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<SEC-DOCUMENT>0000088053-09-001012.txt : 20090902
<SEC-HEADER>0000088053-09-001012.hdr.sgml : 20090902
<ACCEPTANCE-DATETIME>20090902164551
ACCESSION NUMBER:		0000088053-09-001012
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20090630
FILED AS OF DATE:		20090902
DATE AS OF CHANGE:		20090902
EFFECTIVENESS DATE:		20090902

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05983
		FILM NUMBER:		091051394

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LENOX FUND INC
		DATE OF NAME CHANGE:	19900115
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>sr063009ngf.htm
<DESCRIPTION>THE NEW GERMANY FUND
<TEXT>
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<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-CSRS</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="295" style='border-collapse:collapse'>
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        <td width="211" 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="84" 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>
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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: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:left;'><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 size=2> (Address of Principal Executive Offices) (Zip 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: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>


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        <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>
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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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<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>06/30/09</font></u></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;'><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 style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<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 at www.dws-investments.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">&#149;&nbsp;&nbsp;The European Equity Fund, Inc.&#151;investing primarily in equity and equity-linked securities of companies domiciled in countries utilizing the Euro currency (with normally at least 80% in securities of issuers in such countries).</font></p>
<p><font face="Times New Roman" size="1">&#149;&nbsp;&nbsp;The New Germany Fund, Inc.&#151;investing primarily in the middle market German companies with up to 20% in other Western European companies (with no more than 10% in any single country). </font></p>
<p><font face="Times New Roman" size="1">&#149;&nbsp;&nbsp;The Central Europe and Russia Fund, Inc.&#151;investing primarily in equity and equity-linked securities of issuers domiciled in Central Europe and Russia (with normally at least 80% in securities of issuers in such countries). </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="j09170682_zc007.jpg"></p>
<p align="center"><font face="Times New Roman" size="3"><b>The New Germany Fund, Inc.</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>Semi-Annual Report</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>June 30, 2009</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">Improving leading economic indicators and the reduction of risk aversion were the main drivers of strong equity markets in the second quarter of 2009. Results of some banks and cyclicals were better than expected for the first quarter. Many companies used the improvement in equity markets and investor sentiment to increase their capital and strengthen their balance sheets. </font></p>
<p><font face="Times New Roman" size="2">A sudden shift in investors' risk appetite saw equity markets strongly recovered from their steep losses in the first quarter. European and German equity indices rose more than 30% from their March lows. During the second quarter, Germany's large cap index, the DAX, posted its best quarterly performance since the fourth quarter of 2003, and the German small and midcap indices outperformed the large caps.<sup>1</sup> Within the fund's benchmark, the telecommunications, information technology and consumer staples sectors posted the best performance, while health care and consumer discretionary lagged. With increasing market confidence over the second quarter of 2009, investors started screening for cyclical value exposure with especially higher leveraged stocks starting to outperform as capital markets started to normalize.</font></p>
<p><font face="Times New Roman" size="2">For the six months ended June 30, 2009, the fund's total return was 8.73% based on net asset value and 7.35% based on share price. During the same period, the total return of the Fund's benchmark, the Midcap Market Performance Index, gained 7.33%.<sup>2</sup></font></p>
<p><font face="Times New Roman" size="2">The fund's performance during the first half of 2009 benefited most from its positioning in the consumer discretionary, industrials, and materials sectors while information technology and consumer staples were a drag on performance. We kept our underweight in the consumer staples sector and decreased our weight in the consumer discretionary sector by selling the position in TUI.<sup>3</sup> The fund had an overweight position in Praktiker, the second largest do-it-yourself retailer in Germany with a leading presence in several Eastern European countries, which was on of the top outperformers of the Mid Cap Market index in the second quarter, after having hurt fund performance in the first quarter of 2009. Having no exposure to Arcandor, the now insolvent department store operator in Germany, helped the fund's performance during the first half of 2009. Our neutral position in the technology sector burdened the fund's performance based on the
effects of stock selection. Software AG was among the top detractors of the fund's performance after the company's first quarter results disappointed the market. In addition, the fund's underweight positions in outperforming Infineon (semiconductors) and Aixtron, the world leader in compound semiconductor equipment, were a drag on performance. In the industrials sector, the fund's underweight in EADS, an aerospace and defence company, was the strongest contributor to performance, further boosted by the fund's overweight positioning in Rheinmetall and ElringKlinger, both in the automotive sector. Within the financial sector, the fund's underweight position in Hypo Real Estate contributed positively to performance.</font></p>
<p><font face="Times New Roman" size="2">The fund purchased 447,200 of its shares in the open market during the first six months of 2009. The fund's discount to net asset value averaged 23.12% for the six months ending June 30, 2009, compared with 13.49% for the same period last year.</font></p>
<p><font face="Times New Roman" size="1">The sources, opinions and forecasts expressed are as of the date of this report. There is no guarantee that the views, opinions and forecasts expressed herein will come to pass. This information is subject to change at any time based on market and other conditions and should not be construed as a recommendation for any specific security. Past performance does not guarantee future results.</font></p>
<p><font face="Times New Roman" size="1"><sup>1</sup>&nbsp;&nbsp;The DAX is the total rate of return index of 30 selected German blue chips stocks traded on the Frankfurt stock exchange</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>1</font></p>
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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="1"><sup>2</sup>&nbsp;&nbsp;The Midcap Market Performance Index is a total return index that is composed of various MDAX and TecDAX issues, reflecting the performance of the mid-caps across all sectors of the Prime Segment. MDAX is a total rate of return index of 50 midcap issues that rank below the DAX. TecDAX is a total return index that tracks the 30 largest and most liquid issues from the various technology sectors of the Prime Segment beneath the DAX.</font></p>
<p><font face="Times New Roman" size="1">Index returns assume reinvested dividends and, unlike fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.</font></p>
<p><font face="Times New Roman" size="1"><sup>3</sup>&nbsp;&nbsp;"Overweight" means the fund holds a higher weighting in a given sector or security than the benchmark. "Underweight" means the fund holds a lower weighting.</font></p>
<p><font face="Times New Roman" size="1">Sincerely,</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="75" align="left" valign="top">
<img src="j09170682_ba002.jpg">
</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="left" valign="top">
<img src="j09170682_ba003.jpg">
</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="left" valign="top">
<img src="j09170682_ba004.jpg">
</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="75" align="left" valign="top">
<font face="Times New Roman" size="1">Christian Strenger<BR></font><font face="Times New Roman" size="1">Chairman</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="left" valign="top">
<font face="Times New Roman" size="1">Ralf Oberbannscheidt<BR></font><font face="Times New Roman" size="1">Lead Portfolio Manager</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="left" valign="top">
<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 colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman" size="1">The sources, opinions and forecasts expressed are as of the date of this report. There is no guarantee that the views, opinions and forecasts expressed herein will come to pass. This information is subject to change at any time based on market and other conditions and should not be construed as a recommendation for any specific security. Past performance does not guarantee future results.</font></p>
<p align="center"><font face="Times New Roman" size="1"><b>For additional information about the Fund including performance, dividends, presentations, press releases, daily NAV and shareholder reports, please visit www.newgermanyfund.com</b></font></p>
<p align="center"><font size="2" face="Times New Roman"><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">In Germany, the ZEW Index rose to its highest level since May 2006 and the IFO expectations index rose for the sixth month in a row, but economic data remained weak amid the ongoing recession.<sup>1</sup> German gross domestic product (GDP, the value of all goods and services produced in the economy) contracted by 3.8% in the first quarter of 2009. At the end of the second quarter 2009, German GDP was -5.9%. The European Central Bank (ECB) cut its 2009 GDP forecast for the Eurozone to -5.1%.<sup>2</sup> Unemployment in Germany drifted up from 7.7% at the end of 2008 to 8.3% at the end of the first half of 2009. Overall, economic data were mixed on balance but the trend was mildly positive, compared to admittedly, very low levels, indicating that the pace of economic slowdown has moderated. Policy makers continued their supportive actions: the ECB cut key interest rates by another 50 basis points to a new record-low of 1.0%. In addition, the
ECB said it will lend banks EUR 442 billion at 1% interest for 12 months, the most it has ever allotted in an auction, as it steps up efforts to unblock credit markets in the 16-nation euro region. If leading economic indicators, supported by an unprecedented monetary expansion and sizeable fiscal stimuli packages around the world, continue to improve, risk aversion should further normalize and hence equities should perform well in the second half of 2009, especially as higher than normal levels of cash are still on the sidelines. Although there is clearly some risk to the economic recovery scenario, in the past equity markets showed the strongest performance while ISM indicators recovered from the trough to levels around 50.<sup>3</sup></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 ZEW Index is a sentiment measure for German investor confidence. 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. 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>2</sup>&nbsp;&nbsp;The Eurozone refers to a currency union among the European Union member states that have adopted the euro as their sole currency.</font></p>
<p><font face="Times New Roman" size="1"><sup>3</sup>&nbsp;&nbsp;The ISM Manufacturing Index is a monthly index released by the Institute of Supply Management which tracks the amount of manufacturing activity that occurred in the previous month.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>3</font></p>
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<p align="left"><font face="Times New Roman" size="2"><b>FUND HISTORY AS OF JUNE 30, 2009</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.dws-investments.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 border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="88" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="101" align="center" valign="bottom">
<font face="Times New Roman" size="1"><b>For the<BR></b></font><font face="Times New Roman" size="1"><b>six-months<BR></b></font><font face="Times New Roman" size="1"><b>ended June 30,</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="404" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For the years ended December 31,</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="88" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="101" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2009</b></font><font face="Times New Roman" size="1"><b>(c)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2008</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2007</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2006</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2005</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2004</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="88" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Net Asset Value</font><font face="Times New Roman" size="1">(a)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">8.73</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">(46.75</font></td>
<td colspan="1" width="34" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">)%</font><font face="Times New Roman" size="1">(b)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">25.17</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">43.94</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">13.68</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">24.44</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="88" align="left" valign="bottom">
<font face="Times New Roman" size="2">Market Value</font><font face="Times New Roman" size="1">(a)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font face="Times New Roman" size="2">7.35</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman" size="2">(53.32</font></td>
