<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 0000860127
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE EMERGING GERMANY FUND
001 B000000 811-6038
001 C000000 8003566122
002 A000000 FOUR EMBARCADERO CENTER
002 B000000 SAN FRANCISCO
002 C000000 CA
002 D010000 94111
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 DRESDNER RCM GLOBAL INVESTORS LLC
008 B000001 A
008 C000001 801-52463
008 D010001 SAN FRANCISCO
008 D020001 CA
008 D030001 94111
010 A000001 DRESDNER RCM GLOBAL INVESTORS LLC
010 B000001 801-52463
010 C010001 SAN FRANCISCO
010 C020001 CA
010 C030001 94111
012 A000001 STATE STREET BANK & TRUST CO.
012 B000001 84-00896
012 C010001 BOSTON
012 C020001 MA
012 C030001 02110
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 BOSTON
013 B020001 MA
<PAGE> PAGE 2
013 B030001 02109
014 A000001 DRESDNER KLEINWORT BENSON NORTH AMERICA LLC
014 B000001 8-49647
014 A000002 DRESDNER-NY INCORPORATED
014 B000002 8-35177
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
015 A000002 DRESDNER BANK AG
015 B000002 S
015 C010002 FRANKFURT
015 D010002 GERMANY
015 E030002 X
015 A000003 GIROCREDIT BK AKTIENGESELLSCHAFT DER SPARKASN
015 B000003 S
015 C010003 VIENNA
015 D010003 AUSTRIA
015 E040003 X
015 A000004 BANQUE PARIBAS
015 B000004 S
015 C010004 PARIS
015 D010004 FRANCE
015 E040004 X
015 A000005 BANQUE PARIBAS
015 B000005 S
015 C010005 MILAN
015 D010005 ITALY
015 E040005 X
015 A000006 BANCO SANTANDER S.A.
015 B000006 S
015 C010006 MADRID
015 D010006 SPAIN
015 E040006 X
015 A000007 UNION BANK OF SWITZERLAND
015 B000007 S
015 C010007 ZURICH
015 D010007 SWITZERLAND
015 E040007 X
015 A000008 STATE STREET BANK AND TRUST COMPANY
015 B000008 S
015 C010008 LONDON
015 D010008 UNITED KINGDOM
015 E010008 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 DRESDNER KLEINWORT BENSON NORTH AMERICA LLC
020 C000001 317
<PAGE> PAGE 3
020 A000002 CREDIT SWISS FIRST BOSTON
020 C000002 54
020 A000003 JULIUS BAER SEC
020 C000003 49
020 A000004 CS FIRST BOSTON CORP
020 C000004 37
020 A000005 GOLDMAN SACHS + CO
020 C000005 36
020 A000006 COUNTY NATWEST SECURITIES
020 C000006 34
020 A000007 MARGAN STANLEY & CO
020 C000007 30
020 A000008 SAL OPPENHEIM ET CIE
020 C000008 26
020 A000009 SAL OPPENHEIN JR
020 C000009 21
020 A000010 MERRILL LYNCH PEIRCE
020 C000010 21
021 000000 762
022 C000001 0
022 D000001 0
022 C000002 0
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 0
023 D000000 0
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
<PAGE> PAGE 4
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
<PAGE> PAGE 5
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 100000
048 A020000 1.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 100000
048 K020000 0.800
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 N
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
<PAGE> PAGE 6
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
<PAGE> PAGE 7
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 Y
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 140164
071 B000000 154082
071 C000000 165059
071 D000000 85
072 A000000 12
072 B000000 57
072 C000000 2250
072 D000000 0
072 E000000 0
072 F000000 1555
072 G000000 0
072 H000000 0
072 I000000 22
072 J000000 146
072 K000000 0
072 L000000 81
072 M000000 95
072 N000000 24
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 68
072 S000000 110
072 T000000 0
<PAGE> PAGE 8
072 U000000 0
072 V000000 43
072 W000000 55
072 X000000 2199
072 Y000000 0
072 Z000000 108
072AA000000 33117
072BB000000 0
072CC010000 4817
072CC020000 0
072DD010000 841
072DD020000 0
072EE000000 10086
073 A010000 0.0600
073 A020000 0.0000
073 B000000 0.7200
073 C000000 0.0000
074 A000000 2962
074 B000000 0
074 C000000 0
074 D000000 0
074 E000000 12213
074 F000000 161364
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 3300
074 K000000 0
074 L000000 93
074 M000000 0
074 N000000 179932
074 O000000 3136
074 P000000 140
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 242
074 S000000 0
074 T000000 176414
074 U010000 14008
074 U020000 0
074 V010000 12.59
074 V020000 0.00
074 W000000 0.0000
074 X000000 791
074 Y000000 0
075 A000000 0
075 B000000 169654
076 000000 11.25
077 A000000 Y
<PAGE> PAGE 9
077 B000000 Y
077 C000000 Y
077 Q010000 Y
077 Q020000 Y
077 Q030000 N
078 000000 N
080 A000000 NATIONAL UNION FIRE INSURANCE CO.
080 C000000 5500
081 A000000 Y
081 B000000 15
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON STOCK
087 A020000 290913102
