:</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Neither the Guidelines nor specific client instructions cover an issue;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>ISS does not make a recommendation on the issue;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The GPVSC cannot convene on the proxy proposal at issue to make a determination as to what would be in the client&#146;s best interest. (This could happen, for example, if the Conflicts of Interest Management Sub-committee found that there was a material conflict or if despite all best efforts being made, the GPVSC quorum requirement could not be met).</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>In addition, it is AM&#146;s policy not to vote proxies of issuers subject to laws of those jurisdictions that impose restrictions upon selling shares after proxies are voted, in order to preserve liquidity.  In other cases, it may not be possible to vote certain proxies, despite good faith efforts to do so.  For example, some jurisdictions do not provide adequate notice to shareholders so that proxies may be voted on a timely basis.  Voting rights on securities that have been loaned to third-parties transfer to those third-parties, with loan termination often being the only way to attempt to vote proxies on the loaned securities.  Lastly, the GPVSC may determine that the costs to the client(s) associated with voting a particular proxy or group of proxies outweighs the economic benefits expected from voting the proxy or group of proxies.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The Proxy Vendor Oversight will coordinate with the GPVSC Chair regarding any specific proxies and any categories of proxies that will not or cannot be voted.  The reasons for not voting any proxy shall be documented.</font></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1><sup>2</sup></font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>The Proxy Vendor Oversight generally monitors upcoming proxy solicitations for heightened attention from the press or the industry and for novel or unusual proposals or circumstances, which may prompt the Proxy Vendor Oversight to bring the solicitation to the attention of the GPVSC Chair.  AM portfolio managers, AM research analysts and sub-advisers also may bring a particular proxy vote to the attention of the GPVSC Chair, as a result of their ongoing monitoring of portfolio securities held by advisory clients and/or their review of the periodic proxy voting record reports that the GPVSC Chair distributes to AM portfolio managers and AM research analysts.</font></p> </td> </tr></table>
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<sup>&nbsp;</sup>


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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>4.</font></b></i></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Conflict of Interest Procedures</font></b></i></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font SIZE=2>A.</font></p> </td>
        <td width="379" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><u><font size=2>Procedures to Address Conflicts of Interest and Improper Influence</font></u></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><i><font size=2>Overriding Principle</font></i><font size=2>.  In the limited circumstances where the GPVSC votes proxies,<sup>3</sup> the GPVSC will vote those proxies in accordance with what it, in good faith, determines to be the best economic interests of AM&#146;s clients.<sup>4</sup></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><i><font size=2>Independence of the GPVSC</font></i><font size=2>.  As a matter of Compliance policy, the GPVSC and the Proxy Vendor Oversight are structured to be independent from other parts of Deutsche Bank.  Members of the GPVSC and the employee responsible for Proxy Vendor Oversight are employees of AM.  As such, they may not be subject to the supervision or control of any employees of Deutsche Bank Corporate and Investment Banking division (&#147;CIB&#148;).  Their compensation cannot be based upon their contribution to any business activity outside of AM without prior approval of Legal and Compliance.  They can have no contact with employees of Deutsche Bank outside of the Private Client and Asset Management division (&#147;PCAM&#148;) regarding specific clients, business matters or initiatives without the prior approval of Legal and Compliance.  They furthermore may not discuss proxy votes with any person
outside of AM (and within AM only on a need to know basis).</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><i><font size=2>Conflict Review Procedures</font></i><font size=2>.  There will be a committee (the &#147;Conflicts of Interest Management Sub-Committee&#148;) established within AM that will monitor for potential material conflicts of interest in connection with proxy proposals that are to be evaluated by the GPVSC.  Promptly upon a determination that a vote shall be presented to the GPVSC, the GPVSC Chair shall notify the Conflicts of Interest Management Sub-Committee.  The Conflicts of Interest Management Sub-Committee shall promptly collect and review any information deemed reasonably appropriate to evaluate, in its reasonable judgment, if AM or any person participating in the proxy voting process has, or has the appearance of, a material conflict of interest.  For the purposes of this policy, a conflict of interest shall be considered &#147;material&#148; to the extent that a reasonable person could expect the
conflict to influence, or appear to influence, the GPVSC&#146;s decision on the particular vote at issue.  GPVSC should provide the Conflicts of Interest Management Sub-Committee a reasonable amount of time (no less than 24 hours) to perform all necessary and appropriate reviews.  To the extent that a conflicts review can not be sufficiently completed by the Conflicts of Interest Management Sub-Committee the proxies will be voted in accordance with the standard guidelines.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The information considered by the Conflicts of Interest Management Sub-Committee may include without limitation information regarding (i) AM client relationships; (ii) any relevant personal conflict known by the Conflicts of Interest Management Sub-Committee or brought to the attention of that sub-committee; (iii) and any communications with members of the GPVSC (or anyone participating or providing information to the GPVSC) and any person outside of the AM organization (but within Deutsche Bank and its affiliates) or any entity that identifies itself as a AM advisory client regarding the vote at issue.  In the context of any determination, the Conflicts of Interest Management Sub-Committee may consult with, and shall be entitled to rely upon, all applicable outside experts, including legal counsel.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Upon completion of the investigation, the Conflicts of Interest Management Sub-Committee will document its findings and conclusions.  If the Conflicts of Interest Management Sub-Committee determines that (i) AM has a material conflict of interest that would prevent it from deciding how to vote the proxies concerned without further client consent or (ii) certain individuals should be recused from participating in the proxy vote at issue, the Conflicts of Interest Management Sub-Committee will so inform the GPVSC chair.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>If notified that AM has a material conflict of interest as described above, the GPVSC chair will obtain instructions as to how the proxies should be voted either from (i) if time permits, the effected  clients, or (ii) in accordance with the standard guidelines.  If notified that certain individuals should be recused from the proxy vote at issue, the GPVSC Chair shall do so in accordance with the procedures set forth below.</font></p>


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

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1><sup>3</sup></font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>As mentioned above, the GPVSC votes proxies (i) where neither a specific client instruction nor a Guideline directs how the proxy should be voted, (ii) where the Guidelines specify that an issue is to be determined on a case by case basis or (iii) where voting in accordance with the Guidelines may not be in the best economic interests of clients.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1><sup>4 </sup></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=1>The Proxy Vendor Oversight, who serves as the non-voting secretary of the GPVSC, may receive routine calls from proxy solicitors and other parties interested in a particular proxy vote.  Any contact that attempts to exert improper pressure or influence shall be reported to the Conflicts of Interest Management Sub-Committee.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Note:  Any AM employee who becomes aware of a potential, material conflict of interest in respect of any proxy vote to be made on behalf of clients shall notify Compliance.  Compliance shall call a meeting of the conflict review committee to evaluate such conflict and determine a recommended course of action.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><i><font size=2>Procedures to be followed by the GPVSC</font></i><font size=2>.  At the beginning of any discussion regarding how to vote any proxy, the GPVSC Chair (or his or her delegate) will inquire as to whether any GPVSC member (whether voting or ex officio) or any person participating in the proxy voting process has a personal conflict of interest or has actual knowledge of an actual or apparent conflict that has not been reported to the Conflicts of Interest Management Sub-Committee.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The GPVSC Chair also will inquire of these same parties whether they have actual knowledge regarding whether any director, officer or employee outside of the  AM organization (but within  Deutsche Bank and its affiliates)  or any entity that identifies itself as a AM advisory client, has: (i) requested that AM, the Proxy Vendor Oversight (or any member thereof) or a GPVSC member vote a particular proxy in a certain manner;  (ii) attempted to influence AM, the Proxy Vendor Oversight (or any member thereof), a GPVSC member or any other person in connection with proxy voting activities; or (iii) otherwise communicated with a GPVSC member or any other person participating or providing information to the GPVSC regarding the particular proxy vote at issue, and which incident has not yet been reported to the Conflicts of Interest Management Sub- Committee.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>If any such incidents are reported to the GPVSC Chair, the Chair will promptly notify the Conflicts of Interest Management Sub-Committee and, if possible, will delay the vote until the Conflicts of Interest Management Sub-Committee can complete the conflicts report.  If a delay is not possible, the Conflicts of Interest Management Sub-Committee will instruct the GPVSC whether anyone should be recused from the proxy voting process, or whether AM should vote the proxy in accordance with the standard guidelines, seek instructions as to how to vote the proxy at issue from ISS or, if time permits, the effected clients.  These inquiries and discussions will be properly reflected in the GPVSC&#146;s minutes.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><i><font size=2>Duty to Report</font></i><font size=2>.  Any AM employee, including any GPVSC member (whether voting or ex officio), that is aware of any actual or apparent conflict of interest relevant to, or any attempt by any person outside of the AM organization (but within Deutsche Bank and its affiliates) or any entity that identifies itself as a AM advisory client to influence, how AM votes its proxies has a duty to disclose the existence of the situation to the GPVSC Chair (or his or her designee) and the details of the matter to the Conflicts of Interest Management Sub-Committee.  In the case of any person participating in the deliberations on a specific vote, such disclosure should be made before engaging in any activities or participating in any discussion pertaining to that vote.</font></p>


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

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><i><font size=2>Recusal of Members</font></i><font size=2>.  The GPVSC will recuse from participating in a specific proxy vote any GPVSC members (whether voting or ex officio) and/or any other person who (i) are personally involved in a material conflict of interest; or (ii) who, as determined by the Conflicts of Interest Management Sub-Committee, have actual knowledge of a circumstance or fact that could effect their independent judgment, in respect of such vote.  The GPVSC will also exclude from consideration the views of any person (whether requested or volunteered) if the GPVSC or any member thereof knows, or if the Conflicts of Interest Management Sub-Committee has determined, that such other person has a material conflict of interest with respect to the particular proxy, or has attempted to influence the vote in any manner prohibited by these policies.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>If, after excluding all relevant GPVSC voting members pursuant to the paragraph above, there are three or more GPVSC voting members remaining, those remaining GPVSC members will determine how to vote the proxy in accordance with these Policies and Procedures. If there are fewer than three GPVSC voting members remaining, the GPVSC Chair will vote the proxy in accordance with the standard guidelines, will obtain instructions as to how to have the proxy voted from, if time permits, the effected clients and otherwise from ISS.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font SIZE=2>B.</font></p> </td>
        <td width="321" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><u><font size=2>Investment Companies and Affiliated Public Companies</font></u></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><i><font size=2>Investment Companies</font></i><font size=2>.  As reflected in the Guidelines, all proxies solicited by open-end and closed-end investment companies are voted in accordance with the pre-determined guidelines of ISS, unless the investment company client directs AM to vote differently on a specific proxy or specific categories of proxies.  However, regarding investment companies for which AM or an affiliate serves as investment adviser or principal underwriter, such proxies are voted in the same proportion as the vote of all other shareholders (i.e., &#147;mirror&#148; or &#147;echo&#148; voting).  Master fund proxies solicited from feeder funds are voted in accordance with applicable provisions of Section 12 of the Investment Company Act of 1940.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Subject to participation agreements with certain Exchange Traded Funds ("ETF") issuers that have received exemptive orders from the U.S. Securities and Exchange Commission allowing investing DWS funds to exceed the limits set forth in Section 12(d)(1)(A) and (B) of the Investment Company Act of 1940, DeAM will echo vote proxies for ETFs in which Deutsche Bank holds more than 25% of outstanding voting shares globally when required to do so by participation agreements and SEC orders.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><i><font size=2>Affiliated Public Companies</font></i><font size=2>. For proxies solicited by non-investment company issuers of or within the Deutsche Bank organization, e.g., Deutsche bank itself, these proxies will be voted in the same proportion as the vote of other shareholders (i.e., &#147;mirror&#148; or &#147;echo&#148; voting).</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Note: With respect to the QP Trust (not registered under the Investment Company Act of 1940), the Fund is not required to engage in echo voting and the investment adviser will use these Guidelines, and may determine, with respect to the QP Trust, to vote contrary to the positions in the Guidelines, consistent with the Fund&#146;s best interest.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font SIZE=2>C.</font></p> </td>
        <td width="284" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><u><font size=2>Other Procedures That Limit Conflicts of Interest</font></u></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM and other entities in the Deutsche Bank organization have adopted a number of policies, procedures and internal controls that are designed to avoid various conflicts of interest, including those that may arise in connection with proxy voting, including:</font></p>