<td colspan="1" width="34" align="left" valign="bottom">
<font face="Times New Roman" size="2">)%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">25.14</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">44.13</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">18.94</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">30.50</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="88" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Benchmark</font><font face="Times New Roman" size="1">(1)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">7.33</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">(47.86</font></td>
<td colspan="1" width="34" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">22.10</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">42.51</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">14.17</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">23.46</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" 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="2">&nbsp;&nbsp;</font><font face="Times New Roman" size="1">(c)</font><font face="Times New Roman" size="2">&nbsp;&nbsp;Total returns shown for the six-month period are not annualized.</font></p>
<p><font face="Times New Roman" size="1">(1)</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;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 size="2" face="Times New Roman"><br>4</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=4,FOLIO='4',FILE='09-17068-2.bc',USER='dkucera',CD='Aug 27 07:27 2009' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>FUND HISTORY AS OF JUNE 30, 2009 (continued)</b></font></p>
<p align="left"><font face="Times New Roman" size="2"><b>STATISTICS:</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="164" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Net Assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">210,174,896</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" align="left" valign="bottom">
<font face="Times New Roman" size="2">Shares Outstanding</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman" size="2">19,117,758</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">NAV Per Share</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">10.99</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" 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 border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="52" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<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 colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<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 colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<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 colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<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 colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Total</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">05</font><font face="Times New Roman" size="2">/04/09</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">05</font><font face="Times New Roman" size="2">/14/09</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.018</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.018</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/15/08</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/31/08</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.127</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.127</font></td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">05</font><font face="Times New Roman" size="2">/06/08</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">05</font><font face="Times New Roman" size="2">/15/08</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.059</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.059</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/21/07</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">01</font><font face="Times New Roman" size="2">/10/08</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.255</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.255</font></td>
<td colspan="1" width="21" align="left" valign="bottom">
<font face="Times New Roman" size="2">*</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">05</font><font face="Times New Roman" size="2">/03/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">05</font><font face="Times New Roman" size="2">/15/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.340</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.340</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/21/06</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/28/06</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.055</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.055</font></td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">05</font><font face="Times New Roman" size="2">/05/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">05</font><font face="Times New Roman" size="2">/15/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.150</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.150</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/22/05</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/30/05</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.410</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.410</font></td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">05</font><font face="Times New Roman" size="2">/19/05</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">05</font><font face="Times New Roman" size="2">/27/05</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.140</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.140</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/22/04</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/31/04</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.230</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.230</font></td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">05</font><font face="Times New Roman" size="2">/06/04</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">05</font><font face="Times New Roman" size="2">/14/04</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.050</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.050</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/22/03</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/31/03</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.022</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.022</font></td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">07</font><font face="Times New Roman" size="2">/24/03</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">07</font><font face="Times New Roman" size="2">/30/03</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.003</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.003</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">11</font><font face="Times New Roman" size="2">/20/00</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">11</font><font face="Times New Roman" size="2">/29/00</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.010</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman" size="2">1.30</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">1.310</font></td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">09</font><font face="Times New Roman" size="2">/01/00</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">09</font><font face="Times New Roman" size="2">/15/00</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.070</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.35</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.420</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="2"><b>OTHER INFORMATION:</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="164" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">NYSE Ticker Symbol</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="96" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">GF</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" align="left" valign="bottom">
<font face="Times New Roman" size="2">NASDAQ Symbol</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="96" align="left" valign="bottom">
<font face="Times New Roman" size="2">XGFNX</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Dividend Reinvestment Plan</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="96" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Yes</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" align="left" valign="bottom">
<font face="Times New Roman" size="2">Voluntary Cash Purchase Program</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="96" align="left" valign="bottom">
<font face="Times New Roman" size="2">Yes</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Annualized Expense Ratio (6/30/09)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="96" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">1.13%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman" size="2">Fund statistics and expense ratios 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 size="2" face="Times New Roman"><br>5</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=5,FOLIO='5',FILE='09-17068-2.bc',USER='dkucera',CD='Aug 27 07:27 2009' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>PORTFOLIO BY MARKET SECTOR AS OF JUNE 30, 2009 <BR>(As a % of Common and Preferred Stocks) </b></font></p>
<p><img src="j09170682_bc005.jpg">
</p>
<p align="left"><font face="Times New Roman" size="2"><b>10 LARGEST EQUITY HOLDINGS AS OF JUNE 30, 2009<BR>(As a % of Common and Preferred Stocks)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">1.</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="142" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">EADS</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">5.9</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">2.</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="bottom">
<font face="Times New Roman" size="2">Bilfinger Berger</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">4.6</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">3.</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="142" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">United Internet</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">4.4</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">4.</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="bottom">
<font face="Times New Roman" size="2">Rheinmetall</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">4.4</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">5.</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="142" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">GEA Group</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">4.3</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">6.</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="bottom">
<font face="Times New Roman" size="2">Software</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">4.2</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">7.</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="142" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Wacker Chemie</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">4.0</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">8.</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="bottom">
<font face="Times New Roman" size="2">MTU Aero Engines Holding</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">3.6</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">9.</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="142" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Lanxess</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">3.4</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">10.</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="bottom">
<font face="Times New Roman" size="2">Hochtief</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">3.3</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman" size="2">% </font></td>
<td colspan="1" 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 Fund's SEC filings, including Form N-Q, are available on the SEC's Web site at www.sec.gov, and they 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 size="2" face="Times New Roman"><br>6</font></p>
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<p align="left"><font face="Times New Roman" size="2"><b>INTERVIEW WITH THE LEAD PORTFOLIO MANAGER &#151; 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> In the US, it is widely believed that economic recovery depends on stabilization of the housing market; what are the factors that will drive a recovery in Germany?</b></font></p>
<p><font face="Times New Roman" size="2"><b><i>Answer:</i></b></font><font face="Times New Roman" size="2"> During the global economic expansion of the past decade, Germany benefited from its export-oriented economy, but as trade came to a near stand-still at the depths of the economic crisis, it is not surprising that the German economy and corporate sector have been negatively impacted. Despite the massive global economic stimulus measures, the German economy has not yet seen an increase in demand for its export sector. Although unemployment in Germany has increased only slightly, the risk of a further rise in unemployment through the rest of this year and into next year could stifle domestic demand, further dampening German economic growth. In looking toward an economic recovery, resurgence in global demand will be a key driver for the German economy.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Question:</i></b></font><font face="Times New Roman" size="2"><b> Given that credit markets have been such an important aspect of the ongoing economic and financial crisis, how have the companies in the fund's universe been impacted by access to credit?</b></font></p>
<p><font face="Times New Roman" size="2"><b><i>Answer:</i></b></font><font face="Times New Roman" size="2"> Germany may become a model for other European companies, as corporate debt in the European Monetary Union (EMU) has grown substantially over the past decade, though Germany's corporate debt has remained fairly stable. By 2008, debt servicing costs for most European companies had risen as companies borrowed to fund capital expenditures, but German companies actually saw a decline in interest payments and rise in their savings ratio. Thus, the balance sheets of German companies are generally healthier than those of their European peers, though German midcap companies did experience an up-tick in their net debt levels over the past couple years. German companies are, for the most part, well-positioned to fund capital investments, once the global economy recovers.</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 are the current investment themes expressed in the fund?</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 volatile investment environment we have seen over the past year has required an increased focus on tactical positioning of the fund, at times moving to a defensive stance and at other times positioning the fund to benefit from a market rebound. On a longer term horizon, however, one of the key themes in the fund is agribusiness. We believe that agribusiness is one of the most interesting structural growth stories and should therefore be emphasized in the portfolio construction. Examples of German companies active in these areas that the fund has been invested in during 2009 include Symrise, a flavor and fragrance company; GEA, an engineering company that supplies equipment to food producers; and K+S, a fertilizer company. In addition, we have investigated German companies involved directly in food production, such as farming or crop producing co
