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 811-05983
The New Germany Fund, Inc.
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(Exact name of registrant as specified in charter)
345 Park Avenue, New York, NY 10154
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(Address of principal executive offices) (Zip code)
Bruce A. Rosenblum
Deutsche Investment Management Americas Inc.
345 Park Avenue, New York, NY 10154
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(Name and address of agent for service)
Registrant's telephone number, including area code: 800-437-6269
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Date of fiscal year end: 12/31
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Date of reporting period: 3/31/05
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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 270.30b1-5). 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 -- MARCH 31, 2005 (UNAUDITED)
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SHARES DESCRIPTION VALUE
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INVESTMENTS IN GERMAN SECURITIES -- 85.8%
COMMON STOCKS -- 73.4%
BIOTECHNOLOGY -- 0.7%
160,000 GPC Biotech*+ .................. $ 1,851,935
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BUILDING PRODUCTS -- 0.5%
90,000 Pfleiderer* .................... 1,483,157
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CHEMICALS -- 5.6%
185,000 K + S .......................... 10,471,243
355,000 MG Technologies*+ .............. 4,546,596
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15,017,839
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COMMERCIAL SERVICES &
SUPPLIES -- 3.5%
58,720 GFK ............................ 2,331,569
100,000 Interseroh ..................... 2,854,720
100,000 Techem* ........................ 4,372,912
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9,559,201
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CONSTRUCTION &
ENGINEERING -- 3.9%
147,200 Bilfinger Berger ............... 7,328,928
100,000 Hochtief ....................... 3,185,608
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10,514,536
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CONSTRUCTION
MATERIALS -- 3.7%
160,235 HeidelbergCement ............... 10,090,403
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DIVERSIFIED FINANCIALS-- 6.5%
174,000 AWD Holding .................... 7,676,601
160,000 Deutsche Postbank .............. 7,370,368
56,689 Grenkeleasing .................. 2,574,588
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17,621,557
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DIVERSIFIED
TELECOMMUNICATION
SERVICES -- 1.9%
220,000 Mobilcom+ ...................... 5,092,821
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ELECTRICAL EQUIPMENT-- 1.9%
30,000 Conergy* ....................... 2,595,330
20,000 Solarworld ..................... 2,504,368
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5,099,698
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ELECTRONIC EQUIPMENT &
INSTRUMENT -- 4.0%
87,460 Funkwerk ....................... 4,027,692
542,720 Kontron* ....................... 5,084,566
271,600 Suess MicroTec*+ ............... 1,730,422
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10,842,680
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FOOD PRODUCTS -- 1.7%
230,000 Suedzucker ..................... 4,631,913
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HOUSEHOLD PRODUCTS -- 1.4%
33,161 Beiersdorf ..................... 3,704,859
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INSURANCE -- 4.0%
271,800 Hannover Ruckversicherungs ..... 10,760,501
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INTERNET SOFTWARE &
SERVICES -- 3.8%
130,000 Freenet.de ..................... $ 3,463,165
215,000 United Internet ................ 6,840,687
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10,303,852
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MACHINERY -- 4.6%
110,000 Balda .......................... 1,077,657
79,000 Heidelberger Druckmaschinen*+ .. 2,526,881
80,000 Iwka ........................... 1,956,781
29,754 Krones ......................... 3,590,617
65,234 Pfeiffer Vacuum Technology ..... 3,309,723
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12,461,659
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MEDIA -- 1.0%
67,700 Premiere* ...................... 2,806,728
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METALS & MINING -- 1.7%
210,000 Salzgitter ..................... 4,485,284
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MULTILINE RETAIL -- 1.2%
84,625 Douglas Holding ................ 3,108,704
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PHARMACEUTICALS -- 12.1%
94,000 Celesio ........................ 7,692,925
184,000 Merck KGaA+ .................... 13,131,712
75,000 Schwarz Pharma ................. 3,308,880
270,000 Stada Arzneimittel ............. 8,446,987
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32,580,504
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REAL ESTATE -- 7.4%
480,000 Hypo Real Estate Holding ....... 20,024,563
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TEXTILES, APPAREL & LUXURY
GOODS -- 2.3%
25,000 Puma+ .......................... 6,265,137
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Total Common Stocks
(cost $140,080,981) .......... 198,307,531
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PREFERRED STOCKS -- 12.4%
AUTOMOBILES -- 1.1%
4,000 Porsche ........................ 2,906,624
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ELECTRICAL EQUIPMENT-- 1.8%
199,800 Sartorius ...................... 4,796,319
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HEALTH CARE PROVIDERS &
SERVICES -- 2.4%
56,354 Fresenius ...................... $ 6,493,496
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HEALTH CARE EQUIPMENT &
SUPPLIES -- 0.8%
40,000 Draegerwerk .................... 2,256,786
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MACHINERY -- 3.2%
161,709 Rheinmetall .................... 8,603,177
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MEDIA -- 1.6%
238,400 Prosieben Sat.1 Media .......... 4,473,170
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TEXTILES, APPAREL & LUXURY
GOODS -- 1.5%
130,000 Hugo Boss ...................... 4,045,138
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Total Preferred Stocks
(cost $16,731,353) ........... 33,574,710
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Total Investments in German Securities
(cost $156,812,334) .......... 231,882,241
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INVESTMENTS IN DUTCH COMMON
STOCKS -- 8.7%
AEROSPACE & DEFENSE -- 7.8%
710,000 European Aeronautic Defense+ ... 21,254,299
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BIOTECHNOLOGY -- 0.9%
199,150 Qiagen*+ ....................... 2,361,932
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Total Investments in Dutch Common Stocks
(cost $8,223,884) ............ 23,616,231
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INVESTMENTS IN IRISH COMMON
STOCK -- 5.0%
DIVERSIFIED FINANCIALS -- 5.0%
860,000 Depfa Bank Plc
(Cost $5,139,861) ............ $ 13,614,419
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Total Investments--99.5%
(cost $170,176,079) .......... $269,112,891
Cash and other assets in
excess of liabilities--0.5% .. 1,326,180
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NET ASSETS--100.0% ............. $270,439,071
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*Non-income producing security.
+All or a portion of the securities were on loan.
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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.
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
Julian Sluyters
Chief Executive Officer
Date: May 27, 2005
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
Julian Sluyters
Chief Executive Officer
Date: May 27, 2005
By: /S/ PAUL SCHUBERT
Paul Schubert
Chief Financial Officer
Date: May 27, 2005