UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
_______________________________
Investment Company Act file number 811-5983
The New Germany Fund, Inc.
(Exact name of registrant as specified in charter)
345 Park Avenue
New York, NY 10154
(Address of principal executive offices) (Zip code)
Paul Schubert
345 Park Avenue
New York, NY 10154-0004
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 454-7190
Date of fiscal year end: 12/31
Date of reporting period: 09/30/08
ITEM 1. SCHEDULE OF INVESTMENTS
THE NEW GERMANY FUND
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2008
(unaudited)
| Shares | Description | Value(a) | |||||||||
| INVESTMENTS IN
GERMAN SECURITIES - 89.8% |
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| COMMON STOCKS - 80.8% | |||||||||||
| AEROSPACE & DEFENSE - 2.1% | |||||||||||
| 199,084 | MTU Aero Engines Holding | $ | 5,422,091 | ||||||||
| AUTO COMPONENTS - 1.9% | |||||||||||
| 188,344 | ElringKlinger+ | 3,571,398 | |||||||||
| 9,245 | Leoni | 277,241 | |||||||||
| 91,075 | Saf-Holland | 857,090 | |||||||||
| 4,705,729 | |||||||||||
| BUILDING PRODUCTS - 1.6% | |||||||||||
| 100,000 | Demag Cranes | 3,909,002 | |||||||||
| CHEMICALS - 6.8% | |||||||||||
| 86,664 | K + S | 5,920,862 | |||||||||
| 177,760 | Lanxess | 4,833,838 | |||||||||
| 46,364 | Wacker Chemie | 6,535,080 | |||||||||
| 17,289,780 | |||||||||||
| COMPUTERS
& PERIPHERALS - 1.7% |
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| 72,727 | Wincor Nixdorf | 4,238,301 | |||||||||
| CONSTRUCTION
& ENGINEERING - 6.6% |
|||||||||||
| 74,341 | Bauer | 3,706,888 | |||||||||
| 143,181 | Bilfinger Berger | 7,372,767 | |||||||||
| 116,567 | Hochtief | 5,480,043 | |||||||||
| 16,559,698 | |||||||||||
| DIVERSIFIED
FINANCIAL SERVICES - 0.4% |
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| 35,000 | Grenkeleasing | 1,062,369 | |||||||||
| ELECTRICAL EQUIPMENT - 13.2% |
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| 117,447 | Q-Cells+* | 9,665,361 | |||||||||
| 250,686 | SGL Carbon* | 9,605,658 | |||||||||
| 25,000 | SMA Solar Technology+* | 1,917,279 | |||||||||
| 221,957 | Solarworld+ | 9,168,885 | |||||||||
| 154,800 | Tognum | 3,007,086 | |||||||||
| 33,364,269 | |||||||||||
| HEALTHCARE
PROVIDERS & SERVICES - 5.9% |
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| 180,000 | Celesio | 7,764,348 | |||||||||
| 247,460 | Rhoen Klinikum+ | 7,160,196 | |||||||||
| 14,924,544 | |||||||||||
| Shares | Description | Value(a) | |||||||||
| HOUSEHOLD DURABLES - 0.6% | |||||||||||
| 118,886 | Loewe | $ | 1,594,728 | ||||||||
| INDUSTRIAL CONGLOMERATES - 3.2% |
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| 152,583 | Rheinmetall | 8,131,228 | |||||||||
| INSURANCE - 3.2% | |||||||||||
| 33,938 | AMB Generali Holding | 5,272,226 | |||||||||
| 80,805 | Hannover Ruckversicherungs | 2,918,052 | |||||||||
| 8,190,278 | |||||||||||
| INTERNET
SOFTWARE & SERVICES - 2.1% |
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| 500,966 | United Internet | 5,333,719 | |||||||||
| LIFE SCIENCES
TOOLS & SERVICES - 0.5% |
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| 28,287 | Gerresheimer | 1,279,765 | |||||||||
| MACHINERY - 8.0% | |||||||||||
| 408,046 | GEA Group | 7,829,112 | |||||||||
| 92,116 | Krones | 4,520,751 | |||||||||
| 298,963 | Max Automation | 1,515,924 | |||||||||
| 52,714 | Pfeiffer Vacuum Technology | 4,188,561 | |||||||||
| 20,000 | Vossloh | 2,051,840 | |||||||||
| 20,106,188 | |||||||||||
| METALS & MINING - 5.6% | |||||||||||
| 130,000 | Norddeutsche Affinerie | 5,448,724 | |||||||||
| 86,645 | Salzgitter | 8,611,603 | |||||||||
| 14,060,327 | |||||||||||
| PERSONAL PRODUCTS - 2.0% | |||||||||||
| 80,391 | Beiersdorf | 5,059,820 | |||||||||
| PHARMACEUTICALS - 2.5% | |||||||||||
| 157,563 | Stada Arzneimittel | 6,258,731 | |||||||||
| REAL ESTATE
MANAGEMENT & DEVELOPMENT - 3.3% |
|||||||||||
| 96,965 | Deutsche Euroshop+ | 3,137,980 | |||||||||
| 474,364 | IVG Immobilien+ | 4,524,120 | |||||||||
| 323,204 | RCM Beteiligungs* | 789,912 | |||||||||
| 8,452,012 | |||||||||||
| SEMICONDUCTORS
& SEMICONDUCTOR EQUIPMENT - 1.6% |
|||||||||||
| 260,766 | Kontron | 2,637,158 | |||||||||
| 300,255 | Suess MicroTec* | 1,433,910 | |||||||||
| 4,071,068 | |||||||||||
6
| Shares | Description | Value(a) | |||||||||
| SOFTWARE - 3.5% | |||||||||||
| 157,563 | Software AG | $ | 8,848,093 | ||||||||
| SPECIALTY RETAIL - 2.7% | |||||||||||
| 60,000 | Douglas Holdings+ | 2,717,058 | |||||||||
| 25,000 | Fielmann | 1,741,704 | |||||||||
| 248,465 | Praktiker
Bau-und Heimwerkermaerkte |
2,264,971 | |||||||||
| 6,723,733 | |||||||||||
| TEXTILE,
APPAREL & LUXURY GOODS - 0.5% |
|||||||||||
| 4,647 | Puma | 1,251,325 | |||||||||
| TRADING
COMPANIES & DISTRIBUTORS - 0.9% |
|||||||||||
| 99,825 | Kloeckner & Co. | 2,253,242 | |||||||||
| WIRELESS TELECOMMUNICATIONS SERVICES - 0.4% |
|||||||||||
| 120,646 | Freenet | 1,081,151 | |||||||||
| Total Common
Stocks (cost $191,952,800) |
204,171,191 | ||||||||||
| TEXTILE,
APPAREL & LUXURY GOODS - 1.0% |
|||||||||||
| 110,000 | Hugo Boss+ | 2,631,237 | |||||||||