mpanies, as well as food retailers and seed companies.</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 are the upcoming parliamentary elections in Germany expected to impact German equities?</b></font></p>
<p><font face="Times New Roman" size="2"><b><i>Answer:</i></b></font><font face="Times New Roman" size="2"> Germans will head to the polls at the end of September. The key issue ahead of the elections is taxes, so that is the policy area most likely to be addressed by the new government. However, the fallout from the economic crisis may limit the extent of any reforms. Historically, German equities have performed well following elections when there is a change in government. During the last election, no party won a majority, so a coalition government was formed. It is likely that another coalition will be formed following the September elections, but it is not clear which of the five parties currently represented in parliament will be part of the coalition. Chancellor Angela Merkel remains popular and is expected to continue as Chancellor; a conservative coalition, anchored by Chancellor Merkel's party, would be considered positive for German business.</font>
ont></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 size="2" face="Times New Roman"><br>7</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 &#151; JUNE 30, 2009 (unaudited)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="190" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="150" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value</b></font><font face="Times New Roman" size="1"><b>(a)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN GERMAN<BR></b></font><font face="Times New Roman" size="2"><b>SECURITIES &#150; 87.0%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMON STOCKS &#150; 85.0%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>AEROSPACE &amp; DEFENSE &#150; 3.5%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">199,084</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">MTU Aero Engines Holding</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">7,259,598</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>AIRLINES &#150; 0.4%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">170,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Air Berlin*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">810,645</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>AUTO COMPONENTS &#150; 2.7%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">90,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Continental*&#134;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,543,434</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">188,344</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">ElringKlinger</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,143,414</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">5,686,848</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>CHEMICALS &#150; 9.5%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">272,760</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Lanxess</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">6,755,760</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">360,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Symrise</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">5,311,548</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">69,364</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Wacker Chemie</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">7,961,641</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">20,028,949</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &#150; 2.5%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">210,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Deutsche Postbank*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">5,333,848</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMPUTERS &amp;<BR></b></font><font face="Times New Roman" size="1"><b>PERIPHERALS &#150; 2.7%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">102,727</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Wincor Nixdorf</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">5,745,696</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>CONSTRUCTION &amp;<BR></b></font><font face="Times New Roman" size="1"><b>ENGINEERING &#150; 8.8%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">74,341</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Bauer&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,652,457</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">198,181</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Bilfinger Berger</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">9,200,107</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">131,567</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Hochtief</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">6,624,366</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">18,476,930</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>DIVERSIFIED FINANCIAL<BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 1.0%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">55,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Grenkeleasing</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,044,915</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>ELECTRICAL EQUIPMENT &#150; 7.2%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">150,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Q-Cells*&#134;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,050,438</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">150,686</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">SGL Carbon*&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">4,651,529</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">171,957</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Solarworld&#134;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">4,044,416</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">264,800</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Tognum</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,476,136</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">15,222,519</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>HEALTH CARE PROVIDERS &amp; <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 4.0%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">130,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Celesio</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,981,014</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">247,460</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Rhoen Klinikum</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">5,462,766</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">8,443,780</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="190" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="150" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value</b></font><font face="Times New Roman" size="1"><b>(a)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>HOUSEHOLD DURABLES &#150; 0.6%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">118,886</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Loewe</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,333,901</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>INDUSTRIAL <BR></b></font><font face="Times New Roman" size="1"><b>CONGLOMERATES &#150; 4.2%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">202,583</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Rheinmetall</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">8,765,184</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>INTERNET SOFTWARE &amp;<BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 4.2%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">750,966</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">United Internet*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">8,783,937</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>IT SERVICES &#150; 0.7%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">100,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">IDS Scheer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,504,883</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>LIFE SCIENCES TOOLS &amp;<BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 1.1%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">108,287</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Gerresheimer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,401,105</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>MACHINERY &#150; 8.9%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">50,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Demag Cranes</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,130,415</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">573,046</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">GEA Group</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">8,671,891</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">298,963</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">MAX Automation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">813,433</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">52,714</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Pfeiffer Vacuum Technology</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,861,436</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">35,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Vossloh</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">4,199,436</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">18,676,611</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>METALS &amp; MINING &#150; 1.2%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">85,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Aurubis</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,460,546</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>PHARMACEUTICALS &#150; 1.9%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">157,563</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Stada Arzneimittel</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">3,935,691</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>REAL ESTATE MANAGEMENT &amp;<BR></b></font><font face="Times New Roman" size="1"><b>DEVELOPMENT &#150; 2.8%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">96,965</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Deutsche Euroshop&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,985,055</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">454,364</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">IVG Immobilien*&#134;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,873,977</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">5,859,032</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<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 &#150; 3.0%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">800,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Infineon Technologies*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,889,150</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">260,766</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Kontron&#134;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,346,377</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">6,235,527</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>SOFTWARE &#150; 4.0%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">120,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Software</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">8,484,003</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>SPECIALTY RETAIL &#150; 3.8%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">30,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Douglas Holding&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,136,025</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">50,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Fielmann*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,302,186</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">353,465</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Praktiker Bau- und<BR></font><font face="Times New Roman" size="1">Heimwerkermaerkte</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,445,356</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">7,883,567</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>8</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=8,FOLIO='8',FILE='09-17068-2.da',USER='bjonesc',CD='Aug 27 23:13 2009' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>THE NEW GERMANY FUND, INC.<BR>SCHEDULE OF INVESTMENTS &#151; JUNE 30, 2009 (unaudited) (continued)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="190" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="150" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value</b></font><font face="Times New Roman" size="1"><b>(a)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN GERMAN<BR></b></font><font face="Times New Roman" size="2"><b>SECURITIES &#150; 87.0% (continued)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>TEXTILES, APPAREL &amp; LUXURY <BR></b></font><font face="Times New Roman" size="1"><b>GOODS &#150; 0.6%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">5,647</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Puma</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,235,270</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>TRADING COMPANIES &amp; <BR></b></font><font face="Times New Roman" size="1"><b>DISTRIBUTORS &#150; 1.4%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">140,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Kloeckner &amp; Co.