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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><font size=2>Deutsche Bank Americas Restricted Activities Policy</font></i><font size=2>.  This policy provides for, among other things, independence of AM employees from CIB, and information barriers between AM and other affiliates.  Specifically, no AM employee may be subject to the supervision or control of any employee of CIB.  No AM employee shall have his or her compensation based upon his or her contribution to any business activity within the Bank outside of the business of AM, without the prior approval of Legal or Compliance.  Further, no employee of CIB shall have any input into the compensation of a AM employee without the prior approval of Legal or Compliance. Under the information barriers section of this policy, as a general rule, AM employees who are associated with the investment process should have no
contact with employees of Deutsche Bank or its affiliates, outside of PCAM, regarding specific clients, business matters, or initiatives.  Further, under no circumstances should proxy votes be discussed with any Deutsche Bank employee outside of AM (and should only be discussed on a need-to-know basis within AM).</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Other relevant internal policies include the Deutsche Bank Americas Code of Professional Conduct, the Deutsche Bank Americas Confidential and Inside Information Policy, the Deutsche Asset Management Code of Ethics, the Sarbanes-Oxley Senior Officer Code of Ethics, and the Deutsche Bank Group Code of Conduct.  The GPVSC expects that these policies, procedures and internal controls will greatly reduce the chance that the GPVSC (or, its members) would be involved in, aware of or influenced by, an actual or apparent conflict of interest.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>V.</font></B></p> </td>
        <td width="139" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>RECORDKEEPING</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>At a minimum, the following types of records must be properly maintained and readily accessible in order to evidence compliance with this policy.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM will maintain a record of each vote cast by AM that includes among other things, company name, meeting date, proposals presented, vote cast and shares voted.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The Proxy Vendor Oversight maintains records for each of the proxy ballots it votes.  Specifically, the records include, but are not limited to:</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The proxy statement (and any additional solicitation materials) and relevant portions of annual statements.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Any additional information considered in the voting process that may be obtained from an issuing company, its agents or proxy research firms.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Analyst worksheets created for stock option plan and share increase analyses.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Proxy Edge print-screen of actual vote election.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM will retain these Policies and Procedures and the Guidelines; will maintain records of client requests for proxy voting information; and will retain any documents the Proxy Vendor Oversight or the GPVSC prepared that were material to making a voting decision or that memorialized the basis for a proxy voting decision.</font></p> </td> </tr></table>
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        <td width="16" valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The GPVSC also will create and maintain appropriate records documenting its compliance with these Policies and Procedures, including records of its deliberations and decisions regarding conflicts of interest and their resolution.</font></p> </td> </tr></table>
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        <td width="16" valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>With respect to AM&#146;s investment company clients, ISS will create and maintain records of each company&#146;s proxy voting record for 12-month periods ended June 30.  AM will compile the following information for each matter relating to a portfolio security considered </font><i><font size=2>at any shareholder meeting held during the period covered</font></i><font size=2> by the report and with respect to which the company was entitled to vote:</font></p> </td> </tr></table>
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        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The name of the issuer of the portfolio security; </font></p> </td> </tr></table>
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        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The exchange ticker symbol of the portfolio security (if symbol is available through reasonably practicable means); </font></p> </td> </tr></table>
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        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The Council on Uniform Securities Identification Procedures number for the portfolio security (if the number is available through reasonably practicable means); </font></p> </td> </tr></table>
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        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The shareholder meeting date; </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>A brief identification of the matter voted on; </font></p> </td> </tr></table>
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        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Whether the matter was proposed by the issuer or by a security holder; </font></p> </td> </tr></table>
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        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Whether the company cast its vote on the matter; </font></p> </td> </tr></table>
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        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>How the company cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors); and </font></p> </td> </tr></table>
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        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Whether the company cast its vote for or against management.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><u><font size=2>Note</font></u><font size=2>:  This list is intended to provide guidance only in terms of the records that must be maintained in accordance with this policy. In addition, please note that records must be maintained in accordance with the applicable AM Records Management Policy. </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>With respect to electronically stored records, &#147;properly maintained&#148; is defined as complete, authentic (unalterable) usable and backed-up.  At a minimum, records should be retained for a period of not less than six years (or longer, if necessary to comply with applicable regulatory requirements), the first three years in an appropriate AM office.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>VI.</font></B></p> </td>
        <td width="233" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>THE GPVSC&#146;S OVERSIGHT ROLE</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>In addition to adopting the Guidelines and making proxy voting decisions on matters referred to it as set forth above, the GPVSC will monitor the proxy voting process by reviewing summary proxy information presented by ISS. The GPVSC will use this review process to determine, among other things, whether any changes should be made to the Guidelines. This review will take place at least quarterly and will be documented in the GPVSC&#146;s minutes.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font size=2>Attachment A &#150; Global Proxy Voting Guidelines</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font size=2>Table of contents</font></b></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#73;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Board Of Directors And Executives</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#65;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Election Of Directors</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#66;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Classified Boards Of Directors</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#67;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Board And Committee Independence</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#68;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Liability And Indemnification Of Directors</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#69;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Qualifications Of Directors</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#70;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Removal Of Directors And Filling Of Vacancies</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#71;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Proposals To Fix The Size Of The Board</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>H</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Proposals to Restrict Chief Executive Officer&#146;s Service on Multiple Boards</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.3in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>I</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Proposals to Restrict Supervisory Board Members Service on Multiple Boards</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.3in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>J</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Proposals to Establish Audit Committees</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font SIZE=2>II</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Capital Structure</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#65;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Authorization Of Additional Shares</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#66;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Authorization Of &#147;Blank Check&#148; Preferred Stock</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#67;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Stock Splits/Reverse Stock Splits</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#68;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Dual Class/Supervoting Stock</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#69;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Large Block Issuance</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#70;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Recapitalization Into A Single Class Of Stock</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#71;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Share Repurchases</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#72;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Reductions In Par Value</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font SIZE=2>III</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Corporate Governance Issues</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#65;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Confidential Voting</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#66;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Cumulative Voting</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#67;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Supermajority Voting Requirements</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#68;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Shareholder Right To Vote</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Compensation</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#65;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Establishment of a Remuneration Committee</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#66;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Executive And Director Stock Option Plans</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#67;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Employee Stock Option/Purchase Plans</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#68;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Golden Parachutes</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#69;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Proposals To Limit Benefits Or Executive Compensation</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#70;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Option Expensing</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#71;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Management board election and motion</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#72;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Remuneration (variable pay)</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#73;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Long-term incentive plans</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#74;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Shareholder Proposals Concerning &#147;Pay For Superior Performance&#148;</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#75;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Executive Compensation Advisory</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#86;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Anti-Takeover Related Issues</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#65;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Shareholder Rights Plans (&#147;Poison Pills&#148;)</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#66;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Reincorporation</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#67;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Fair-Price Proposals</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#68;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Exemption From State Takeover Laws</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#69;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Non-Financial Effects Of Takeover Bids</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font SIZE=2>VI</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Mergers &amp; Acquisitions</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Social &amp; Political Issues</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#65;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Labor &amp; Human Rights</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#66;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Diversity &amp; Equality</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#67;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Health &amp; Safety</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#68;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Government/Military</font></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#69;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Tobacco</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font SIZE=2>VIII</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Environmental Issues</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Miscellaneous Items</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#65;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Ratification Of Auditors</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#66;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Limitation Of Non-Audit Services Provided By Independent Auditor</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#67;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Audit Firm Rotation</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#68;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Transaction Of Other Business</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#69;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Motions To Adjourn The Meeting</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#70;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Bundled Proposals</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#71;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Change Of Company Name</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#72;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Proposals Related To The Annual Meeting</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#73;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Reimbursement Of Expenses Incurred From Candidate Nomination</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#74;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Investment Company Proxies</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#75;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>International Proxy Voting</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:12pt;text-align:justify;'><font size=2>These Guidelines may reflect a voting position that differs from the actual practices of the public company (ies) within the Deutsche Bank organization or of the investment companies for which AM or an affiliate serves as investment adviser or sponsor.</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>NOTE: Because of the unique structure and regulatory scheme applicable to closed-end investment companies, the voting guidelines (particularly those related to governance issues) generally will be inapplicable to holdings of closed-end investment companies.  As a result, determinations on the appropriate voting recommendation for closed-end investment company shares will be made on a case-by-case basis.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>I.</font></B></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>Board of Directors and Executives</font></b></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>A.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Election of Directors</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Routine: AM Policy is to vote &#147;for&#148; the uncontested election of directors. Votes for a director in an uncontested election will be withheld in cases where a director has shown an inability to perform his/her duties in the best interests of the shareholders.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Proxy contest: In a proxy contest involving election of directors, a case-by-case voting decision will be made based upon analysis of the issues involved and the merits of the incumbent and dissident slates of directors. AM will incorporate the decisions of a third party proxy research vendor, currently, Institutional Shareholder Services (&#147;ISS&#148;) subject to review by the Proxy Voting Sub-Committee (GPVSC) as set forth in the AM&#146;s Proxy Voting Policies and Procedures.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: The large majority of corporate directors fulfill their fiduciary obligation and in most cases support for management&#146;s nominees is warranted. As the issues relevant to a contested election differ in each instance, those cases must be addressed as they arise.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>B.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Classified Boards of Directors</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote against proposals to classify the board and for proposals to repeal classified boards and elect directors annually.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Directors should be held accountable on an annual basis. By entrenching the incumbent board, a classified board may be used as an anti-takeover device to the detriment of the shareholders in a hostile take-over situation.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>C.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Board and Committee Independence</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote:</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>&#147;For&#148; proposals that require that a certain percentage (majority up to 66 2/3%) of members of a board of directors be comprised of independent or unaffiliated directors. </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>&#147;For&#148; proposals that require all members of a company's compensation, audit, nominating, or other similar committees be comprised of independent or unaffiliated directors. </font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>&#147;Against&#148; shareholder proposals to require the addition of special interest, or constituency, representatives to boards of directors.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>&#147;For&#148; separation of the Chairman and CEO positions.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>&#147;Against&#148; proposals that require a company to appoint a Chairman who is an independent director.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Board independence is a cornerstone of effective governance and accountability. A board that is sufficiently independent from management assures that shareholders' interests are adequately represented.  However, the Chairman of the board must have sufficient involvement in and experience with the operations of the company to perform the functions required of that position and lead the company. </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>No director qualifies as 'independent' unless the board of directors affirmatively determines that the director has no material relationship with the listed company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the company).</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Whether a director is in fact not "independent" will depend on the laws and regulations of the primary market for the security and the exchanges, if any, on which the security trades.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:0pt'><i>&nbsp;</i></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>D.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Liability and Indemnification of Directors</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; management proposals to limit directors' liability and to broaden the indemnification of directors, unless broader indemnification or limitations on directors' liability would effect shareholders' interests in pending litigation.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: While shareholders want directors and officers to be responsible for their actions, it is not in the best interests of the shareholders for them to be to risk averse. If the risk of personal liability is too great, companies may not be able to find capable directors willing to serve. We support expanding coverage only for actions taken in good faith and not for serious violations of fiduciary obligation or negligence.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>E.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Qualifications of Directors</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to follow management&#146;s recommended vote on either management or shareholder proposals that set retirement ages for directors or require specific levels of stock ownership by directors.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: As a general rule, the board of directors, and not the shareholders, is most qualified to establish qualification policies.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>F.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Removal of Directors and Filling of Vacancies</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;against&#148; proposals that include provisions that directors may be removed only for cause or proposals that include provisions that only continuing directors may fill board vacancies.</font></p>


