UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number 811-5983
New Germany Fund, Inc.
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(Exact name of registrant as specified in charter)
Two International Place
Boston, MA 02110
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(Address of principal executive offices) (Zip code)
Salvatore Schiavone
Two International Place
Boston, Massachusetts 02110
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(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 295-2663
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Date of fiscal year end: 12/31
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Date of reporting period: 9/30/04
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Form N-Q is to be used by registered management investment companies, other than
small business investment companies registered on Form N-5 (ss.ss. 239.24 and
274.5 of this chapter), to file reports with the Commission, not later than 60
days after the close of the first and third fiscal quarters, pursuant to rule
30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-4). The
Commission may use the information provided on Form N-Q in its regulatory,
disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS
THE NEW GERMANY FUND, INC.
SCHEDULE OF INVESTMENTS -- SEPTEMBER 30, 2004 (unaudited)
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Shares Description Value
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INVESTMENTS IN GERMAN SECURITIES--83.2%
COMMON STOCKS--72.8%
ACCIDENT & HEALTH
INSURANCE--2.9%
211,800 Hannover Rueckversicherungs . . . . . . . . . . . $ 6,859,670
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BEET SUGAR--1.9%
230,000 Suedzucker . . . . . . . . . . . . . . . . . . . 4,338,186
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BUSINESS SERVICES--1.2%
100,000 Techem* . . . . . . . . . . . . . . . . . . . . . 2,748,594
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CEMENT--3.8%
190,235 HeidelbergCement . . . . . . . . . . . . . . . . 8,840,545
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COMMUNICATIONS
SERVICES--2.0%
215,000 United Internet . . . . . . . . . . . . . . . . . 4,615,528
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COMPUTER PROGRAMMING
SERVICES--0.7%
50,000 Software . . . . . . . . . . . . . . . . . . . . 1,644,813
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COMPUTER RELATED
SERVICES--0.5%
70,000 Bechtle . . . . . . . . . . . . . . . . . . . . . 1,076,233
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COMPUTER TERMINALS--0.2%
7,000 Wincor Nixdorf Ag . . . . . . . . . . . . . . . . 416,942
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ELECTRONIC
CAPACITATORS--1.3%
200,000 Epcos* . . . . . . . . . . . . . . . . . . . . . 3,027,796
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ELECTRONIC COMPUTERS--3.2%
542,720 Kontron Ag . . . . . . . . . . . . . . . . . . . 4,323,621
53,700 Leoni . . . . . . . . . . . . . . . . . . . . . . 3,051,278
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7,374,899
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FINANCIAL SERVICES--0.9%
66,500 AWD Holding . . . . . . . . . . . . . . . . . . . 2,198,329
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GENERAL INDUSTRIAL MACHINERY
& EQUIPMENT--3.9%
80,000 Iwka . . . . . . . . . . . . . . . . . . . . . . 1,898,081
585,000 MG Technologies* . . . . . . . . . . . . . . . . 7,201,191
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9,099,272
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HEAVY CONSTRUCTION--2.2%
147,200 Bilfinger Berger . . . . . . . . . . . . . . . . 5,094,401
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INFORMATION RETRIEVAL
SERVICES--1.0%
130,000 Freenet* . . . . . . . . . . . . . . . . . . . . 2,318,125
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INSURANCE AGENTS, BROKERS &
SERVICES--1.3%
190,000 MLP . . . . . . . . . . . . . . . . . . . . . . . 3,050,877
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INVESTORS--0.9%
30,000 Mpc Muenchmeyer Peterson Cap . . . . . . . . . . $ 2,158,049
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LIFE INSURANCE--1.4%
47,420 AMB Generali Holding . . . . . . . . . . . . . . 3,354,078
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LOCAL TRUCKING WITH
STORAGE--2.1%
115,000 K & S . . . . . . . . . . . . . . . . . . . . . . 4,943,249
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MORTGAGE BANKERS--7.1%
480,000 Hypo Real Estate Holding* . . . . . . . . . . . . 16,439,443
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MOTOR VEHICLE PARTS &
ACCESSORIES--0.4%
14,150 ElringKlinger . . . . . . . . . . . . . . . . . . 868,279
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NATIONAL COMMERCIAL
BANKS--1.5%
90,000 Deutsche Postbank Ag . . . . . . . . . . . . . . 3,506,783
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PHARMACEUTICAL
PREPARATIONS--6.1%
184,000 Merck KGaA . . . . . . . . . . . . . . . . . . . 10,512,111
45,000 Schwarz Pharma . . . . . . . . . . . . . . . . . 1,689,175
90,000 Stada Arzneimittel . . . . . . . . . . . . . . . 1,999,090
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14,200,376
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PRINTING TRADES MACHINERY &
EQUIPMENT--1.0%
79,000 Heidelberger Druckmaschinen* . . . . . . . . . . 2,352,746
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PUMP AND PUMPING
EQUIPMENT--1.1%
65,234 Pfeiffer Vacuum Technology . . . . . . . . . . . 2,509,415
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RADIOTELEPHONE
COMMUNICATIONS--1.0%
65,000 Funkwerk . . . . . . . . . . . . . . . . . . . . 2,359,261