*&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,972,739</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>TRANSPORTATION<BR></b></font><font face="Times New Roman" size="1"><b>INFRASTRUCTURE &#150; 2.4%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">120,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Fraport</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">5,131,467</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>WIRELESS<BR></b></font><font face="Times New Roman" size="1"><b>TELECOMMUNICATION <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 1.9%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">390,646</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Freenet*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">3,917,349</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $171,564,856)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">178,634,540</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>PREFERRED STOCKS &#150; 2.0%<BR></b></font><font face="Times New Roman" size="1"><b>HEALTH CARE EQUIPMENT &amp;<BR></b></font><font face="Times New Roman" size="1"><b>SUPPLIES &#150; 1.4%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">40,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Fresenius</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,159,289</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">62,632</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Sartorius</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">838,007</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,997,296</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>TEXTILES, APPAREL &amp; LUXURY <BR></b></font><font face="Times New Roman" size="1"><b>GOODS &#150; 0.6%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">50,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Hugo Boss&#134;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,229,291</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Preferred Stocks<BR></font><font face="Times New Roman" size="1">(cost $3,308,652)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">4,226,587</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<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 $174,873,508)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">182,861,127</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN DUTCH<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 8.8%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>AEROSPACE &amp; DEFENSE &#150; 5.7%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">739,645</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">EADS&#134; </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">11,939,923</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="190" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="150" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value</b></font><font face="Times New Roman" size="1"><b>(a)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>LIFE SCIENCES TOOLS &amp; <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 3.1%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">355,887</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">QIAGEN*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">6,588,536</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<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 $14,472,584)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">18,528,459</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in Common and<BR></font><font face="Times New Roman" size="1">Preferred Stocks &#150; 95.8%<BR></font><font face="Times New Roman" size="1">(cost $189,346,092)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">201,389,586</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>SECURITIES LENDING<BR></b></font><font face="Times New Roman" size="2"><b>COLLATERAL &#150; 17.8%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">37,474,529</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Daily Assets Fund<BR></font><font face="Times New Roman" size="1">Institutional, 0.48%<BR></font><font face="Times New Roman" size="1">(cost $37,474,529)</font><font face="Times New Roman" size="1">(b)(c)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">37,474,529</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="190" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>CASH EQUIVALENTS &#150; 0.2%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" align="right" valign="bottom">
<font face="Times New Roman" size="1">401,429</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Cash Management QP Trust, 0.27%<BR></font><font face="Times New Roman" size="1">(cost $401,429)</font><font face="Times New Roman" size="1">(c)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">401,429</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments &#150; 113.8%<BR></font><font face="Times New Roman" size="1">(cost $227,222,050)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">239,265,544</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Other Assets and Liabilities,<BR></font><font face="Times New Roman" size="1">Net &#150; (13.8%)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(29,090,648</font></td>
<td colspan="1" width="18" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="174" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>NET ASSETS&#150;100.0%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">210,174,896</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" 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 security.</font></p>
<p align="left"><font face="Times New Roman" size="1">&#134;&nbsp;&nbsp;All or a portion of these securities were on loan. The value of all securities loaned at June 30, 2009 amounted to $34,760,346, which is 16.5% of the net assets.</font></p>
<p align="left"><font face="Times New Roman" size="1">(a)&nbsp;&nbsp;Values stated in US dollars.</font></p>
<p align="left"><font face="Times New Roman" size="1">(b)&nbsp;&nbsp;Represents collateral held in connection with securities lending. Income earned by the fund is net of borrower rebates.</font></p>
<p align="left"><font face="Times New Roman" size="1">(c)&nbsp;&nbsp;Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.</font></p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>9</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=9,FOLIO='9',FILE='09-17068-2.da',USER='bjonesc',CD='Aug 27 23:13 2009' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>THE NEW GERMANY FUND, INC.<BR>SCHEDULE OF INVESTMENTS &#151; JUNE 30, 2009 (unaudited) (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," as amended, 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 June 30, 2009 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 border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="108" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Category</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Level 1</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Level 2</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Level 3</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Total</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="465" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Common Stocks and/or Other Equity Investments</font><font face="Times New Roman" size="1">(d)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom">
<font face="Times New Roman" size="1">Germany</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">182,861,127</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">0</font></td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="40" align="right" valign="bottom">
<font face="Times New Roman" size="1">0</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">182,861,127</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Netherlands</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">18,528,459</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">0</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">0</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">18,528,459</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom">
<font face="Times New Roman" size="1">Short-Term Instruments</font><font face="Times New Roman" size="1">(d)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">37,474,529</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">401,429</font></td>
<td colspan="1" width="22" align="left" valign="bottom">
<font face="Times New Roman" size="1">(e)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="40" align="right" valign="bottom">
<font face="Times New Roman" size="1">0</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">37,875,958</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>Total</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>$</b></font></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>238,864,115</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>$</b></font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>401,429</b></font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>$</b></font></td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>0</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>$</b></font></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>239,265,544</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="1">(d)&nbsp;&nbsp;See Investment Portfolio for additional detailed categorizations.</font></p>
<p align="left"><font face="Times New Roman" size="1">(e)&nbsp;&nbsp;Investment in Cash Management QP Trust, an affiliated fund, is reflected as Level 2 since it is available only to affiliated funds.</font></p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>10</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="left"><font face="Times New Roman" size="2"><b>THE NEW GERMANY FUND, INC.<BR>STATEMENT OF ASSETS AND LIABILITIES<BR>JUNE 30, 2009 (unaudited)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="494" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>ASSETS</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investments, at value (cost $189,346,092) &#151; including $34,760,346 of securities loaned</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman" size="1">201,389,586</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investment in Cash Management QP Trust (cost $401,429)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">401,429</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investment in Daily Assets Fund Institutional (cost $37,474,529)*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman" size="1">37,474,529</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments, at value (cost $227,222,050)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">239,265,544</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" align="left" valign="bottom">
<font face="Times New Roman" size="1">Foreign currency, at value (cost $7,060,086)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman" size="1">7,306,835</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Receivable for investments sold</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,186,221</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" align="left" valign="bottom">
<font face="Times New Roman" size="1">Foreign withholding tax refund receivable</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman" size="1">88,525</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Interest receivable</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">124,595</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" align="left" valign="bottom">
<font face="Times New Roman" size="1">Other assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman" size="1">16,829</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">247,988,549</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="494" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>LIABILITIES</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Payable upon return of securities loaned</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">37,474,529</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" align="left" valign="bottom">
<font face="Times New Roman" size="1">Management fee payable</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman" size="1">95,935</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investment advisory fee payable</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">47,001</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" align="left" valign="bottom">
<font face="Times New Roman" size="1">Payable for Directors' fees and expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman" size="1">9,772</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Accrued expenses and accounts payable</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">186,416</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total liabilities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">37,813,653</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>NET A</b></font><font face="Times New Roman" size="2"><b>SSETS</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">210,174,896</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="494" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net assets consist of:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Paid-in capital $0.001 par (Authorized 80,000,000 shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">437,487,516</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" align="left" valign="bottom">
<font face="Times New Roman" size="1">Cost of 15,631,583 shares held in Treasury</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman" size="1">(185,214,111</font></td>
<td colspan="1" width="18" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Undistributed net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,968,186</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" align="left" valign="bottom">
<font face="Times New Roman" size="1">Accumulated net realized loss on investments and foreign currency</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman" size="1">(58,355,798</font></td>
<td colspan="1" width="18" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net unrealized appreciation on investments and foreign currency</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">12,289,103</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">210,174,896</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="392" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net asset value per share ($210,174,896 &divide; 19,117,758 shares of common stock issued and outstanding)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">10.99</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" 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 size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>11</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=11,FOLIO='11',FILE='09-17068-2.ea',USER='bjonesc',CD='Aug 27 23:13 2009' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b><BR>THE NEW GERMANY FUND, INC.<BR>STATEMENT OF OPERATIONS (unaudited)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="402" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For the <BR></b></font><font face="Times New Roman" size="1"><b>six-months<BR></b></font><font face="Times New Roman" size="1"><b>ended <BR></b></font><font face="Times New Roman" size="1"><b>June 30, 2009</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="502" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>NET INVESTMENT INCOME:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="502" align="left" valign="bottom">