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

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Differing state statutes permit removal of directors with or without cause.  Removal of directors for cause usually requires proof of self-dealing, fraud or misappropriation of corporate assets, limiting shareholders' ability to remove directors except under extreme circumstances. Removal without cause requires no such showing. </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Allowing only incumbent directors to fill vacancies can serve as an anti-takeover device, precluding shareholders from filling the board until the next regular election.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>G.</font></B></I></p> </td>
        <td width="229" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Proposals to Fix the Size of the Board</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote:</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>1.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>&#147;For&#148; proposals to fix the size of the board unless: (a) no specific reason for the proposed change is given; or (b) the proposal is part of a package of takeover defenses. </font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>2.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>&#147;Against&#148; proposals allowing management to fix the size of the board without shareholder approval.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Absent danger of anti-takeover use, companies should be granted a reasonable amount of flexibility in fixing the size of its board.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>H.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Proposals to Restrict Chief Executive Officer&#146;s Service on Multiple Boards</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;For&#148; proposals to restrict a Chief Executive Officer from serving on more than three outside boards of directors.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale:  Chief Executive Officer must have sufficient time to ensure that shareholders&#146; interests are represented adequately.</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>Note:  A director&#146;s service on multiple closed-end fund boards within a fund complex are treated as service on a single Board for the purpose of the proxy voting guidelines.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>I.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Proposals to Restrict Supervisory Board Members Service on Multiple Boards </font></b></i><b><font size=2>(For FFT Securities)</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; proposals to restrict a Supervisory Board Member from serving on more than five supervisory boards.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Rationale:  We consider a strong, independent and knowledgeable supervisory board as important counter-balance to executive management to ensure that the interests of shareholders are fully reflected by the company.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Full information should be disclosed in the annual reports and accounts to allow all shareholders to judge the success of the supervisory board controlling their company.  </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Supervisory Board Member must have sufficient time to ensure that shareholders&#146; interests are represented adequately.</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>Note:  A director&#146;s service on multiple closed-end fund boards within a fund complex are treated as service on a single Board for the purpose of the proxy voting guidelines.</font></p>


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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><i>&nbsp;</i></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><I><B><font SIZE=2>J.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><i><b><font size=2>Proposals to Establish Audit Committees </font></b></i><b><font size=2>(For FFT and U.S. Securities)</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; proposals that require the establishment of audit committees.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Rationale: The audit committee should deal with accounting and risk management related questions, verifies the independence of the auditor with due regard to possible conflicts of interest. It also should determine the procedure of the audit process.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>II.</font></B></p> </td>
        <td width="120" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>Capital Structure</font></b></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>A.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Authorization of Additional Shares (For U.S. Securities)</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; proposals to increase the authorization of existing classes of stock that do not exceed a 3:1 ratio of shares authorized to shares outstanding for a large cap company, and do not exceed a 4:1 ratio of shares authorized to shares outstanding for a small-midcap company (companies having a market capitalization under one billion U.S. dollars.).</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: While companies need an adequate number of shares in order to carry on business, increases requested for general financial flexibility must be limited to protect shareholders from their potential use as an anti-takeover device. Requested increases for specifically designated, reasonable business purposes (stock split, merger, etc.) will be considered in light of those purposes and the number of shares required. </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>B.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Authorization of &#147;Blank Check&#148; Preferred Stock (For U.S. Securities)</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote:</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>1.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>&#147;Against&#148; proposals to create blank check preferred stock or to increase the number of authorized shares of blank check preferred stock unless the company expressly states that the stock will not be used for anti-takeover purposes and will not be issued without shareholder approval.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>2.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>&#147;For&#148; proposals mandating shareholder approval of blank check stock placement.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Shareholders should be permitted to monitor the issuance of classes of preferred stock in which the board of directors is given unfettered discretion to set voting, dividend, conversion and other rights for the shares issued.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>C.</font></B></I></p> </td>
        <td width="199" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Stock Splits/Reverse Stock Splits</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; stock splits if a legitimate business purpose is set forth and the split is in the shareholders' best interests. A vote is cast &#147;for&#148; a reverse stock split only if the number of shares authorized is reduced in the same proportion as the reverse split or if the effective increase in authorized shares (relative to outstanding shares) complies with the proxy guidelines for common stock increases (see, Section II.A, above.) </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Generally, stock splits do not detrimentally effect shareholders. Reverse stock splits, however, may have the same result as an increase in authorized shares and should be analyzed accordingly.</font></p>


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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>D.</font></B></I></p> </td>
        <td width="185" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Dual Class/Supervoting Stock</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;against&#148; proposals to create or authorize additional shares of super-voting stock or stock with unequal voting rights.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: The &#147;one share, one vote&#148; principal ensures that no shareholder maintains a voting interest exceeding their equity interest in the company.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>E.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Large Block Issuance (For U.S. Securities)</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to address large block issuances of stock on a case-by-case basis, incorporating the recommendation of an independent third party proxy research firm (currently ISS) subject to review by the GPVSC as set forth in AM&#146;s Proxy Policies and Procedures.  </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Additionally, AM supports proposals requiring shareholder approval of large block issuances.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Stock issuances must be reviewed in light of the business circumstances leading to the request and the potential impact on shareholder value.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>F.</font></B></I></p> </td>
        <td width="264" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Recapitalization into a Single Class of Stock</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; recapitalization plans to provide for a single class of common stock, provided the terms are fair, with no class of stock being unduly disadvantaged.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Consolidation of multiple classes of stock is a business decision that may be left to the board and/management if there is no adverse effect on shareholders.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>G.</font></B></I></p> </td>
        <td width="125" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Share Repurchases</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; share repurchase plans provided all shareholders are able to participate on equal terms.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Buybacks are generally considered beneficial to shareholders because they tend to increase returns to the remaining shareholders.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>H.</font></B></I></p> </td>
        <td width="155" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Reductions in Par Value</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; proposals to reduce par value, provided a legitimate business purpose is stated (e.g., the reduction of corporate tax responsibility.)</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Usually, adjustments to par value are a routine financial decision with no substantial impact on shareholders.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>III.</font></B></p> </td>
        <td width="189" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>Corporate Governance Issues</font></b></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>A.</font></B></I></p> </td>
        <td width="131" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Confidential Voting</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; proposals to provide for confidential voting and independent tabulation of voting results and to vote &#147;against&#148; proposals to repeal such provisions.</font></p>


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

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Confidential voting protects the privacy rights of all shareholders.  This is particularly important for employee-shareholders or shareholders with business or other affiliations with the company, who may be vulnerable to coercion or retaliation when opposing management. Confidential voting does not interfere with the ability of corporations to communicate with all shareholders, nor does it prohibit shareholders from making their views known directly to management.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>B.</font></B></I></p> </td>
        <td width="241" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Cumulative Voting (For U.S. Securities)</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;against&#148; shareholder proposals requesting cumulative voting and &#147;for&#148;management proposals to eliminate it.  The protections afforded shareholders by cumulative voting are not necessary when a company has a history of good performance and does not have a concentrated ownership interest. Accordingly, a vote is cast &#147;against&#148; cumulative voting and &#147;for&#148; proposals to eliminate it if: </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>a)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The company has a five year return on investment greater than the relevant industry index, </font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>b)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>All directors and executive officers as a group beneficially own less than 10% of the outstanding stock, </font><i><font size=2>and </font></i></p> </td> </tr></table>
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        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>c)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>No shareholder (or voting block) beneficially owns 15% or more of the company. </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Thus, failure of any one of the three criteria results in a vote for cumulative voting in accordance with the general policy.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Cumulative voting is a tool that should be used to ensure that holders of a significant number of shares may have board representation; however, the presence of other safeguards may make their use unnecessary.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>C.</font></B></I></p> </td>
        <td width="219" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Supermajority Voting Requirements</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;against&#148; management proposals to require a supermajority vote to amend the charter or bylaws and to vote &#147;for&#148; shareholder proposals to modify or rescind existing supermajority requirements.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>*Exception made when company holds a controlling position and seeks to lower threshold to maintain control and/or make changes to corporate by-laws.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Supermajority voting provisions violate the democratic principle that a simple majority should carry the vote. Setting supermajority requirements may make it difficult or impossible for shareholders to remove egregious by-law or charter provisions. Occasionally, a company with a significant insider held position might attempt to lower a supermajority threshold to make it easier for management to approve provisions that may be detrimental to shareholders. In that case, it may not be in the shareholders interests to lower the supermajority provision. </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>D.</font></B></I></p> </td>
        <td width="165" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Shareholder Right to Vote</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;against&#148; proposals that restrict the right of shareholders to call special meetings, amend the bylaws, or act by written consent. Policy is to vote &#147;for&#148; proposals that remove such restrictions.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Any reasonable means whereby shareholders can make their views known to management or effect the governance process should be supported.</font></p>


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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>IV.</font></B></p> </td>
        <td width="101" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>Compensation</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Annual Incentive Plans or Bonus Plans are often submitted to shareholders for approval.  These plans typically award cash to executives based on company performance.  Deutsche Bank believes that the responsibility for executive compensation decisions rest with the board of directors and/or the compensation committee, and its policy is not to second-guess the board&#146;s award of cash compensation amounts to executives unless a particular award or series of awards is deemed excessive.  If stock options are awarded as part of these bonus or incentive plans, the provisions must meet Deutsche Bank&#146;s criteria regarding stock option plans, or similar stock-based incentive compensation schemes, as set forth below.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>A.</font></B></I></p> </td>
        <td width="389" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Establishment of a Remuneration Committee </font></b></i><b><font size=2>(For FFT Securities)</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; proposals that require the establishment of a remuneration committee.</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>Rationale:  Corporations should disclose in each annual report or proxy statement their policies on remuneration. Essential details regarding executive remuneration including share options, long-term incentive plans and bonuses, should be disclosed in the annual report, so that investors can judge whether corporate pay policies and practices meet the standard.</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>The remuneration committee shall not comprise any board members and should be sensitive to the wider scene on executive pay.  It should ensure that performance-based elements of executive pay are designed to align the interests of shareholders.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>B.</font></B></I></p> </td>
        <td width="257" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Executive and Director Stock Option Plans</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; stock option plans that meet the following criteria: </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>(1)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The resulting dilution of existing shares is less than (a) 15 percent of outstanding shares for large capital corporations or (b) 20 percent of outstanding shares for small-mid capital companies (companies having a market capitalization under one billion U.S. dollars.)</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>(2)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The transfer of equity resulting from granting options at less than FMV is no greater than 3% of the over-all market capitalization of large capital corporations, or 5% of market cap for small-mid capital companies.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>(3)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The plan does not contain express repricing provisions and, in the absence of an express statement that options will not be repriced; the company does not have a history of repricing options.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>(4)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The plan does not grant options on super-voting stock.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM will support performance-based option proposals as long as a) they do not mandate that all options granted by the company must be performance based, and b) only certain high-level executives are subject to receive the performance based options.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM will support proposals to eliminate the payment of outside director pensions. </font></p>


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

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Determining the cost to the company and to shareholders of stock-based incentive plans raises significant issues not encountered with cash-based compensation plans. These include the potential dilution of existing shareholders' voting power, the transfer of equity out of the company resulting from the grant and execution of options at less than FMV and the authority to reprice or replace underwater options. Our stock option plan analysis model seeks to allow reasonable levels of flexibility for a company yet still protect shareholders from the negative impact of excessive stock compensation. Acknowledging that small mid-capital corporations often rely more heavily on stock option plans as their main source of executive compensation and may not be able to compete with their large capital competitors with cash compensation, we provide slightly more flexibility for those companies.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>C.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Employee Stock Option/Purchase Plans</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote for employee stock purchase plans (ESPP's) when the plan complies with Internal Revenue Code 423, allowing non-management employees to purchase stock at 85% of FMV.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; employee stock option plans (ESOPs) provided they meet the standards for stock option plans in general. However, when computing dilution and transfer of equity, ESOPs are considered independently from executive and director option plans.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: ESOPs and ESPP&#146;s encourage rank-and-file employees to acquire an ownership stake in the companies they work for and have been shown to promote employee loyalty and improve productivity.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>D.</font></B></I></p> </td>
        <td width="125" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Golden Parachutes</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; proposals to require shareholder approval of golden parachutes and for proposals that would limit golden parachutes to no more than three times base compensation. Policy is to vote &#147;against&#148; more restrictive shareholder proposals to limit golden parachutes.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: In setting a reasonable limitation, AM considers that an effective parachute should be less attractive than continued employment and that the IRS has opined that amounts greater than three times annual salary, are excessive. </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>E.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Proposals to Limit Benefits or Executive Compensation</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;against&#148; </font></p>


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        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Proposals to limit benefits, pensions or compensation and </font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>2.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Proposals that request or require disclosure of executive compensation greater than the disclosure required by Securities and Exchange Commission (SEC) regulations.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Levels of compensation and benefits are generally considered to be day-to-day operations of the company, and are best left unrestricted by arbitrary limitations proposed by shareholders.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>F.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Option Expensing</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to support proposals requesting companies to expense stock options.</font></p>