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RETAIL-MISCELLANEOUS RETAIL
STORES--1.8%
144,625 Douglas Holding . . . . . . . . . . . . . . . . . 4,271,271
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RUBBER & PLASTIC
FOOTWEAR--7.5%
65,000 Puma . . . . . . . . . . . . . . . . . . . . . . 17,399,652
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SERVICES-COMMERCIAL
PHYSICAL&BIOLOGICAL
RESEARCH--0.9%
160,000 GPC Biotech* . . . . . . . . . . . . . . . . . . 2,164,130
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SERVICES-COMPUTER
PROGRAMMING
SERVICES--0.9%
110,000 IDS Scheer . . . . . . . . . . . . . . . . . . . 2,047,485
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SERVICES-COMPUTER RENTAL &
LEASING--1.0%
56,689 Grenkeleasing* . . . . . . . . . . . . . . . . . $ 2,251,052
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SERVICES-INFORMATION
RETRIEVAL SERVICES--3.0%
639,200 T-Online International* . . . . . . . . . . . . . 6,932,422
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SERVICES-NONPHYSICAL
RESEARCH--0.9%
78,720 GFK . . . . . . . . . . . . . . . . . . . . . . . 2,198,859
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SPECIAL INDUSTRY
MACHINERY--1.9%
108,100 Singulus Technologies* . . . . . . . . . . . . . 1,523,845
341,900 Suess MicroTec* . . . . . . . . . . . . . . . . . 2,918,934
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4,442,779
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STEEL WORKS, BLAST FURNACES
& ROLLING & FINISHING
MILLS--0.6%
100,000 Salzgitter . . . . . . . . . . . . . . . . . . . 1,501,489
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WHOLESALE-DRUGS
PROPRIETARIES & DRUGGISTS
SUNDRIES--3.3%
114,000 Celesio . . . . . . . . . . . . . . . . . . . . . 7,766,297
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WHOLESALE-MEDICAL DENTAL &
HOSPITAL EQUIPMENT--1.4%
33,161 Beiersdorf . . . . . . . . . . . . . . . . . . . 3,143,409
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Total Common Stocks
(cost $129,259,516) . . . . . . . . . . . 169,514,734
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PREFERRED STOCKS--10.4%
CARBURETORS, PISTONS, PISTON
RINGS--2.5%
141,709 Rheinmetall . . . . . . . . . . . . . . . . . . . 5,924,275
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ELECTROMEDICAL &
ELECTROTHERAPEUTIC
APPARATUS--3.4%
96,354 Fresenius . . . . . . . . . . . . . . . . . . . . 7,873,400
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MEN'S AND BOYS SUITS AND
COATS--1.5%
130,000 Hugo Boss . . . . . . . . . . . . . . . . . . . . 3,486,060
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RETAIL-THEATRICAL
PRODUCTIONS--1.9%
238,400 Prosieben Sat.1 Media . . . . . . . . . . . . . . 4,390,125
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SCALES AND BALANCES, EX
LAB--1.1%
184,800 Sartorius . . . . . . . . . . . . . . . . . . . . 2,589,004
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Total Preferred Stocks
(cost $13,134,162) . . . . . . . . . . . $ 24,262,864
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Total Investments in German Securities
(cost $142,393,678) . . . . . . . . . . . 193,777,598
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INVESTMENTS IN DUTCH COMMON
STOCKS--9.2%
GUIDED MISSILES & SPACE
VEHICLES--8.2%
710,000 European Aeronautic Defense . . . . . . . . . . . 18,942,339
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SURGICAL & MEDICAL
INSTRUMENTS AND
APPARATUS--1.0%
209,150 Qiagen* . . . . . . . . . . . . . . . . . . . . . 2,361,761
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Total Investments in Dutch Common Stocks
(cost $8,313,352) . . . . . . . . . . . . 21,304,100
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INVESTMENTS IN IRISH COMMON
STOCK--5.6%
NATIONAL COMMERCIAL
BANKS--5.6%
960,000 Depfa Bank Plc*
(Cost $6,171,069) . . . . . . . . . . . . 13,080,079
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INVESTMENTS IN SWISS COMMON
STOCK--0.9%
SEMICONDUCTORS & RELATED
DEVICES--0.9%
50,000 Micronas Semiconductor Holding*
(Cost $925,901) . . . . . . . . . . . . . 2,121,358
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Total Investments--98.9%
(cost $157,804,000) . . . . . . . . . . . $230,283,135
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Cash and other assets in
excess of liabilities--1.1% . . . . . . . 2,625,119
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NET ASSETS--100.0% . . . . . . . . . . . . . . . $232,908,254
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NUMBER OF SHARES
OUTSTANDING . . . . . . . . . . . . . . . $ 25,430,725
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NET ASSET VALUE PER SHARE . . . . . . . . . . . . $ 9.16
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For information on the Fund's policies regarding the valuation of investments
and other significant accounting policies, please refer to the Fund's most
recent semi-annual or annual financial statements.
*Non-income producing security.
The accompanying notes are an integral part of the financial statements.
SIGNATURES
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.
Registrant: The New Germany Fund
By: /s/Julian Sluyters
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Julian Sluyters
Chief Executive Officer
Date: November 19, 2004
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.
Registrant: The New Germany Fund
By: /s/Julian Sluyters
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Julian Sluyters
Chief Executive Officer
Date: November 19, 2004
By: /s/Paul Schubert
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Paul Schubert
Chief Financial Officer
Date: November 19, 2004