<font face="Times New Roman" size="1">Income:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Dividends (net of foreign withholding taxes of $778,150)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">4,560,529</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Interest &#151; Cash Management QP Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman" size="1">745</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">745,234</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">5,306,508</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="502" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Expenses:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Management fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman" size="1">551,610</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investment advisory fee</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">277,780</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Custodian fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman" size="1">13,525</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Services to shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">18,007</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Reports to shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman" size="1">12,232</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Directors' fees and expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">46,798</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Professional fees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman" size="1">73,457</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">NYSE listing fee</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">11,748</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Insurance</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman" size="1">23,776</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Miscellaneous</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,648</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,032,581</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">4,273,927</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="502" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>REALIZED AND UNREALIZED GAIN (LOSS)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="502" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net realized loss from:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman" size="1">(6,065,340</font></td>
<td colspan="1" width="18" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Foreign currency</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(516,778</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Change in net unrealized appreciation (depreciation) on:</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" valign="bottom">
&nbsp;</td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">17,480,191</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Foreign currency</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman" size="1">347,722</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net gain (loss)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">11,245,795</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="62" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">15,519,722</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>12</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=12,FOLIO='12',FILE='09-17068-2.ea',USER='bjonesc',CD='Aug 27 23:13 2009' -->
<br clear="all" style="page-break-before:always;">
<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 border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="302" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="117" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For the <BR></b></font><font face="Times New Roman" size="1"><b>six-months ended <BR></b></font><font face="Times New Roman" size="1"><b>June 30, 2009 <BR></b></font><font face="Times New Roman" size="1"><b>(unaudited)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="116" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<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 colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="543" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INCREASE (DECREASE) IN NET ASSETS</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="543" align="left" valign="bottom">
<font face="Times New Roman" size="1">Operations:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">4,273,927</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">4,478,380</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="543" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net realized gain (loss) on:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(6,065,340</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">4,893,258</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font face="Times New Roman" size="1">Tender offer in-kind</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="79" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#150;</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="78" align="right" valign="bottom">
<font face="Times New Roman" size="1">5,179,391</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Foreign currency</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(516,778</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">586,230</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="543" align="left" valign="bottom">
<font face="Times New Roman" size="1">Changes in net unrealized appreciation (depreciation) on:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">17,480,191</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(206,732,264</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font face="Times New Roman" size="1">Foreign currency</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="79" align="right" valign="bottom">
<font face="Times New Roman" size="1">347,722</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="78" align="right" valign="bottom">
<font face="Times New Roman" size="1">(456,196</font></td>
<td colspan="1" width="18" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net increase (decrease) in net assets resulting from operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">15,519,722</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(192,051,201</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="543" align="left" valign="bottom">
<font face="Times New Roman" size="1">Distributions to shareholders from:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(339,032</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(3,677,397</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="543" align="left" valign="bottom">
<font face="Times New Roman" size="1">Capital share transactions:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Cost of shares repurchased (447,200 and 278,800 shares, respectively)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(3,269,739</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(2,920,975</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font face="Times New Roman" size="1">Cost of shares tendered (0 and 4,960,940 shares, respectively)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="79" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#150;</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="78" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(83,810,120</font></td>
<td colspan="1" width="18" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net increase (decrease) in net assets from capital share transactions</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(3,269,739</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(86,731,095</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total increase (decrease) in net assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="79" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">11,910,951</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="78" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(282,459,693</font></td>
<td colspan="1" width="18" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="543" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>NET ASSETS</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font face="Times New Roman" size="1">Beginning of year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="79" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">198,263,945</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="78" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">480,723,638</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">End of year (including undistributed net investment income of $3,968,186 and<BR></font><font face="Times New Roman" size="1">$33,291 as of June 30, 2009 and December 31, 2008, respectively)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">210,174,896</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">198,263,945</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>13</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=13,FOLIO='13',FILE='09-17068-2.ea',USER='bjonesc',CD='Aug 27 23:13 2009' -->
<br clear="all" style="page-break-before:always;">
<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 border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="376" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="339" align="center" valign="bottom">
<font face="Times New Roman" size="1"><b>For the six-months <BR></b></font><font face="Times New Roman" size="1"><b>ended June 30,</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="1489" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For the years ended December 31,</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="376" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="339" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2009 (unaudited)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="301" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2008</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="289" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2007</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="289" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2006</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="289" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2005</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="289" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2004</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="2212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Per share operating performance:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="2212" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net asset value:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="376" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Beginning of period</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">10.13</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">19.38</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">16.04</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">11.29</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">10.51</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">8.72</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="376" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net investment income (loss)</font><font face="Times New Roman" size="1">(a)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom">
<font face="Times New Roman" size="1">.22</font></td>
<td colspan="1" width="44" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">.22</font></td>
<td colspan="1" width="44" align="left" valign="bottom">
<font face="Times New Roman" size="1"><sup>(b)</sup></font>&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">.17</font></td>
<td colspan="1" width="32" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">.04</font></td>
<td colspan="1" width="32" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">(.01</font></td>
<td colspan="1" width="32" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">(.01</font></td>
<td colspan="1" width="32" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="376" bgcolor="#cceeff" align="left" valign="bottom">
<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 colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">.61</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(9.49</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">3.77</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">4.91</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.32</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2.00</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="376" align="left" valign="bottom">
<font face="Times New Roman" size="1">Increase (decrease) from investment operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="212" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">.83</font></td>
<td colspan="1" width="44" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(9.27</font></td>
<td colspan="1" width="44" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">3.94</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">4.95</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1.31</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1.99</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="376" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Distributions from net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.02</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.19</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.60</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.21</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.55</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.28</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="376" align="left" valign="bottom">
<font face="Times New Roman" size="1">Accretion resulting from tender offer in-kind</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="212" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#150;</font></td>
<td colspan="1" width="44" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">.18</font></td>