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

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Although companies can choose to expense options voluntarily, the Financial Accounting Standards Board (FASB) does not yet require it, instead allowing companies to disclose the theoretical value of options as a footnote. Because the expensing of stock options lowers earnings, most companies elect not to do so. Given the fact that options have become an integral component of compensation and their exercise results in a transfer of shareholder value, AM agrees that their value should not be ignored and treated as &#147;no cost&#148; compensation. The expensing of stock options would promote more modest and appropriate use of stock options in executive compensation plans and present a more accurate picture of company operational earnings.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>G.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Management board election and motion </font></b></i><b><font size=2>(For FFT Securities)</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font color="#000080"><font size=2>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>AM policy is to vote &#147;against&#148;:</font></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&#149;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the election of board members with positions on either remuneration or audit  committees;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&#149;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the election of supervisory board members with too many supervisory board mandates;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&#149;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&#147;</font><i><font size=2>automatic</font></i><font size=2>&#148; election of former board members into the supervisory board.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Rationale:  Management as an entity, and each of its members, are responsible for all actions of the company, and are - subject to applicable laws and regulations - accountable to the shareholders as a whole for their actions.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Sufficient information should be disclosed in the annual company report and account to allow shareholders to judge the success of the company. </font></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i>&nbsp;</i></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><I><B><font SIZE=2>H.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><b><font size=2>Remuneration (variable pay):</font></b></i><font size=2> (For FFT Securities)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Executive remuneration for Management Board</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; remuneration for Management Board that is transparent and linked to results.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Rationale:  Executive compensation should motivate management and align the interests of management with the shareholders. The focus should be on criteria that prevent excessive remuneration; but enable the company to hire and retain first-class professionals.   </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Shareholder interests are normally best served when management is remunerated to optimise long-term returns. Criteria should include suitable measurements like return on capital employed or economic value added.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Interests should generally also be correctly aligned when management own shares in the company &#150; even more so if these shares represent a substantial portion of their own wealth.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Its disclosure shall differentiate between fixed pay, variable (performance related) pay and long-term incentives, including stock option plans with valuation ranges as well as pension and any other significant arrangements. </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:justify;'><b><font size=2>Executive remuneration for Supervisory Board</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; remuneration for Supervisory Board that is at least 50% in fixed form. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Rationale:  It would normally be preferable if performance linked compensation were not based on dividend payments, but linked to suitable result based parameters. Consulting and procurement services should also be published in the company report. </font></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><I><B><font SIZE=2>I.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><i><b><font size=2>Long-term incentive plans </font></b></i><b><font size=2>(For FFT Securities)</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; long-term incentive plans for members of a management board that reward for above average company performance.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Rationale: Incentive plans will normally be supported if they:</font></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&#149;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>directly align the interests of members of management boards with those of shareholders;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&#149;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>establish challenging performance criteria to reward only above average performance;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&#149;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>measure performance by total shareholder return in relation to the market or a range of comparable companies;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&#149;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>are long-term in nature and encourage long-term ownership of the shares once exercised through minimum holding periods;</font></p> </td> </tr></table>
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        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&#149;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>do not allow a repricing of the exercise price in stock option plans.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>J.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Shareholder Proposals Concerning &#147;Pay for Superior Performance&#148;</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to address pay for superior performance proposals on a case-by-case basis, incorporating the recommendation of an independent third party proxy research firm (currently ISS) subject to review by the GPVSC as set forth in AM&#146;s Proxy Policies and Procedures. </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: While AM agrees that compensation issues are better left to the discretion of management, they appreciate the need to monitor for excessive  compensation practices on a case by case basis. If, after a review of the ISS metrics, AM is comfortable with ISS&#146;s applying this calculation and will vote according to their recommendation.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>K.</font></B></I></p> </td>
        <td width="209" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Executive Compensation Advisory</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to follow management&#146;s recommended vote on shareholder proposals to propose an advisory resolution seeking to ratify the compensation of the company&#146;s named executive officers (NEOs) on an annual basis. </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: AM believes that controls exist within senior management and corporate compensation committees, ensuring fair compensation to executives. This might allow shareholders to require approval for all levels of management&#146;s compensation.  </font></p>


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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>V.</font></B></p> </td>
        <td width="189" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>Anti-Takeover Related Issues</font></b></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>A.</font></B></I></p> </td>
        <td width="252" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Shareholder Rights Plans (&#147;Poison Pills&#148;)</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; proposals to require shareholder ratification of poison pills or that request boards to redeem poison pills, and to vote &#147;against&#148; the adoption of poison pills if they are submitted for shareholder ratification.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Poison pills are the most prevalent form of corporate takeover defenses and can be (and usually are) adopted without shareholder review or consent. The potential cost of poison pills to shareholders during an attempted takeover outweighs the benefits. </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>B.</font></B></I></p> </td>
        <td width="111" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Reincorporation</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to examine reincorporation proposals on a case-by-case basis.  The voting decision is based on: (1) differences in state law between the existing state of incorporation and the proposed state of incorporation; and (2) differences between the existing and the proposed charter/bylaws/articles of incorporation and their effect on shareholder rights. If changes resulting from the proposed reincorporation violate the corporate governance principles set forth in these guidelines, the reincorporation will be deemed contrary to shareholder&#146;s interests and a vote cast &#147;against.&#148; </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Reincorporations can be properly analyzed only by looking at the advantages and disadvantages to their shareholders. Care must be taken that anti-takeover protection is not the sole or primary result of a proposed change.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>C.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Fair-Price Proposals</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; management fair-price proposals, provided that: (1) the proposal applies only to two-tier offers; (2) the proposal sets an objective fair-price test based on the highest price that the acquirer has paid for a company's shares; (3) the supermajority requirement for bids that fail the fair-price test is no higher than two-thirds of the outstanding shares; (4) the proposal contains no other anti-takeover provisions or provisions that restrict shareholders rights. </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>A vote is cast for shareholder proposals that would modify or repeal existing fair-price requirements that do not meet these standards.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: While fair price provisions may be used as anti-takeover devices, if adequate provisions are included, they provide some protection to shareholders who have some say in their application and the ability to reject those protections if desired.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>D.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Exemption from state takeover laws</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; shareholder proposals to opt out of state takeover laws and to vote &#147;against&#148; management proposals requesting to opt out of state takeover laws.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Control share statutes, enacted at the state level, may harm long-term share value by entrenching management. They also unfairly deny certain shares their inherent voting rights.</font></p>


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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>E.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Non-financial Effects of Takeover Bids</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Policy is to vote &#147;against&#148; shareholder proposals to require consideration of non-financial effects of merger or acquisition proposals.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Non-financial effects may often be subjective and are secondary to AM&#146;s stated purpose of acting in its client&#146;s best economic interest.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>VI.</font></B></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>Mergers &amp; Acquisitions</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Evaluation of mergers, acquisitions and other special corporate transactions (i.e., takeovers, spin-offs, sales of assets, reorganizations, restructurings and recapitalizations) are performed on a case-by-case basis incorporating information from an independent proxy research source (currently ISS.) Additional resources including portfolio management and research analysts may be considered as set forth in AM&#146;s Policies and Procedures.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>VII.</font></B></p> </td>
        <td width="251" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>Social, Environmental &amp; Political Issues</font></b></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>Social and environmental issues are becoming increasingly important to corporate success. We incorporate social and environmental considerations into both our investment decisions and our proxy voting decisions &#150; particularly if the financial performance of the company could be impacted.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>With increasing frequency, shareholder proposals are submitted relating to social and political responsibility issues. Almost universally, the company management will recommend a vote &#147;against&#148; these proposals. These types of proposals cover an extremely wide range of issues. Many of the issues tend to be controversial and are subject to more than one reasonable, yet opposing, theory of support. More so than with other types of proxy proposals, social and political responsibility issues may not have a connection to the economic and corporate governance principles effecting shareholders&#146; interests. AM&#146;s policy regarding social and political responsibility issues, as with any other issue, is designed to protect our client shareholders&#146; economic interests.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Occasionally, a distinction is made between a shareholder proposal requesting direct action on behalf of the board and a request for a report on (or disclosure of) some information. In order to avoid unduly burdening any company with reporting requirements, AM&#146;s policy is to vote against shareholder proposals that demand additional disclosure or reporting than is required by the Securities and Exchange Commission unless it appears there is a legitimate issue and the company has not adequately addressed shareholders' concerns.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>A.</font></B></I></p> </td>
        <td width="151" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Labor &amp; Human Rights</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;against&#148; adopting global codes of conduct or workplace standards exceeding those mandated by law.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Additional requirements beyond those mandated by law are deemed unnecessary and potentially burdensome to companies</font></p>


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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>B.</font></B></I></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Diversity &amp; Equality</font></b></i></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>1.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM policy is to vote &#147;against&#148; shareholder proposals to force equal employment opportunity, affirmative action or board diversity.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Compliance with State and Federal legislation along with information made available through filings with the EEOC provides sufficient assurance that companies act responsibly and make information public.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>2.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM policy is also to vote &#147;against&#148; proposals to adopt the Mac Bride Principles. The Mac Bride Principles promote fair employment, specifically regarding religious discrimination. </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Compliance with the Fair Employment Act of 1989 makes adoption of the Mac Bride Principles redundant. Their adoption could potentially lead to charges of reverse discrimination.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>C.</font></B></I></p> </td>
        <td width="108" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Health &amp; Safety</font></b></i></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>1.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM policy is to vote &#147;against&#148; adopting a pharmaceutical price restraint policy or reporting pricing policy changes.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Pricing is an integral part of business for pharmaceutical companies and should not be dictated by shareholders (particularly pursuant to an arbitrary formula.) Disclosing pricing policies may also jeopardize a company&#146;s competitive position in the marketplace.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>2.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM policy is to vote &#147;against&#148; shareholder proposals to control the use or labeling of and reporting on genetically engineered products.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Additional requirements beyond those mandated by law are deemed unnecessary and potentially burdensome to companies. </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>D.</font></B></I></p> </td>
        <td width="137" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Government/Military</font></b></i></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>1.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM policy is to vote against shareholder proposals regarding the production or sale of military arms or nuclear or space-based weapons, including proposals seeking to dictate a company's interaction with a particular foreign country or agency.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Generally, management is in a better position to determine what products or industries a company can and should participate in. Regulation of the production or distribution of military supplies is, or should be, a matter of government policy. </font></p>


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        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>2.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM policy is to vote &#147;against&#148; shareholder proposals regarding political contributions and donations.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: The Board of Directors and Management, not shareholders, should evaluate and determine the recipients of any contributions made by the company. </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>3.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM policy is to vote &#147;against&#148; shareholder proposals regarding charitable contributions and donations.  </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: The Board of Directors and Management, not shareholders, should evaluate and determine the recipients of any contributions made by the company. </font></p>


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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>E.</font></B></I></p> </td>
        <td width="68" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Tobacco</font></b></i></p> </td> </tr></table>
</div>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>1.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM policy is to vote &#147;against&#148; shareholder proposals requesting additional standards or reporting requirements for tobacco companies as well as &#147;against&#148; requesting companies to report on the intentional manipulation of nicotine content.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Where a tobacco company&#146;s actions meet the requirements of legal and industry standards, imposing additional burdens may detrimentally effect a company's ability to compete. The disclosure of nicotine content information could affect the company's rights in any pending or future litigation.  </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>2.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Shareholder requests to spin-off or restructure tobacco businesses will be opposed.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: These decisions are more appropriately left to the Board and management, and not to shareholder mandate.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>VIII.</font></B></p> </td>
        <td width="144" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>Environmental Issues</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to follow management's recommended vote on CERES Principles or other similar environmental mandates (e.g., those relating to Greenhouse gas emissions or the use of nuclear power).</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Environmental issues are extensively regulated by outside agencies and compliance with additional requirements often involves significant cost to companies.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>IX.</font></B></p> </td>
        <td width="135" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>Miscellaneous Items</font></b></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>A.</font></B></I></p> </td>
        <td width="151" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Ratification of Auditors</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; a) the management recommended selection of auditors and b) proposals to require shareholder approval of auditors.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Absent evidence that auditors have not performed their duties adequately, support for management&#146;s nomination is warranted. </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>B.</font></B></I></p> </td>
        <td width="379" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Limitation of non-audit services provided by independent auditor</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to support proposals limiting non-audit fees to 50% of the aggregate annual fees earned by the firm retained as a company's independent auditor.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: In the wake of financial reporting problems and alleged audit failures at a number of companies, AM supports the general principle that companies should retain separate firms for audit and consulting services to avoid potential conflicts of interest. However, given the protections afforded by the recently enacted Sarbanes-Oxley Act of 2002 (which requires Audit Committee pre-approval for non-audit services and prohibits auditors from providing specific types of services), and the fact that some non-audit services are legitimate audit-related services, complete separation of audit and consulting fees may not be warranted. A reasonable limitation is appropriate to help ensure auditor independence and it is reasonable to expect that audit fees exceed non-audit fees.</font></p>


