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.
(Exact name of registrant as specified in charter)
Two International Place
Boston, MA 02110
(Address of principal executive offices) (Zip code)
Paul Schubert
345 Park Avenue
New York, NY 10154
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 454-7190
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Date of fiscal year end: 12/31
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Date of reporting period: 9/30/05
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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 270.30b1-4). 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, 2005 (UNAUDITED)
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SHARES DESCRIPTION VALUE
------ ----------- -----
INVESTMENTS IN GERMAN SECURITIES -- 84.5%
COMMON STOCKS -- 77.7%
AEROSPACE & DEFENSE -- 1.5%
145,000 Mtu Aero Engines Holding ............. $ 4,541,719
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BIOTECHNOLOGY -- 0.7%
160,000 GPC Biotech* ......................... 1,994,983
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CHEMICALS -- 7.0%
355,000 GEA Group ............................ 4,058,574
170,000 K + S ................................ 12,029,893
150,000 Lanxess .............................. 4,481,484
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20,569,951
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COMMERCIAL SERVICES &
SUPPLIES -- 3.0%
33,920 GFK .................................. 1,281,069
95,000 Interseroh ........................... 3,015,665
100,000 Techem* .............................. 4,324,873
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8,621,607
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CONSTRUCTION &
ENGINEERING -- 2.7%
147,200 Bilfinger Berger ..................... 7,909,000
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CONSTRUCTION
MATERIALS -- 1.0%
40,235 HeidelbergCement+ .................... 2,907,782
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DIVERSIFIED FINANCIALS -- 6.3%
137,000 AWD Holding .......................... 5,268,201
160,000 Deutsche Postbank+ ................... 8,772,144
56,689 Grenkeleasing ........................ 2,902,463
70,000 MLP+ ................................. 1,466,481
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18,409,289
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DIVERSIFIED TELECOMMUNICATION
SERVICES -- 2.3%
290,000 Mobilcom+ ............................ 6,690,301
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ELECTRICAL EQUIPMENT -- 3.5%
16,000 Conergy* ............................. 1,816,688
350,000 Sgl Carbon* .......................... 5,207,316
22,000 Solarworld+ .......................... 3,291,987
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10,315,991
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ELECTRONIC EQUIPMENT &
INSTRUMENTS -- 5.5%
97,460 Funkwerk ............................. 3,786,474
542,720 Kontron* ............................. 4,315,178
321,600 Suess MicroTec*+ ..................... 2,281,972
150,000 Utimaco Safeware ..................... 1,355,288
45,000 Wincor Nixdorf ....................... 4,336,920
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16,075,832
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SHARES DESCRIPTION VALUE
------ ----------- -----
FOOD PRODUCTS -- 0.7%
95,000 Suedzucker+ .......................... $ 2,159,605
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HEALTHCARE PROVIDERS &
SERVICES -- 0.6%
46,000 Rhoen-Klinikum ....................... 1,773,318
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HOUSEHOLD PRODUCTS -- 1.3%
33,161 Beiersdorf ........................... 3,815,135
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INSURANCE -- 1.9%
156,800 Hannover Ruckversicherungs+ .......... 5,440,232
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INTERNET SOFTWARE &
Services -- 4.2%
130,000 Freenet.de ........................... 3,338,947
280,000 United Internet+ ..................... 9,090,666
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12,429,613
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MACHINERY -- 6.9%
160,000 Balda+ ............................... 2,097,141
65,000 Heidelberger Druckmaschinen* ......... 2,232,490
65,234 Pfeiffer Vacuum Technology ........... 3,260,591
191,709 Rheinmetall .......................... 12,702,351
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20,292,573
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MEDIA -- 1.0%
107,700 Premiere*+ ........................... 3,032,168
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MULTILINE RETAIL -- 1.1%
84,625 Douglas Holding ...................... 3,221,549
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PHARMACEUTICALS -- 13.3%
144,000 Celesio .............................. 12,637,785
149,000 Merck KGaA ........................... 12,570,406
95,000 Schwarz Pharma ....................... 5,867,672
220,000 Stada Arzneimittel ................... 7,898,013
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38,973,876
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REAL ESTATE -- 8.1%
15,000 Deutsche Euroshop .................... 834,857
450,000 Hypo Real Estate Holding ............. 22,801,357
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23,636,214
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SOFTWARE -- 1.5%
95,000 Software ............................. 4,440,524
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TEXTILES, APPAREL & Luxury
Goods -- 3.6%
85,000 Gerry Weber International ............ 1,551,353
33,000 Puma ................................. 8,975,509
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10,526,862
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Total Common Stocks
(cost $152,762,803) .................. 227,778,124
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5
THE NEW GERMANY FUND, INC.
SCHEDULE OF INVESTMENTS -- SEPTEMBER 30, 2005 (UNAUDITED) (CONTINUED)
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SHARES DESCRIPTION VALUE
------ ----------- -----
PREFERRED STOCKS -- 6.8%
ELECTRICAL EQUIPMENT -- 1.9%
209,800 Sartorius ............................ $ 5,573,050
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HEALTHCARE PROVIDERS &
SERVICES -- 2.7%
56,354 Fresenius ............................ 7,834,467
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MEDIA -- 0.7%
113,400 Prosieben Sat.1 Media ................ 1,964,495
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TEXTILES, APPAREL & LUXURY
GOODS -- 1.5%
130,000 Hugo Boss ............................ 4,540,153
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Total Preferred Stocks
(cost $7,483,612) .................. 19,912,165
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Total Investments in German
Securities (cost $160,246,415) ..... 247,690,289
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INVESTMENTS IN DUTCH
COMMON STOCKS -- 8.6%
AEROSPACE & DEFENSE -- 7.7%
635,000 European Aeronautic Defense .......... 22,643,541
------------
BIOTECHNOLOGY -- 0.9%
199,150 Qiagen+ .............................. 2,579,097
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Total Investments in Dutch Common
Stocks (cost $7,381,538) ........... 25,222,638
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SHARES DESCRIPTION VALUE
------ ----------- -----
INVESTMENTS IN IRISH
COMMON STOCK -- 4.3%
DIVERSIFIED FINANCIAL
SERVICES -- 4.3%
790,000 Depfa Bank Plc
(Cost $4,430,968) ................ $ 12,705,369
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SECURITIES LENDING
COLLATERAL -- 12.0%
35,242,766 Scudder Daily Assets Fund
Institutional, 3.84%++
(cost $35,242,766) ............... 35,242,766
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Total Investments--109.4%
(cost $207,301,687) .............. $320,861,062
Liabilities in excess of cash and
other assets--(9.4)% .............. (27,689,558)
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NET ASSETS--100.0% ................. $293,171,504
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* Non-income producing security.
+ All or a portion of these securities were on loan. The value of all
securities loaned at September 30, 2005 amounted to $33,545,474 which is
11.4% of the net assets.
++ Represents collateral held in connection with securities lending. Scudder
Daily Assets Fund Institutional, an affiliated fund, is managed by Deutsche
Asset Management, Inc. The rate shown is the annualized seven-day yield at
period end.
6
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: New Germany Fund, Inc.
By: /s/Vincent J. Esposito
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Vincent J. Esposito
President
Date: November 22, 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: New Germany Fund, Inc.
By: /s/Vincent J. Esposito
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Vincent J. Esposito
President
Date: November 22, 2005
By: /s/Paul Schubert
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Paul Schubert
Chief Financial Officer and Treasurer
Date: November 22, 2005