<td colspan="1" width="44" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#150;</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#150;</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#150;</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#150;</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="376" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Dilution in NAV from dividend reinvestment</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#150;</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#150;</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#150;</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#150;</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.02</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">.00</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><sup>(c)</sup></font>&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="376" align="left" valign="bottom">
<font face="Times New Roman" size="1">Increase resulting from share repurchases</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="212" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">.05</font></td>
<td colspan="1" width="44" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">.03</font></td>
<td colspan="1" width="44" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#150;</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">.01</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">.04</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">.08</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="2212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net asset value:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="376" align="left" valign="bottom">
<font face="Times New Roman" size="1">End of period</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="212" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="83" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">10.99</font></td>
<td colspan="1" width="44" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">10.13</font></td>
<td colspan="1" width="44" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">19.38</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">16.04</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">11.29</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">10.51</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="2212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Market value:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="376" align="left" valign="bottom">
<font face="Times New Roman" size="1">End of period</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="212" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="83" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">8.58</font></td>
<td colspan="1" width="44" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">8.01</font></td>
<td colspan="1" width="44" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">17.48</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">14.47</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">10.19</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">9.05</font></td>
<td colspan="1" width="32" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="2212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total investment return for the period&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="376" align="left" valign="bottom">
<font face="Times New Roman" size="1">Based upon market value</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom">
<font face="Times New Roman" size="1">7.35</font></td>
<td colspan="1" width="44" align="left" valign="bottom">
<font face="Times New Roman" size="1">%****</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">(53.32</font></td>
<td colspan="1" width="44" align="left" valign="bottom">
<font face="Times New Roman" size="1">)%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">25.14</font></td>
<td colspan="1" width="32" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">44.13</font></td>
<td colspan="1" width="32" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">18.94</font></td>
<td colspan="1" width="32" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">30.50</font></td>
<td colspan="1" width="32" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="376" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Based upon net asset value</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">8.73</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%****</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(46.75</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)%<sup>(d)(e)</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">25.17</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">43.94</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">13.68</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">24.44</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="2212" align="left" valign="bottom">
<font face="Times New Roman" size="1">Ratio to average net assets:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="376" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.13</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%***</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.25</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.00</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%**</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.30</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%**</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.64</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%**</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.24</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%**</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="376" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net investment income (loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom">
<font face="Times New Roman" size="1">2.32</font></td>
<td colspan="1" width="44" align="left" valign="bottom">
<font face="Times New Roman" size="1">%*****</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.40</font></td>
<td colspan="1" width="44" align="left" valign="bottom">
<font face="Times New Roman" size="1">%<sup>(b)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">0.90</font></td>
<td colspan="1" width="32" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">0.31</font></td>
<td colspan="1" width="32" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">(0.07</font></td>
<td colspan="1" width="32" align="left" valign="bottom">
<font face="Times New Roman" size="1">)%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">(0.08</font></td>
<td colspan="1" width="32" align="left" valign="bottom">
<font face="Times New Roman" size="1">)%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="376" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Portfolio turnover</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">27</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%****</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">40</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">47</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">45</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">52</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">58</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="376" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net assets at end of period (000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="212" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="83" align="right" valign="bottom">
<font face="Times New Roman" size="1">210,175</font></td>
<td colspan="1" width="44" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">198,264</font></td>
<td colspan="1" width="44" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">480,724</font></td>
<td colspan="1" width="32" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">397,933</font></td>
<td colspan="1" width="32" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">281,825</font></td>
<td colspan="1" width="32" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="212" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">265,810</font></td>
<td colspan="1" width="32" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="2212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">(a) Based on average shares outstanding during the period.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="2212" align="left" valign="bottom">
<font face="Times New Roman" size="1">(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></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="2212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">(c) Amount is less than $.005 per share.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="2212" align="left" valign="bottom">
<font face="Times New Roman" size="1">(d) Includes the effect of a gain realized on the sale of investments not meeting the investment guidelines of the Fund. Excluding this gain, total return would have been .06% lower.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="2212" bgcolor="#cceeff" align="left" valign="bottom">
<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></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="2212" align="left" valign="bottom">
<font face="Times New Roman" size="1">&#134;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></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="2212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">** Prior to February 2007, custody credits were earned on U.S. cash balances. The ratios of total expenses after custody credits to average net assets are 1.00%, 1.04% and 1.19% and 1.26% for 2007, 2006, 2005 and 2004, respectively.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="2212" align="left" valign="bottom">
<font face="Times New Roman" size="1">*** Annualized</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="2212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">**** Not Annualized</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="2212" align="left" valign="bottom">
<font face="Times New Roman" size="1">***** Not Annualized. The ratio for the six-months ended June 30, 2009 has not been annualized since the Fund believes it would not be appropriate because the Fund's dividend income is not earned ratably throughout the fiscal year.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman"><br>14</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<!-- Document name: 09-17068-2.fa-->
<p align="left"><font face="Times New Roman" size="2"><b>THE NEW GERMANY FUND, INC.<BR>NOTES TO FINANCIAL STATEMENTS &#151; JUNE 30, 2009 (unaudited)</b></font></p>
<p align="left"><font face="Times New Roman" size="2"><b>NOTE 1. ACCOUNTING POLICIES</b></font></p>
<p><font face="Times New Roman" size="2">The New Germany Fund, Inc. (the "Fund") was incorporated in Maryland on January 16, 1990 as a non-diversified, closed-end management investment company. The Fund commenced investment operations on January 30, 1990. The Fund became a diversified fund on October 26, 2007.</font></p>
<p><font face="Times New Roman" size="2">The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Security Valuation:</i></b></font><font face="Times New Roman" size="2"> Investments are stated at value. All securities for which market quotations are readily available are valued at the last sales price on the primary exchange on which they are traded prior to the time of valuation. If no sales price is available at that time, and both bid and ask prices are available, the securities are valued at the mean between the last current bid and ask prices; if no quoted asked prices are available, they are valued at the last quoted bid price. Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Directors. In accordance with the Fund's valuation procedures, factors used in determi
ning value may include, but are not limited to, the type of the security, the size of the holding, the initial cost of the security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies, quotations or elevated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's financial statements, an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold and with respect to debt securities, the maturity, </font><font face="Times New Roman" size="2">coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities. T
he 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"><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 issuer of 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 the value of the securities loaned. When the collateral falls below specified amounts, the lending agents will use their best efforts to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. 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 Investme
nt Management Americas Inc. receives a management/administration fee (0.17% annual effective rate as of June 30, 2009) 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 borrower rebates and fees paid to a lending agent. 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 align="center"><font size="2" face="Times New Roman"><br>15</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 &#151; JUNE 30, 2009 (unaudited) (continued)</b></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 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 June 30, 2009 was $229,431,087 for United States Federal income tax purposes. Accordingly, as of June 30, 2009, net unrealized appreciation of investments aggregated $9,834,457, of which $42,198,744 and $32,364,287 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">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 </font><font face="Times New Roman" size="2">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 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 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 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 </font></p>
<p align="center"><font size="2" face="Times New Roman"><br>16</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 &#151; JUNE 30, 2009 (unaudited) (continued)</b></font></p>
<p><font face="Times New Roman" size="2">Fund's average weekly net assets up to $100 million and 0.25% of such assets in excess of $100 million. Accordingly, for the six-months ended June 30, 2009, the combined fee pursuant to the Management and Investment Advisory Agreements was equivalent to an annualized effective rate of 0.91% 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 for the Fund. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent and dividend-paying agent function to DST.  DISC compensates DST out of the shareholder servicing fee it receives from the Fund.  For the six-months ended June 30, 2009, the amount charged to the Fund by DISC aggregated $18,007, of which $9,365 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 transactions in portfolio securities on behalf of the Fund, that the Board determined were effected in compliance with the Fund's Rule 17e-1 procedures. For the six-months ended June 30, 2009, Deutsche Bank AG and its affiliates did not receive brokerage commissions.</font></p>