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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>C.</font></B></I></p> </td>
        <td width="125" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Audit firm rotation</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to support proposals seeking audit firm rotation unless the rotation period sought is less than five years.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: While the Sarbanes-Oxley Act mandates that the lead audit partner be switched every five years, AM believes that rotation of the actual audit firm would provide an even stronger system of checks and balances on the audit function.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>D.</font></B></I></p> </td>
        <td width="188" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Transaction of Other Business</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote against &#147;transaction of other business&#148; proposals.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: This is a routine item to allow shareholders to raise other issues and discuss them at the meeting. As the nature of these issues may not be disclosed prior to the meeting, we recommend a vote against these proposals. This protects shareholders voting by proxy (and not physically present at a meeting) from having action taken at the meeting that they did not receive proper notification of or sufficient opportunity to consider.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>E.</font></B></I></p> </td>
        <td width="197" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Motions to Adjourn the Meeting</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM Policy is to vote against proposals to adjourn the meeting.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Management may seek authority to adjourn the meeting if a favorable outcome is not secured. Shareholders should already have had enough information to make a decision. Once votes have been cast, there is no justification for management to continue spending time and money to press shareholders for support.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>F.</font></B></I></p> </td>
        <td width="125" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Bundled Proposals</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote against bundled proposals if any bundled issue would require a vote against it if proposed individually. </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Shareholders should not be forced to &#147;take the good with the bad&#148; in cases where the proposals could reasonably have been submitted separately. </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>G.</font></B></I></p> </td>
        <td width="168" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Change of Company Name</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to support management on proposals to change the company name.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: This is generally considered a business decision for a company.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>H.</font></B></I></p> </td>
        <td width="247" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Proposals Related to the Annual Meeting</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM Policy is to vote in favor of management for proposals related to the conduct of the annual meeting (meeting time, place, etc.)</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: These are considered routine administrative proposals.</font></p>


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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>I.</font></B></I></p> </td>
        <td width="388" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Reimbursement of Expenses Incurred from Candidate Nomination</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to follow management&#146;s recommended vote on shareholder proposals related to the amending of company bylaws to provide for the reimbursement of reasonable expenses incurred in connection with nominating one or more candidates in a contested election of directors to the corporation&#146;s board of directors.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Corporations should not be liable for costs associated with shareholder proposals for directors.  </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>J.</font></B></I></p> </td>
        <td width="181" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Investment Company Proxies</font></b></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Proxies solicited by investment companies are voted in accordance with the recommendations of an independent third party, currently ISS.  However, regarding investment companies for which AM or an affiliate serves as investment adviser or principal underwriter, such proxies are voted in the same proportion as the vote of all other shareholders. Proxies solicited by master funds from feeder funds will be voted in accordance with applicable provisions of Section 12 of the Investment Company Act of 1940.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Investment companies, particularly closed-end investment companies, are different from traditional operating companies. These differences may call for differences in voting positions on the same matter. For example, AM could vote &#147;for&#148; staggered boards of closed-end investment companies, although AM generally votes &#147;against&#148; staggered boards for operating companies. Further, the manner in which AM votes investment company proxies may differ from proposals for which a AM-advised investment company solicits proxies from its shareholders.  As reflected in the Guidelines, proxies solicited by closed-end (and open-end) investment companies are voted in accordance with the pre-determined guidelines of an independent third-party.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Subject to participation agreements with certain Exchange Traded Funds ("ETF") issuers that have received exemptive orders from the U.S. Securities and Exchange Commission allowing investing DWS funds to exceed the limits set forth in Section 12(d)(1)(A) and (B) of the Investment Company Act of 1940, DeAM will echo vote proxies for ETFs in which Deutsche Bank holds more than 25% of outstanding voting shares globally when required to do so by participation agreements and SEC orders.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Note: With respect to the QP Trust (not registered under the Investment Company Act of 1940), the Fund is not required to engage in echo voting and the investment adviser will use these Guidelines, and may determine, with respect to the QP Trust, to vote contrary to the positions in the Guidelines, consistent with the Fund&#146;s best interest.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>K.</font></B></I></p> </td>
        <td width="171" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>International Proxy Voting</font></b></i></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>The above guidelines pertain to issuers organized in the United States, Canada and Germany.  Proxies solicited by other issuers are voted in accordance with international guidelines or the recommendation of ISS and in accordance with applicable law and regulation.</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>&nbsp;</font></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</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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            <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="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 8.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</font></B></p> </td> </tr>
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        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </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;'><b><font size=2>Portfolio Manager Team Disclosure</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>The Fund is managed by a team of investment professionals employed by the Investment Manager and the Investment Advisor, who collaborate to develop and implement the Fund&#146;s investment strategy.</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>The Investment Advisor&#146;s portfolio managers make recommendations to the Investment Manager&#146;s portfolio managers with respect to the Fund&#146;s investments; the Investment Manager&#146;s portfolio managers determine which securities are suitable for the Fund&#146;s investment. Upon instructions given by the Investment Manager&#146;s portfolio managers as to which securities are suitable for investment, the Investment Advisor&#146;s portfolio managers transmit purchase and sale orders and select brokers and dealers to execute portfolio transactions on the Fund&#146;s behalf.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>The names of the persons primarily responsible for the day-to-day management of the Fund&#146;s portfolio and their business experience during at least the past five years are set forth below.</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>Ralf Oberbannscheidt, Managing Director</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>Joined Deutsche Asset Management in 1999 and the fund in 2006.</font></p> </td> </tr></table>
</div>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>Prior to that, served as senior portfolio manager for Global Equities and Global Sector head of Telecommunications, after 3 years of experience, including portfolio management at SEB Enskilda, Luxemberg and various positions at Dresdner Bank AG, Germany.</font></p> </td> </tr></table>
</div>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>Master&#146;s degree in business administration from the University of Trier, MBA International Business, MIIS Monterey, USA, completed bank training at Dresdner Bank, Duesseldorf.</font></p> </td> </tr></table>
</div>


<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>Petra Pflaum, CEFA</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Senior Fund Manager Equities; joined the fund in 2000.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>Director, Deutsche Asset Management, Frankfort (since 2006); Prior thereto Vice President, Deutsche Asset Management (2001-2006).</font></p> </td> </tr></table>
</div>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>Portfolio Manager for German and European small and mid caps and equity analyst for German local companies as well as a member of the European small and mid cap committee.</font></p> </td> </tr></table>
</div>


<p style=' margin-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>Compensation of Portfolio Managers</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>Portfolio managers are eligible for total compensation comprised of base salary and discretionary incentive compensation.</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>Base Salary</font></b><font size=2> &#150; Base salary generally represents a smaller percentage of portfolio managers&#146; total compensation than discretionary incentive compensation. Base salary is linked to job function, responsibilities and financial services industry peer comparison through the use of extensive market data surveys.</font></p>

<p style=' margin-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>Discretionary Incentive</font></b><font size=2> </font><b><font size=2>Compensation &#150; </font></b><font size=2>Generally,</font><b><font size=2> </font></b><font size=2>discretionary incentive compensation comprises a greater proportion of total compensation as a portfolio manager&#146;s seniority and compensation levels increase.  Discretionary incentive compensation is determined based on an analysis of a number of factors, including among other things, the performance of Deutsche Bank, the performance of the Asset Management division, and the employee&#146;s individual contribution.  In evaluating individual contribution, management will consider a combination of quantitative and qualitative factors.  A portion of the portfolio manager&#146;s discretionary incentive compensation may be delivered in </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>long-term equity programs (usually in the form of Deutsche Bank equity) (the &#147;Equity Plan&#148;).  Top performing portfolio managers may earn discretionary incentive compensation that is a multiple of their base salary.</font></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>The quantitative analysis of a portfolio manager&#146;s individual performance is based on, among other factors, performance of all of the accounts managed by the portfolio manager (which includes the fund and any other accounts managed by the portfolio manager) over a one-, three-, and five-year period relative to the appropriate Morningstar and Lipper peer group universes and/or benchmark index(es) with respect to each account. Additionally, the portfolio manager&#146;s retail/institutional asset mix is weighted, as appropriate for evaluation purposes. Generally the benchmark index used is a benchmark index set forth in the fund's prospectus to which the fund's performance is compared. Additional or different appropriate peer group or benchmark indices may also be used. Primary weight is given to pre-tax portfolio performance over three-year and five-year time
periods (adjusted as appropriate if the portfolio manager has served for less than five years) with lesser consideration given to portfolio performance over a one-year period. The increase or decrease in a fund&#146;s assets due to the purchase or sale of fund shares is not considered a material factor. </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>The qualitative analysis of a portfolio manager&#146;s individual performance is based on, among other things, the results of an annual management and internal peer review process, and management's assessment of overall portfolio manager contributions to investor relations, the investment process and overall performance (distinct from fund and other account performance).  Other factors, including contributions made to the investment team, as well as adherence to Compliance Policies and Procedures, Risk Management procedures, the firm&#146;s Code of Ethics and &#147;living the values&#148; of the Advisor are also factors.   </font></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The quantitative analysis of a portfolio manager&#146;s performance is given more weight in determining discretionary incentive compensation than the qualitative portion. </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>Certain portfolio managers may also participate in the Equity Plan. The amount of equity awarded under the long-term equity programs is generally based on the individual&#146;s total compensation package and may comprise from 0% to 30% of the total compensation award. As discretionary incentive compensation increases, the percentage of compensation awarded in Deutsche Bank equity also increases. Portfolio managers may receive a portion of their equity compensation in the form of shares in the proprietary mutual funds that they manage or support.</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>Fund Ownership of Portfolio Managers</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>The following table shows the dollar range of shares owned beneficially and of record by each member of the Fund&#146;s portfolio management team in the Fund as well as in all DWS Funds as a group (i.e. those funds advised by Deutsche Asset Management or its affiliates), including investments by their immediate family members sharing the same household and amounts invested through retirement and deferred compensation plans.   This information is provided as of the Fund&#146;s most recent fiscal year end.</font></p>

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


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<table border="0" cellspacing=0 cellpadding=0 width="586" style='border-collapse:collapse;  '>
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        <td width="190" valign=bottom style='border:solid black 1.0pt;  padding:0in 3.0pt 0in 3.0pt'>
            <p  align=center style='text-align:center;line-height:normal'><b><font  size=2>Name of</font></b><u><b><font  size=2> </font></b></u><br>  <b><font size=2>Portfolio Manager</font></b><u></u></p>  </td>
        <td width="204" valign=bottom style='border:solid black 1.0pt;  border-left:none;padding:0in 3.0pt 0in 3.0pt'>
            <p  align=center style='text-align:center;line-height:normal'><b><font  size=2>Dollar Range of</font></b></p>
<p  align=center style='text-align:center;line-height:normal'><b><font  size=2>Fund Shares Owned</font></b><u></u></p>  </td>
        <td width="192" valign=top style='border:solid black 1.0pt;  border-left:none;padding:0in 3.0pt 0in 3.0pt'>
            <p  align=center style='text-align:center;line-height:normal'><b><font  size=2>Dollar Range of All DWS Fund Shares Owned</font></b></p>  </td> </tr>
    <tr >
        <td width="190" style='border:solid black 1.0pt;border-top:  none;  padding:0in 3.0pt 0in 3.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Ralf Oberbannscheidt</font></p>  </td>
        <td width="204" valign=top style='border-top:none;border-left:  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;    padding:0in 3.0pt 0in 3.0pt'>
            <p  style='margin-top:0in;page-break-after:avoid'><font size=2>-</font></p>  </td>
        <td width="192" valign=top style='border-top:none;border-left:  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;    padding:0in 3.0pt 0in 3.0pt'>
            <p  style='margin-top:0in;page-break-after:avoid'><font size=2>-</font></p>  </td> </tr>
    <tr >
        <td width="190" style='border:solid black 1.0pt;border-top: none; padding:0in 3.0pt 0in 3.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Petra Pflaum</font></p> </td>
        <td width="204" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 3.0pt 0in 3.0pt'>
            <p  style='margin-top:0in'><font size=2>-</font></p> </td>
        <td width="192" valign=top style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 3.0pt 0in 3.0pt'>
            <p  style='margin-top:0in'><font size=2>$100,001-$500,000</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>Because the fund&#146;s portfolio managers are not resident in the US, they generally do not invest in US registered investment companies, such as the Fund, on account of US tax and other regulatory limitations applicable to foreign investors.</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>Conflicts of Interest</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>In addition to managing the assets of the Fund, the Fund&#146;s portfolio managers may have responsibility for managing other client accounts of the Advisor or its affiliates.  The tables below show, for each portfolio manager, the number and asset size of (1) SEC registered investment companies (or series thereof) other than the Fund, (2) pooled investment vehicles that are not registered investment companies and (3) other accounts (e.g., accounts managed for individuals or organizations) managed by each portfolio manager.  Total assets attributed to each portfolio manager in the tables below include total assets of each account managed by them, although the manager may only manage a </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>portion of such account&#146;s assets.  The tables also show the number of performance based fee accounts, as well as the total assets of the accounts for which the advisory fee is based on the performance of the account.  This information is provided as of the Fund&#146;s most recent fiscal year end.</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>Other SEC Registered Investment Companies Managed:</font></b></p>

