The New Germany
Fund is a non-diversified, closed-end investment company seeking capital
appreciation primarily through investment in the Mittelstand - an important
group of small and mid-cap. German companies. Its benchmark is now the
new Midcap Market Performance Index, calculated by the Deutsche Börse.
The Fund may invest up to 35% of its assets in large cap. German companies,
and up to 20% in other Western European companies. Its net assets aggregated
$270.4 million as of March 31, 2005.