<p><font face="Times New Roman" size="2">Certain officers of the Fund are also officers of either the Manager or Deutsche Bank AG.</font></p>
<p><font face="Times New Roman" size="2">The Fund pays each Director not affiliated with the Manager retainer fees plus specified amounts for attended board and committee meetings.</font></p>
<p><font face="Times New Roman" size="2">Pursuant to an Exemptive Order issued by the SEC, the Fund may invest in the Cash Management QP Trust (the "QP Trust") and other affiliated funds managed by the Advisor. The QP Trust seeks to provide as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. The QP Trust does not pay the Investment Manager a management fee for the affiliated funds' investments in the QP Trust.</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>NOTE 4. PORTFOLIO SECURITIES</b></font></p>
<p><font face="Times New Roman" size="2">Purchases and sales of investment securities, excluding short-term investments for the six-months ended June 30, 2009, were $49,665,798, and $54,060,647, respectively.</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>NOTE 5. INVESTING IN FOREIGN MARKETS</b></font></p>
<p><font face="Times New Roman" size="2">Foreign investments may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among others, the possibility of political and economic developments and the level of governmental supervision and regulation of foreign securities markets. In addition, certain foreign markets may be substantially smaller, less developed, less liquid and more volatile than the major markets of the United States.</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>NOTE 6. CAPITAL</b></font></p>
<p><font face="Times New Roman" size="2">During the six-months ended June 30, 2009 and the year ended December 31, 2008, the Fund purchased 447,200 and 278,800 of its shares of common stock on the open market at a total cost of $3,269,739 and $2,920,975 ($7.31 and $10.48 average per share), respectively. The weighted average discount of these purchased shares comparing the purchased price to the net asset value at the time of purchase was 22.64% and 15.78%, respectively. These shares are held in Treasury. The Fund did not reissue shares held in Treasury as part of the dividend reinvestment plan.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>17</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 &#151; JUNE 30, 2009 (unaudited) (continued)</b></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. 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="left"><font face="Times New Roman" size="2"><b>NOTE 8. REVIEW FOR SUBSEQUENT EVENTS</b></font></p>
<p><font face="Times New Roman" size="2">In accordance with the provisions set forth in FASB Statement of Financial Accounting Standards No. 165 "Subsequent Events", adopted by the Fund as of June 30, 2009, events and transactions through August 24, 2009, the date the financial statements were available to be issued, have been evaluated by management for subsequent events. Management has determined that there were no material events that would require disclosure in the Fund's financial statements through this date.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>18</font></p>
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<p align="left"><font face="Times New Roman" size="2"><b>THE NEW GERMANY FUND, INC.<BR>REPORT OF ANNUAL MEETING OF STOCKHOLDERS (unaudited)</b></font></p>
<p><font face="Times New Roman" size="2">The Annual Meeting of Stockholders of The New Germany Fund, Inc. was held on June 30, 2009. At the Meeting, the following matters were voted upon by the stockholders (the resulting votes are presented below):</font></p>
<p><font face="Times New Roman" size="2">1. To elect four Directors, each to serve for a term of three years and until their successors are elected and qualify.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="119" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="159" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Number of Votes:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Director</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Abstain</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Dr. Kurt W. Bock</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">14,730,075</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">1,453,518</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom">
<font face="Times New Roman" size="2">Dr. Franz Wilhelm Hopp</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman" size="2">14,749,309</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font face="Times New Roman" size="2">1,434,284</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Dr. Friedbert H. Malt</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">14,742,322</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">1,441,271</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom">
<font face="Times New Roman" size="2">Dr. Frank Tr&ouml;mel</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman" size="2">14,723,363</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font face="Times New Roman" size="2">1,460,230</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman" size="2">2. To ratify the appointment by the Audit Committee and the Board of Directors of PricewaterhouseCoopers LLP, an independent registered public accounting firm, as independent auditors for the fiscal year ending December 31, 2009.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="19" align="center" valign="bottom">
<font face="Times New Roman" size="1"><b> </b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="11" width="219" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Number of Votes:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="19" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b> </b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Against</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Abstain</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="19" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">15,852,985</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">279,756</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">50,852</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="2"><b>PROXY VOTING</b></font></p>
<p><font face="Times New Roman" size="2">A description of the Fund's policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies relating to its portfolio securities during the 12 month period ended June 30 is available on our web site &#151; www.newgermanyfund.com &#151; (click on the "proxy voting record" link in the left hand tool bar) or on the SEC's web site at www.sec.gov. To obtain a written copy of the Fund's policies and procedures without charge, upon request, call us toll free at 1-800-437-6269.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>19</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">DR. FRANK TR&Ouml;MEL </font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director </i></font></p>
<p><font face="Times New Roman" size="1">ROBERT H. WADSWORTH </font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director </i></font></p>
<p><font face="Times New Roman" size="1">WERNER WALBR&Ouml;L </font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director </i></font></p>
<p><font face="Times New Roman" size="1">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-13442-2 (8/09)</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="j09170682_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 size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=23,FOLIO='',FILE='09-17068-2.za',USER='dkucera',CD='Aug 27 07:27 2009' -->
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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 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>
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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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        <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>
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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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        <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>
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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>
    <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>
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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'><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>
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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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        <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></table>
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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 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>
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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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        <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>
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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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        <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>
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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>
    <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>
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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>
    <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 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>
    <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></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 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="672" style='margin-left:0in;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:90.85pt'>
        <td width="241" nowrap valign=bottom style='border:solid black 1.0pt; border-right:none;padding: 0in 5.4pt 0in 5.4pt;height:90.85pt'>
            <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="84" nowrap valign=bottom style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:90.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a) </font></p>
<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*</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in 5.4pt 0in 5.4pt;height:90.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b) </font></p>
<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</font></p> </td>
        <td width="108" nowrap valign=bottom style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:90.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c) </font></p>
<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 as Part of Publicly Announced Plans or Programs</font></p> </td>
        <td width="143" nowrap valign=bottom style='border:solid black 1.0pt; border-left:none;padding: 0in 5.4pt 0in 5.4pt;height:90.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;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='page-break-inside:avoid;height:15.75pt'>
        <td width="241" 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="84" 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>109,400</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>$7.14</font></p> </td>
        <td width="108" 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>n/a</font></p> </td>
        <td width="143" 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>n/a</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="241" 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="84" 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>51,900</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$6.56</font></p> </td>
        <td width="108" 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>n/a</font></p> </td>
        <td width="143" 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>n/a</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="241" 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="84" 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>40,300</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$5.81</font></p> </td>
        <td width="108" 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>n/a</font></p> </td>
        <td width="143" 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>n/a</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="241" 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="84" 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>100,300</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$7.28</font></p> </td>
        <td width="108" 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>n/a</font></p> </td>
        <td width="143" 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>n/a</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="241" 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="84" 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>118,900</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$8.09</font></p> </td>
        <td width="108" 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>n/a</font></p> </td>
        <td width="143" 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>n/a</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="241" 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="84" 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>26,400</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>$8.40</font></p> </td>
        <td width="108" 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>n/a</font></p> </td>
        <td width="143" 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>n/a</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="241" 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="84" 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:left;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="108" 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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="143" 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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid; height:15.75pt'>
        <td width="241" 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="84" 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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>447,200</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$7.31</font></p> </td>
        <td width="108" 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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="143" 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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</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>* All shares were purchased in open market transactions.</font></p>