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


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<table border="0" cellspacing=0 cellpadding=0 width="573" style='border-collapse:collapse; '>
    <tr >
        <td width="157" valign=top style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Name of Portfolio Manager</font></b></p> </td>
        <td width="96" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of  Registered Investment Companies </font></b></p> </td>
        <td width="105" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Total Assets of Registered Investment Companies</font></b></p> </td>
        <td width="103" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of Investment Company Accounts with Performance Based Fee</font></b></p> </td>
        <td width="112" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Total Assets of Performance- Based Fee Accounts</font></b></p> </td> </tr>
    <tr >
        <td width="157" style='border:solid black 1.0pt;border-top: none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Ralf Oberbannscheidt</font></p> </td>
        <td width="96" valign=top style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>3</font></p> </td>
        <td width="105" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$484,975,912</font></p> </td>
        <td width="103" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td> </tr>
    <tr >
        <td width="157" style='border:solid black 1.0pt;border-top: none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Petra Pflaum</font></p> </td>
        <td width="96" valign=top style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="105" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="103" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</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;'><b><font size=2>Other Pooled Investment Vehicles Managed:</font></b></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='border-collapse:collapse; '>
    <tr >
        <td width="157" valign=top style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Name of Portfolio Manager</font></b></p> </td>
        <td width="91" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of Pooled Investment Vehicles</font></b></p> </td>
        <td width="117" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Total Assets of Pooled Investment Vehicles</font></b></p> </td>
        <td width="113" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of Pooled Investment Vehicle Accounts with Performance-Based Fee </font></b></p> </td>
        <td width="112" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Total Assets of Performance- Based Fee Accounts</font></b></p> </td> </tr>
    <tr >
        <td width="157" style='border:solid black 1.0pt;border-top: none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Ralf Oberbannscheidt</font></p> </td>
        <td width="91" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>5</font></p> </td>
        <td width="117" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$1,493,612,487</font></p> </td>
        <td width="113" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td> </tr>
    <tr >
        <td width="157" style='border:solid black 1.0pt;border-top: none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Petra Pflaum</font></p> </td>
        <td width="91" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>5</font></p> </td>
        <td width="117" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$583,611,942</font></p> </td>
        <td width="113" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</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;'><b><font size=2>Other Accounts Managed:</font></b></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='border-collapse:collapse; '>
    <tr >
        <td width="163" valign=top style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Name of Portfolio Manager</font></b></p> </td>
        <td width="90" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of Other Accounts</font></b></p> </td>
        <td width="112" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Total Assets of Other Accounts</font></b></p> </td>
        <td width="113" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of Other Accounts with Performance- Based Fee </font></b></p> </td>
        <td width="112" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Total Assets of Performance- Based Fee Accounts</font></b></p> </td> </tr>
    <tr >
        <td width="163" style='border:solid black 1.0pt;border-top: none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Ralf Oberbannscheidt</font></p> </td>
        <td width="90" valign=top style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="113" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td> </tr>
    <tr >
        <td width="163" style='border:solid black 1.0pt;border-top: none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Petra Pflaum</font></p> </td>
        <td width="90" valign=top style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="113" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</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>In addition to the accounts above, an investment professional may manage accounts in a personal capacity that may include holdings that are similar to, or the same as, those of the Funds.  The Advisor has in place a Code of Ethics that is designed to address conflicts of interest and that, among other things, imposes restrictions on  the ability of portfolio managers and other &#147;access persons&#148; to invest in securities that may be recommended or traded in the Funds and other client accounts.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Real, potential or apparent conflicts of interest may arise when a portfolio manager has day-to-day portfolio management responsibilities with respect to more than one fund or account, including the following: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><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="24" valign=top >
            <p  align=left style='margin-bottom:0in; text-align:left;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>Certain investments may be appropriate for the Fund and also for other clients advised by the Advisor, including other client accounts managed by the Fund&#146;s portfolio management team.  Investment decisions for the Fund and other clients are made with a view to achieving their respective investment objectives and after consideration of such factors as their current holdings, availability of cash for investment and the size of their investments generally. A particular security may be bought or sold for only one client or in different amounts and at different times for more than one but less than all clients. Likewise, because clients of the Advisor may have differing investment strategies, a particular security may be bought for one or more clients when one or </font></p> </td> </tr></table>
</div>



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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>more other clients are selling the security. The investment results achieved for the Fund may differ from the results achieved for other clients of the Advisor.  In addition, purchases or sales of the same security may be made for two or more clients on the same day.  In such event, such transactions will be allocated among the clients in a manner believed by the Advisor to be most equitable to each client, generally utilizing a pro rata allocation methodology.  In some cases, the allocation procedure could potentially have an adverse effect or positive effect on the price or amount of the securities purchased or sold by the Fund.  Purchase and sale orders for the Fund may be combined with those of other clients of the Advisor in the interest of achieving the most favorable net results to the Fund and the other clients.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><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="24" valign=top >
            <p  align=left style='margin-bottom:0in; text-align:left;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>To the extent that a portfolio manager has responsibilities for managing multiple client accounts, a portfolio manager will need to divide time and attention among relevant accounts. The Advisor attempts to minimize these conflicts by aligning its portfolio management teams by investment strategy and by employing similar investment models across multiple client accounts.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><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="24" valign=top >
            <p  align=left style='margin-bottom:0in; text-align:left;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>In some cases, an apparent conflict may arise where the Advisor has an incentive, such as a performance-based fee, in managing one account and not with respect to other accounts it manages.  The Advisor will not determine allocations based on whether it receives a performance-based fee from the client.   Additionally, the Advisor has in place supervisory oversight processes to periodically monitor performance deviations for accounts with like strategies. </font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:10.45pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:10.45pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:10.45pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:103.68%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:10.45pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:103.68%'><font size=2>The Advisor and its affiliates and the investment team of the Funds may manage other mutual funds and separate accounts on a long-short basis.  The simultaneous management of long and short portfolios creates potential conflicts of interest including the risk that short sale activity could adversely affect the market value of the long positions(and vice versa), the risk arising from sequential orders in long and short positions, and the risks associated with receiving opposing orders at the same time.  The Advisor has adopted procedures that it believes are reasonably designed to mitigate these potential conflicts of interest.  Included in these procedures are specific guidelines developed to ensure fair and equitable treatment for all clients whose accounts are managed by each Fund&#146;s portfolio
management team.  The Advisor and the portfolio management team have established monitoring procedures, a protocol for supervisory reviews, as well as compliance oversight to ensure that potential conflicts of interest relating to this type of activity are properly addressed.</font></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>The Advisor is owned by Deutsche Bank AG, a multi-national financial services company.  Therefore, the Advisor is affiliated with a variety of entities that provide, and/or engage in commercial banking, insurance, brokerage, investment banking, financial advisory, broker-dealer activities (including sales and trading), hedge funds, real estate and private equity investing, in addition to the provision of investment</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>management services to institutional and individual investors.  Since Deutsche Bank AG, its affiliates, directors, officers and employees (the &#147;Firm&#148;) are engaged in businesses and have interests other than managing asset management accounts, such other activities involve real, potential or apparent conflicts of interest.   These interests and activities include potential advisory, transactional and financial activities and other interests in securities and companies that may be directly or indirectly purchased or sold by the Firm for its clients&#146; advisory accounts.  These are considerations of which advisory clients should be aware and which may cause conflicts that could be to the disadvantage of the Advisor&#146;s advisory clients.  The Advisor has instituted business and compliance policies, procedures and disclosures that are designed to identify, monitor and mitigate
conflicts of interest and, as appropriate, to report them to the Fund&#146;s Board.</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="655" style='border-collapse:collapse'>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 9.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><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-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="649" style='margin-left:4.65pt;border-collapse:collapse'>
    <tr style='height:15.75pt'>
        <td width="217" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:solid black 1.0pt;border-bottom:none;border-right:none;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='border:solid black 1.0pt; border-bottom:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td width="96" nowrap valign=bottom style='border:solid black 1.0pt; border-bottom:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</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="649" style='margin-left:4.65pt;border-collapse:collapse'>
    <tr style='height:103.5pt'>
        <td width="217" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:103.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Period</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:103.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total Number of Shares Purchased&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:103.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Average Price Paid per Share&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:103.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:103.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><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 width="217" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="217" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>January 1 through January 31</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.00</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="217" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>February 1 through February 28*</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>4,960,940</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$16.89</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="217" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>March 1 through March 31</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.00</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="217" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>April 1 through April 30</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.00</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="217" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>May 1 through May 31</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.00</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="217" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>June 1 through June 30**</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>32,900</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$16.61</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="217" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>July 1 through July 31**</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>30,900</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$15.01</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="217" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 1 through August 31**</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>19,600</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$14.30</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="217" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>September 1 through September 30**</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>47,700</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$12.19</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="217" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>October 1 through October 31**</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>79,800</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$7.45</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="217" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>November 1 through November 30**</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>1,300</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$8.03</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="217" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>December 1 through December 31**</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>66,600</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$6.66</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="217" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:solid black 1.0pt; border-right:none;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='border:solid black 1.0pt; border-top:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='border:solid black 1.0pt; border-top:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="217" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:solid black 1.0pt; border-right:none;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total </font></p> </td>
        <td width="96" nowrap valign=bottom style='border:solid black 1.0pt; border-top:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>5,239,740</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$10.48</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="217" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <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="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <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="144" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td  colspan="5" style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><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> </td> </tr>
    <tr style='height:15.75pt'>
        <td  nowrap colspan="5" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>** All shares were purchased in open market transactions.</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="655" style='border-collapse:collapse'>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 10.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><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>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

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


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

<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="655" style='border-collapse:collapse'>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 11.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>CONTROLS AND PROCEDURES</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chief Executive and Financial Officers concluded that the Registrant&#146;s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no changes in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal controls over financial reporting.</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 12.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>EXHIBITS</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.</font></p> </td> </tr></table>
</div>

<p style=' margin-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 TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>
</DIV>


<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Form N-CSR Item F</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>

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


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


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


<div align=left>

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



<div align=left>

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

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

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="289" style='border-collapse:collapse; '>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="97" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>March 2, 2009</font></p> </td> </tr></table>
</div>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</font></p>

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


<div align=left>

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


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


<div align=left>

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



<div align=left>

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

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

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="289" style='border-collapse:collapse; '>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="97" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>March 2, 2009</font></p> </td> </tr></table>
</div>

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

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


<div align=left>

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



<div align=left>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 2, 2009</font></p>



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



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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>9
<FILENAME>code_ethics010109.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:-0.79in;text-align:left;'><img src="img1.jpg"><br> </p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.95in;text-align:left;'><font color="#001C9B"><font size=6>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.94in;text-align:left;'><font color="#333399"><b><font size=6>DWS Investments </font></b></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.94in;text-align:left;'><font color="#333399"><b><font size=5>Principal Executive and Principal Financial Officer Code of Ethics</font><font size=6> </font></b></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.94in;text-align:left;'><font color="#333399"><font size=6>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.94in;text-align:left;'><font color="#333399"><b><font size=2>For the Registered Management Investment Companies Listed on Appendix A</font></b></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font color="#333399"><font size=2>&nbsp;</font></font></p>