087 A030000 FRG
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 Y
SIGNATURE JENNIE M. WONG
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000860127
<NAME> EMERGING GERMANY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 141724612
<INVESTMENTS-AT-VALUE> 173576857
<RECEIVABLES> 3392806
<ASSETS-OTHER> 2962629
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 179932292
<PAYABLE-FOR-SECURITIES> 3135619
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 382677
<TOTAL-LIABILITIES> 3518296
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 142013476
<SHARES-COMMON-STOCK> 14008334
<SHARES-COMMON-PRIOR> 14008334
<ACCUMULATED-NII-CURRENT> (660622)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3285244
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31775898
<NET-ASSETS> 176413996
<DIVIDEND-INCOME> 2250520
<INTEREST-INCOME> 56567
<OTHER-INCOME> 0
<EXPENSES-NET> 2199419
<NET-INVESTMENT-INCOME> 107668
<REALIZED-GAINS-CURRENT> 33117116
<APPREC-INCREASE-CURRENT> 4816868
<NET-CHANGE-FROM-OPS> 38041652
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 840501
<DISTRIBUTIONS-OF-GAINS> 10086000
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 27115151
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1555539
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2199419
<AVERAGE-NET-ASSETS> 169654336
<PER-SHARE-NAV-BEGIN> 10.66
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 2.7
<PER-SHARE-DIVIDEND> 0.06
<PER-SHARE-DISTRIBUTIONS> 0.72
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.59
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Emerging Germany Fund Inc.
Form N-SAR
For Period Ending 12/31/97
File No. 811-6038
Attachment per Item 77
Sub-Item 77Q.2
Information called for
by Item 403 of Regulation S-X
Section 30(f) Beneficial Ownership Report
Section 30 (f) of the Investment Company Act of 1940
requires the Company's officers, directors, investment
adviser, affiliated persons of its investment adviser,
and the beneficial owners of more than 10% of the
Company's Capital Stock to file initial reports of
ownership and reports of changes of ownership with
the Securities and Exchange Commission and the New
York Stock Exchange, and to provide copies of such
reports to the Company.
Based solely on a review of the copies of such reports
received by the Company and written representations
by reporting persons that no additional reports are due
the Company is of the opinion that all Section 30(f)
requirements for 1997 were satisfied, except as follows.
Eamonn F. Dolan and Joachim Madler, as members of the
Board of Managers of Dresdner RCM Global Investors LLC
("Dresdner RCM"), the Company's investment adviser, may
be required to file reports under Section 30(f), but did
not file on a timely basis an initial report of ownership
on Form 3. This information was subsequently reported
on Form 5. Jacob Saliba, a member of the Board of Directors
of the Company failed to file on a timely basis a change in
ownership on Form 4. This information was subsequently
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors of The Emerging
Germany Fund:
In planning and performing our audit of the financial
statements and financial highlights of The Emerging Germany Fund
for the year ended December 31, 1997, we considered its internal
control, including controls over safeguarding securities, in
order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and financial
highlights and to comply with the requirements of Form N-SAR,
not to provide assurance on internal control.
The management of The Emerging Germany Fund is responsible for
establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements and financial highlights for external purposes that
are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of any specific
internal control component does not reduce to a relatively low
level the risk that errors or fraud in amounts that would be
material in relation to the financial statements and financial
highlights being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters
involving internal control, including controls over safeguarding
securities, that we consider to be material weaknesses as
defined above as of December 31, 1997.
This report is intended solely for the information and use of
management of The Emerging Germany Fund and the Securities and
Exchange Commission.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
February 20, 1998