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

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

<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 style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Nominating Committee will consider nominee candidates properly submitted by stockholders in accordance with applicable law, the Fund's Articles of Incorporation or By-laws, resolutions of the Board and the qualifications and procedures set forth in the Nominating Committee Charter and this proxy statement. A stockholder or group of stockholders seeking to submit a nominee candidate (i) must have beneficially owned at least 5% of the Fund's common stock for at least two years, (ii) may submit only one nominee candidate for any particular meeting of stockholders, and (iii) may submit a nominee candidate for only an annual meeting or other meeting of stockholders at which directors will be elected. The stockholder or group of stockholders must provide notice of the proposed nominee pursuant to the requirements found
in the Fund's By-laws.  Generally, this notice must be received not less than 90 days nor more than 120 days prior to the first anniversary of the date of mailing of the notice for the preceding year's annual meeting. Such notice shall include the specific information required by the Fund's By-laws. The Nominating Committee will evaluate nominee candidates properly submitted by stockholders on the same basis as it considers and evaluates candidates recommended by other sources.</font></p> </td> </tr>
    <tr >
        <td 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:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a) &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:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b) &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:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)(1)&nbsp;&nbsp;&nbsp;Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.</font></p> </td> </tr>
    <tr >
        <td 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:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.</font></p> </td> </tr></table>
</div>

<p style=' margin-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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</DIV>


<div style='width:600;'>



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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='border-collapse:collapse'>
    <tr >
        <td width="200" 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>Registrant:</font></p> </td>
        <td width="390" 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 New Germany Fund, Inc.</font></p> </td> </tr>
    <tr >
        <td width="200" 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="390" 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="200" 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="390" 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="200" 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>By:</font></p> </td>
        <td width="390" 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'><u><font size=2>/s/Michael G. Clark</font></u></p>
<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>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>President</font></p> </td> </tr>
    <tr >
        <td width="200" 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="390" 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="200" 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>Date:</font></p> </td>
        <td width="390" 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>August 25, 2009</font><u></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;'><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="590" style='border-collapse:collapse'>
    <tr >
        <td width="200" 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>Registrant:</font></p> </td>
        <td width="390" 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 New Germany Fund, Inc.</font></p> </td> </tr>
    <tr >
        <td width="200" 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="390" 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="200" 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="390" 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="200" 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>By:</font></p> </td>
        <td width="390" 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'><u><font size=2>/s/Michael G. Clark</font></u></p>
<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>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>President</font></p> </td> </tr>
    <tr >
        <td width="200" 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="390" 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="200" 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>Date:</font></p> </td>
        <td width="390" 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>August 25, 2009</font><u></u></p> </td> </tr>
    <tr >
        <td width="200" 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="390" 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="200" 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="390" 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="200" 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>By:</font></p> </td>
        <td width="390" 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'><u><font size=2>/s/Paul Schubert</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Chief Financial Officer and Treasurer</font></p> </td> </tr>
    <tr >
        <td width="200" 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="390" 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="200" 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>Date:</font></p> </td>
        <td width="390" 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>August 25, 2009</font><u></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;'><font size=2>&nbsp;</font></p>



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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>9
<FILENAME>ex99certsemi.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'><img src="img1.gif"><br> </p>

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

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

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

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

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

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

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

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

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

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


<div align=left>

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


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


<div align=left>

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


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


<div align=left>

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


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='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; 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>(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='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='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='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 25, 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 size=2>President</font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The New Germany Fund, Inc.</font></p> </td> </tr></table>
</div>

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

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

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<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'>
<img src="img2.gif"><br> </p>

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

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

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

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

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

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

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

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

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

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


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


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


<div align=left>

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


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    <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; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>




<div align=left>

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    <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>


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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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>

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    <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>


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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="564" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 25, 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 size=2>Chief Financial Officer and Treasurer</font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The New Germany Fund, Inc.</font></p> </td> </tr></table>
</div>

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


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


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


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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>12
<FILENAME>ex99906certsemi.htm
<DESCRIPTION>906 CERTIFICATIONS
<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-CSRS;</font></p> </td> </tr></table>
</div>


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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSRS (the &#147;Report&#148;) fully complies with the requirements of &sect; 13 (a) or &sect;15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p> </td> </tr></table>
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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=2>August 25, 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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Michael G. Clark </font></p>  </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font size=2>President</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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The 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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<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>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of The New Germany Fund, Inc., on Form N-CSRS;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='margin-left:5.4pt;border-collapse:collapse'>
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        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 25, 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>
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        <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 size=2>Chief Financial Officer and Treasurer</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>
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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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