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

<p style=' margin-bottom:0pt; margin-top: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 color="#333399"><font size=2>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font color="#333399"><b><font size=1>Effective Date</font></b></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font color="#333399"><b><font size=1>[January 31, 2005]</font></b></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;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=3>Table of Contents</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><u><b><font size=2><a href="#TOC2">Page NumberPage Number</a></font></b></u></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="703" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:6.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="656" nowrap valign=top style='padding:6.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC3"><U><B><font SIZE=3>I.</font></B></U>                                     <u><b><font size=3>Overview</font></b></u></a></p> </td>
        <td width="31" nowrap valign=top style='padding:6.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC3"><u><b><font size=3>3</font></b></u></a></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="703" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:6.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="656" nowrap valign=top style='padding:6.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC4"><U><B><font SIZE=3>II.</font></B></U>                               <u><b><font size=3>Purposes of the Officer Code</font></b></u></a></p> </td>
        <td width="31" nowrap valign=top style='padding:6.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC4"><u><b><font size=3>3</font></b></u></a></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="703" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:6.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="656" nowrap valign=top style='padding:6.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC5"><U><B><font SIZE=3>III.</font></B></U>                         <u><b><font size=3>Responsibilities of Covered Officers</font></b></u></a></p> </td>
        <td width="31" nowrap valign=top style='padding:6.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC5"><u><b><font size=3>4</font></b></u></a></p> </td> </tr></table>
</div>



<div align=left>

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    <tr >
        <td width="32" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="640" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC6"><U><B><font SIZE=3>A.</font></B></U>                              <u><b><font size=3>Honest and Ethical Conduct</font></b></u></a></p> </td>
        <td width="31" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC6"><u><b><font size=3>4</font></b></u></a></p> </td> </tr></table>
</div>



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    <tr >
        <td width="32" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="640" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC7"><U><B><font SIZE=3>B.</font></B></U>                               <u><b><font size=3>Conflicts of Interest</font></b></u></a></p> </td>
        <td width="31" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC7"><u><b><font size=3>4</font></b></u></a></p> </td> </tr></table>
</div>



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    <tr >
        <td width="32" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="640" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC8"><U><B><font SIZE=3>C.</font></B></U>                              <u><b><font size=3>Use of Personal Fund Shareholder Information</font></b></u></a></p> </td>
        <td width="31" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC8"><u><b><font size=3>6</font></b></u></a></p> </td> </tr></table>
</div>



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    <tr >
        <td width="32" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="640" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC9"><U><B><font SIZE=3>D.</font></B></U>                              <u><b><font size=3>Public Communications</font></b></u></a></p> </td>
        <td width="31" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC9"><u><b><font size=3>6</font></b></u></a></p> </td> </tr></table>
</div>



<div align=left>

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    <tr >
        <td width="32" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC10"><U><B><font SIZE=3>E.</font></B></U>                                <u><b><font size=3>Compliance with Applicable Laws, Rules and Regulations</font></b></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC10"><u><b><font size=3>6</font></b></u></a></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC11"><U><B><font SIZE=3>IV.</font></B></U>                        <u><b><font size=3>Violation Reporting</font></b></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC13"><u><b><font size=3>7</font></b></u></a></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC14"><u><b><font size=3>7</font></b></u></a></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12pt;margin-bottom:.0001pt'><B><font SIZE=3>I.</font></B></p>  </td>
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<p style=' margin-bottom:3pt; margin-top:12pt; margin-left:1in;text-align:left;'><b><font size=3>Overview</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; margin-left:0.5in;text-align:justify;'><font size=2>This Principal Executive Officer and Principal Financial Officer Code of Ethics (&#147;Officer Code&#148;) sets forth the policies, practices, and values expected to be exhibited in the conduct of the Principal Executive Officers and Principal Financial Officers of the investment companies (&#147;Funds&#148;) they serve (&#147;Covered Officers&#148;).  A list of Covered Officers and Funds is included on Appendix A.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>The Boards of the Funds listed on Appendix A have elected to implement the Officer Code, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the SEC&#146;s rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>Deutsche Asset Management, Inc. or its affiliates (&#147;DeAM&#148;) serves as the investment adviser to each Fund.  All Covered Officers are also employees of DeAM or an affiliate.  Thus, in addition to adhering to the Officer Code, these individuals must comply with DeAM policies and procedures, such as the DeAM Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940.<sup>1</sup>  In addition, such individuals also must comply with other applicable Fund policies and procedures.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>The DeAM Compliance Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of the Fund&#146;s Board (or committee thereof), is primarily responsible for implementing and enforcing this Code.  The Compliance Officer has the authority to interpret this Officer Code and its applicability to particular circumstances. Any questions about the Officer Code should be directed to the DeAM Compliance Officer.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>The DeAM Compliance Officer and his or her contact information can be found in Appendix A.</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Purposes of the Officer Code</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>The purposes of the Officer Code are to deter wrongdoing and to:</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>promote honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>promote full, fair, accurate, timely and understandable disclosures in reports and documents that the Funds file with or submit to the SEC (and in other public communications from the Funds) and that are within the Covered Officer&#146;s responsibilities;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>promote compliance with applicable laws, rules and regulations;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>encourage the prompt internal reporting of violations of the Officer Code to the DeAM Compliance Officer; and </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left: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="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>establish accountability for adherence to the Officer Code.</font></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><sup>1&nbsp;</sup></font><font size=1>The obligations imposed by the Officer Code are separate from, and in addition to, any obligations imposed under codes of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, and any other code of conduct applicable to Covered Officers in whatever capacity they serve.  The Officer Code does not incorporate any of those other codes and, accordingly, violations of those codes will not necessarily be considered violations of the Officer Code and waivers granted under those codes would not necessarily require a waiver to be granted under this Code.  Sanctions imposed under those codes may be considered in determining appropriate sanctions for any violation of this Code.</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; margin-left:0.5in;text-align:left;'><font size=2>Any questions about the Officer Code should be referred to DeAM&#146;s Compliance Officer.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>
<a name="toc5"></a>&nbsp;


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=3>III.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Responsibilities of Covered Officers</font></b></p> </td> </tr></table>
</div>

<a name="toc6"></a>&nbsp;


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>A.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Honest and Ethical Conduct</font></b></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>It is the duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Officer Code and any other applicable policies and procedures designed to promote this behavior.  Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the Fund(s) they serve.   Covered Officers must be honest and candid while maintaining confidentiality of information where required by law, DeAM policy or Fund policy.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>Covered Officers also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting or being misleading about material facts or allowing their independent judgment to be subordinated.  Covered Officers also should maintain skills appropriate and necessary for the performance of their duties for the Fund(s).  Covered Officers also must responsibly use and control all Fund assets and resources entrusted to them. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>Covered Officers may not retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Officer Code or applicable laws or regulations.  Covered Officers should create an environment that encourages the exchange of information, including concerns of the type that this Code is designed to address.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc7"></a>&nbsp;


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>B.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Conflicts of Interest</font></b></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>A &#147;conflict of interest&#148; occurs when a Covered Officer&#146;s personal interests interfere with the interests of the Fund for which he or she serves as an officer. Covered Officers may not improperly use their position with a Fund for personal or private gain to themselves, their family, or any other person.  Similarly, Covered Officers may not use their personal influence or personal relationships to influence decisions or other Fund business or operational matters where they would benefit personally at the Fund&#146;s expense or to the Fund&#146;s detriment.  Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund&#146;s expense or to the Fund&#146;s detriment.  Some examples of conflicts of interest follow (this is not an all-inclusive list):  being in the position of supervising, reviewing or having any
influence on the job evaluation, pay or benefit of any immediate family member who is an employee of a Fund service provider or is otherwise associated with the Fund; or having an ownership interest in, or having any consulting or employment relationship with, any Fund service provider other than DeAM or its affiliates. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act.  For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as &#147;affiliated persons&#148; of the Fund.  Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior could be considered a violation of this Code. </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; margin-left:0.5in;text-align:justify;'><font size=2>As to conflicts arising from, or as a result of the advisory relationship (or any other relationships) between the Fund and DeAM, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to DeAM&#146;s fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for DeAM, or for both) be involved in establishing policies and implementing decisions which will have different effects on DeAM and the Fund.  The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between the Fund and DeAM, and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Fund.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer&#146;s duties to the Fund and his or her personal interests beyond those contemplated or anticipated by applicable regulatory schemes.  If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the DeAM Compliance Officer.  If a Covered Officer, in lieu of reporting such a matter to the DeAM Compliance Officer, may report the matter directly to the Fund&#146;s Board (or committee thereof), as appropriate (e.g., if the conflict involves the DeAM Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter to the DeAM Compliance Officer).</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, DeAM personnel aware of the matter should promptly contact the DeAM Compliance Officer.  There will be no reprisal or retaliation against the person reporting the matter. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>Upon receipt of a report of a possible conflict, the DeAM Compliance Officer will take steps to determine whether a conflict exists.  In so doing, the DeAM Compliance Officer may take any actions he or she determines to be appropriate in his or her sole discretion and may use all reasonable resources, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.<sup>2</sup>  The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund&#146;s Board (or committee thereof).  Otherwise, such costs will be borne by DeAM or other appropriate Fund service provider.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>After full review of a report of a possible conflict of interest, the DeAM Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists.  If, however, the DeAM Compliance Officer determines that an actual conflict exists, the Compliance Officer will resolve the conflict solely in the interests of the Fund, and will report the conflict and its resolution to the Fund&#146;s Board (or committee thereof).  If the DeAM Compliance Officer determines that the appearance of a conflict exists, the DeAM Compliance Officer will take appropriate steps to remedy such appearance.  In lieu of determining whether a conflict exists and/or resolving a conflict, the DeAM Compliance Officer instead may refer the matter to the Fund&#146;s Board (or committee thereof), as appropriate.  However, the DeAM Compliance Officer must refer the matter to the Fund&#146;s Board (or
committee thereof) if the DeAM Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>After responding to a report of a possible conflict of interest, the DeAM Compliance Officer will discuss the matter with the person reporting it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate).</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><sup>2&nbsp;</sup></font><font size=1>For example, retaining a Fund&#146;s independent accounting firm may require pre-approval by the Fund&#146;s audit committee.</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; margin-left:0.5in;text-align:justify;'><font size=2>Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>Solely because a conflict is disclosed to the DeAM Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the DeAM Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from the Code&#146;s requirements.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the DeAM Compliance Officer.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc8"></a>&nbsp;


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>C.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Use of Personal Fund Shareholder Information</font></b></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>A Covered Officer may not use or disclose personal information about Fund shareholders, except in the performance of his or her duties for the Fund.  Each Covered Officer also must abide by the Funds&#146; and DeAM&#146;s privacy policies under SEC Regulation S-P. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc9"></a>&nbsp;


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>D.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Public Communications</font></b></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; margin-left:0.5in;text-align:justify;'><font size=2>In connection with his or her responsibilities for or involvement with a Fund&#146;s public communications and disclosure documents (e.g., shareholder reports, registration statements, press releases), each Covered Officer must provide information to Fund service providers (within the DeAM organization or otherwise) and to the Fund&#146;s Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>Further, within the scope of their duties, Covered Officers having direct or supervisory authority over Fund disclosure documents or other public Fund communications will, to the extent appropriate within their area of responsibility, endeavor to ensure full, fair, timely, accurate and understandable disclosure in Fund disclosure documents.  Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate creation and review of all public reports and regulatory filings.  Within the scope of his or her responsibilities as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Fund, as well as the business and financial operations of the Fund.  Each Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes and procedures,
including DeAM&#146;s Disclosure Controls and Procedures, which govern the process by which Fund disclosure documents are created and reviewed.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>To the extent that Covered Officers participate in the creation of a Fund&#146;s books or records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc10"></a>&nbsp;


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>E.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Compliance with Applicable Laws, Rules and Regulations</font></b></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>In connection with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations, accounting standards, and Fund policies/procedures that apply to his or her role, responsibilities and duties with respect to the Funds (&#147;Applicable Laws&#148;). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.  </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; margin-left:0.5in;text-align:justify;'><font size=2>If a Covered Officer knows of any material violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly report the matter to the DeAM Compliance Officer.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc11"></a>&nbsp;


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=3>IV.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Violation Reporting</font></b></p> </td> </tr></table>
</div>

<a name="toc12"></a>&nbsp;