| PREFERRED STOCKS - 9.0% | |||||||||||
| HEALTHCARE
EQUIPMENT & SUPPLIES - 8.0% |
|||||||||||
| 263,465 | Fresenius | 18,943,522 | |||||||||
| 62,632 | Sartorius | 1,301,999 | |||||||||
| 20,245,521 | |||||||||||
| Total Preferred
Stocks (cost $12,401,475) |
22,876,758 | ||||||||||
| Total Investments
in German Securities (cost $204,354,275) |
227,047,949 | ||||||||||
| INVESTMENTS IN
DUTCH COMMON STOCKS - 7.1% |
|||||||||||
| AEROSPACE & DEFENSE - 4.8% | |||||||||||
| 719,645 | EADS+ | 12,129,760 | |||||||||
| Shares | Description | Value(a) | |||||||||
| LIFE SCIENCES
TOOLS & SERVICES - 2.3% |
|||||||||||
| 290,887 | Qiagen+* | $ | 5,683,346 | ||||||||
| Total Investments
in Dutch Common Stocks (cost $16,591,780) |
17,813,106 | ||||||||||
| Total Investments
in Common and Preferred Stocks - 96.9% (cost $220,946,056) |
224,861,055 | ||||||||||
| SECURITIES
LENDING COLLATERAL - 15.1% |
|||||||||||
| 38,112,305 | Daily Assets
Institutional Fund, 2.79% (b)(c) (cost $38,112,305) |
38,112,305 | |||||||||
| CASH EQUIVALENTS - 0.0% | |||||||||||
| 25,599 | Cash Management
QP Trust, 2.38%(c) (cost $25,599) |
25,599 | |||||||||
| Total Investments
- 112.0% (cost $259,083,959) |
282,998,959 | ||||||||||
| Other Assets and
Liabilities, Net - (12.0)% |
(30,287,329 | ) | |||||||||
| NET ASSETS - 100.0% | $ | 252,711,630 | |||||||||
+ All or a portion of these securities were on loan. The value of all securities loaned at September 30, 2008 amounted to $35,845,609, which is 14.2% of the net assets.
* Non-income producing security.
(a) Values stated in US dollars.
(b) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
7
Fair Value Measurements
The following is a summary of the inputs used as of September 30, 2008 in valuing the Fund's investments. Please see below for information on the Fund's policy regarding valuation inputs, and their aggregate levels used in the table below:
| Valuation Inputs | Investments in
Securities |
||||||
| Level 1 | $ | 282,998,959 | |||||
| Level 2 | - | ||||||
| Level 3 | - | ||||||
| Total | $ | 282,998,959 | |||||
The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"), effective at the beginning of the Fund's fiscal year. FAS 157 establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and requires additional disclosure about the classification of fair value measurements.
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 observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). 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.
8
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ITEM 2. |
CONTROLS AND PROCEDURES |
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(a) The Chief Executive and Financial Officers concluded that the Registrant’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. |
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(b) There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. |
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ITEM 3. |
EXHIBITS |
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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. |
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.
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DWS RREEF Global Real Estate Securities Fund, a series of DWS Advisor Funds
DWS RREEF Real Estate Securities Fund, a series of DWS Advisor Funds
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DWS Equity 500 Index Portfolio
DWS RREEF Global Infrastructure Fund, a series of DWS Global/International Fund, Inc.
Cash Management Fund Institutional, a series of DWS Institutional Funds
Cash Reserves Fund Institutional, a series of DWS Institutional Funds
DWS EAFE Equity Index Fund, a series of DWS Institutional Funds
DWS Equity 500 Index Fund, a series of DWS Institutional Funds
DWS U.S. Bond Index Fund, a series of DWS Institutional Funds
DWS S&P 500 Index Fund, a series of DWS Investment Trust
DWS Equity 500 Index VIP, a series of DWS Investments VIT Funds
DWS Small Cap Index VIP, a series of DWS Investments VIT Funds
DWS Money Market Series, a series of DWS Money Market Trust
DWS RREEF Real Estate Fund II, Inc.
DWS RREEF Real Estate Fund, Inc.
DWS RREEF World Real Estate & Tactical Strategies Fund, Inc.
DWS Variable Series I
DWS Variable Series II
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By: |
/s/Michael G. Clark |
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Michael G. Clark |
President
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Date: |
November 14, 2008 |
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.
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By: |
/s/Michael G. Clark |
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Michael G. Clark |
President
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Date: |
November 14, 2008 |
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By: |
/s/Paul Schubert |
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Paul Schubert |
Chief Financial Officer and Treasurer
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Date: |
November 14, 2008 |