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>A.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Overview</font></b></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>Each Covered Officer must promptly report to the DeAM Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code.  Failure to report a violation may be a violation of the Officer Code.</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-indent:0.5in;text-align:left;'><font size=2>Examples of violations of the Officer Code include, but are not limited to, the following:</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>Unethical or dishonest behavior </font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>Obvious lack of adherence to policies surrounding review and approval of public communications and regulatory filings</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>Failure to report violations of the Officer Code</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>Known or obvious deviations from Applicable Laws</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>Failure to acknowledge and certify adherence to the Officer Code</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; margin-left:0.5in;text-align:justify;'><font size=2>The DeAM Compliance Officer has the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known or suspected Code violations, including consulting with the Fund&#146;s Board, the independent Board members, a Board committee, the Fund&#146;s legal counsel and/or counsel to the independent Board members.  The Compliance Officer also has the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.<sup>3</sup> The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund&#146;s Board (or committee thereof).  Otherwise, such costs will be borne by DeAM.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc13"></a>&nbsp;


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>B.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>How to Report</font></b></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>Any known or suspected violations of the Officer Code must be promptly reported to the DeAM Compliance Officer.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc14"></a>&nbsp;


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>C.</font></B></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Process for Violation Reporting to the Fund Board</font></b></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>The DeAM Compliance Officer will promptly report any violations of the Code to the Fund&#146;s Board (or committee thereof). </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc15"></a>&nbsp;


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>D.</font></B></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Sanctions for Code Violations</font></b></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>Violations of the Code will be taken seriously.  In response to reported or otherwise known violations, DeAM and the relevant Fund&#146;s Board may impose sanctions within the scope of their respective authority over the Covered Officer at issue.  Sanctions imposed by DeAM could include termination of employment.  Sanctions imposed by a Fund&#146;s Board could include termination of association with the Fund.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><sup>3&nbsp;</sup></font><font size=1>For example, retaining a Fund&#146;s independent accounting firm may require pre-approval by the Fund&#146;s audit committee.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<a name="toc16"></a>&nbsp;


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        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=3>V.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Waivers from the Officer Code</font></b></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; margin-left:0.5in;text-align:justify;'><font size=2>A Covered Officer may request a waiver from the Officer Code by transmitting a written request for a waiver to the DeAM Compliance Officer.<sup>4</sup>  The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying purposes of the Officer Code. The DeAM Compliance Officer will present this information to the Fund&#146;s Board (or committee thereof).  The Board (or committee) will determine whether to grant the requested waiver.  If the Board (or committee) grants the requested waiver, the DeAM Compliance Officer thereafter will monitor the activities subject to the waiver, as appropriate, and will promptly report to the Fund&#146;s Board (or committee thereof) regarding such activities, as appropriate.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>The DeAM Compliance Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font color="#000080"><font size=2>&nbsp;</font></font></p>
<a name="toc17"></a>&nbsp;


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        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=3>VI.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Amendments to the Code</font></b></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>The DeAM Compliance Officer will review the Officer Code from time to time for its continued appropriateness and will propose any amendments to the Fund&#146;s Board (or committee thereof) on a timely basis.  In addition, the Board (or committee thereof) will review the Officer Code at least annually for its continued appropriateness and may amend the Code as necessary or appropriate. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>The DeAM Compliance Officer will coordinate and facilitate any required public disclosures of Code amendments.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc18"></a>&nbsp;


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        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=3>VII.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Acknowledgement and Certification of Adherence to the Officer Code</font></b></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>Each Covered Officer must sign a statement upon appointment as a Covered Officer and annually thereafter acknowledging that he or she has received and read the Officer Code, as amended or updated, and confirming that he or she has complied with it (see Appendix B: Acknowledgement and Certification of Obligations Under the Officer Code).</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>Understanding and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer&#146;s obligation.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>The DeAM Compliance Officer will maintain such Acknowledgements in the Fund&#146;s books and records.</font></p>

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


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        <td width="24" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="72" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=3>VIII.</font></B></p> </td>
        <td width="248" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Scope of Responsibilities</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.53in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.53in;text-align:left;'><font size=2>A Covered Officer&#146;s responsibilities under the Officer Code are limited to:</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><sup>4&nbsp;</sup></font><font size=1>Of course, it is not a waiver of the Officer Code if the Fund&#146;s Board (or committee thereof) determines that a matter is not a deviation from the Officer Code&#146;s requirements or is otherwise not covered by the Code.</font></p>


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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" 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:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Fund matters over which the Officer has direct responsibility or control, matters in which the Officer routinely participates, and matters with which the Officer is otherwise involved (</font><i><font size=2>i.e.</font></i><font size=2>, matters within the scope of the Covered Officer&#146;s responsibilities as a Fund officer); and</font></p> </td> </tr></table>
</div>



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        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" 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:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Fund matters of which the Officer has actual knowledge.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc19"></a>&nbsp;


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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 3.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 3.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=3>IX.</font></B></p> </td>
        <td width="156" nowrap valign=top style='padding:12.0pt 0in 3.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Recordkeeping</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:3pt; margin-top:12pt; margin-left:0.25in; text-indent:0.25in;text-align:justify;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>The DeAM Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Officer Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc20"></a>&nbsp;


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        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=3>X.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Confidentiality</font></b></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>All reports and records prepared or maintained pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly.  Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the DeAM Compliance Officer, the Fund&#146;s Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.</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; margin-left:0.5in;text-align:left;'>
<b><font size=3><a name="toc21"></a>Appendices</font></b></p>

<p style=' margin-bottom:3pt; margin-top:12pt; margin-left:0.5in;text-align:left;'><b><font size=2><a name="toc22"></a>Appendix A:  </font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt; margin-left:0.5in;text-align:left;'><b><font size=2>List of Officers Covered under the Code, by Board:</font></b></p>

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

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


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<table border="0" cellspacing=0 cellpadding=0 width="708" style='margin-left:0in;border-collapse:collapse;  '>
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        <td width="228" valign=top style='border-top:double 2.25pt; border-left:double 2.25pt;border-bottom:solid 1.0pt;border-right:solid 1.0pt; border-color:black;  background:white;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Fund Board</font></b></p> </td>
        <td width="168" valign=top style='border-top:double black 2.25pt; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  background:white;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Principal Executive Officers</font></b></p> </td>
        <td width="156" valign=top style='border-top:double black 2.25pt; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  background:white;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Principal Financial Officers</font></b></p> </td>
        <td width="156" valign=top style='border-top:double black 2.25pt; border-left:none;border-bottom:solid black 1.0pt;border-right:double black 2.25pt;  background:white;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Treasurer</font></b></p> </td> </tr>
    <tr >
        <td width="228" valign=top style='border-top:none;border-left: double black 2.25pt;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Funds</font></p> </td>
        <td width="168" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael Clark</font></p> </td>
        <td width="156" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td>
        <td width="156" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:double black 2.25pt;   padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td> </tr>
    <tr >
        <td width="228" valign=top style='border-top:none;border-left: double black 2.25pt;border-bottom:double black 2.25pt;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Germany*</font></p> </td>
        <td width="168" valign=top style='border-top:none;border-left: none;border-bottom:double black 2.25pt;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael Clark</font></p> </td>
        <td width="156" valign=top style='border-top:none;border-left: none;border-bottom:double black 2.25pt;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td>
        <td width="156" valign=top style='border-top:none;border-left: none;border-bottom:double black 2.25pt;border-right:double black 2.25pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td> </tr></table>
</div>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="514" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="499" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>* Central Europe and Russia, European Equity, and New Germany Funds</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:3pt; margin-top:12pt; margin-left:0.5in;text-align:left;'><b><font size=2>DeAM Compliance Officer:</font></b></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>212-454-7443</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>212-454-4703 fax</font></p>

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

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="683" style='border-collapse:collapse'>
    <tr >
        <td width="539" nowrap valign=top style='padding:12.0pt 0in 3.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 3.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>As of:</font></b></p> </td>
        <td width="96" nowrap valign=top style='padding:12.0pt 0in 3.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>Jan 1, 2009</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:3pt; margin-top:12pt;text-align:right;'><b><font size=2>Appendix B: Acknowledgement and Certification </font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=4>Initial Acknowledgement and Certification</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=4>of Obligations Under the Officer Code</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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    <tr >
        <td width="15" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="235" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Print Name</font></p> </td>
        <td width="188" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Department</font></p> </td>
        <td width="141" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Location</font></p> </td>
        <td width="86" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Telephone</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;border-top:solid 0.5pt;padding-top:1;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;border-top:solid 0.5pt;padding-top:1;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;border-top:solid 0.5pt;padding-top:1;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I acknowledge and certify that I am a Covered Officer under the DWS Investments Principal Executive and Financial Officer Code of Ethics (&#147;Officer Code&#148;), and therefore subject to all of its requirements and provisions.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have disclosed any conflicts of interest of which I am aware to the DeAM Compliance Officer.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I will act in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I will report any known or suspected violations of the Officer Code in a timely manner to the DeAM Compliance Officer.</font></p> </td> </tr></table>
</div>


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

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Signature</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>Date</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:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=4>Annual Acknowledgement and Certification</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=4>of Obligations Under the Officer Code</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="664" style='border-collapse:collapse'>
    <tr >
        <td width="15" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="235" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Print Name</font></p> </td>
        <td width="188" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Department</font></p> </td>
        <td width="141" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Location</font></p> </td>
        <td width="86" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Telephone</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;border-top:solid 0.5pt;padding-top:1;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;border-top:solid 0.5pt;padding-top:1;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;border-top:solid 0.5pt;padding-top:1;'><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 style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I acknowledge and certify that I am a Covered Officer under the DWS Investments Principal Executive and Financial Officer Code of Ethics (&#147;Officer Code&#148;), and therefore subject to all of its requirements and provisions.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have adhered to the Officer Code.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have not knowingly been a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts of interest that I did not report to the DeAM Compliance Officer in accordance with the Officer Code&#146;s requirements.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have acted in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6.</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>With respect to the duties I perform for the Fund as a Fund officer, I believe that effective processes are in place to create and file public reports and documents in accordance with applicable regulations.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>7.</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>With respect to the duties I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under my supervision for compliance with Applicable Laws.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>8.</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reported any known or suspected violations of the Officer Code in a timely manner to the DeAM Compliance Officer.</font></p> </td> </tr></table>
</div>


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

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

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

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

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="579" style='border-collapse:collapse'>
    <tr >
        <td width="15" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="515" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Signature</font></p> </td>
        <td width="49" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date</font></p> </td> </tr></table>
</div>


<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; margin-left:0.5in;text-align:left;'><b><font size=2><a name="toc24"></a>Appendix C:  Definitions</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; margin-left:0.5in;text-align:left;'><b><font size=2>Principal Executive Officer</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>Individual holding the office of President of the Fund or series of Funds, or a person performing a similar function.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><b><font size=2>Principal Financial Officer</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>Individual holding the office of Treasurer of the Fund or series of Funds, or a person performing a similar function.</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; margin-left:0.5in;text-align:left;'><b><font size=2>Registered Investment Management Investment Company</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>Registered investment companies other than a face-amount certificate company or a unit investment trust.</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>A waiver is an approval of an exemption from a Code requirement.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><b><font size=2>Implicit Waiver</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>An implicit waiver is the failure to take action within a reasonable period of time regarding a material departure from a requirement or provision of the Officer Code that has been made known to the DeAM Compliance Officer or the Fund&#146;s Board (or committee thereof).</font></p>


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


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end
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>11
<FILENAME>cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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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-CSR Certification under Sarbanes Oxley Act</font></b></p>

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

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

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

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

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


<div align=left>

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


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='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='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>



<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>(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>March 2, 2009</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>


<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: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-CSR Certification under Sarbanes Oxley Act</font></b></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Paul Schubert, certify that: </font></p>

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


<div align=left>

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


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, 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='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='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='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='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>



<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>(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>March 2, 2009</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>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>14
<FILENAME>cert906.htm
<DESCRIPTION>906 CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<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-CSR;</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSR (the &#147;Report&#148;) fully complies with the requirements of &sect; 13 (a) or &sect;15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p> </td> </tr></table>
</div>


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

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

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>March 2, 2009</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>


<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:right;'>
<img src="img2.gif"><br> </p>

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

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

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

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>Chief Financial Officer and Treasurer</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Section 906 Certification under Sarbanes Oxley Act</font></b></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Paul Schubert, certify that: </font></p>

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


<div align=left>

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


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSR (the &#147;Report&#148;) fully complies with the requirements of &sect; 13 (a) or &sect;&nbsp;15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p> </td> </tr></table>
</div>


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

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>March 2, 2009</font></p> </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Paul Schubert </font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>Chief Financial Officer and Treasurer</font></font></p>  </td> </tr>
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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>


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