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<SEC-DOCUMENT>0000088053-04-000987.txt : 20041126
<SEC-HEADER>0000088053-04-000987.hdr.sgml : 20041125
<ACCEPTANCE-DATETIME>20041126095845
ACCESSION NUMBER:		0000088053-04-000987
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040930
FILED AS OF DATE:		20041126
DATE AS OF CHANGE:		20041126
EFFECTIVENESS DATE:		20041126

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEW GERMANY FUND INC
		CENTRAL INDEX KEY:			0000858706
		IRS NUMBER:				133555471
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05983
		FILM NUMBER:		041168714

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		800-437-6269

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LENOX FUND INC
		DATE OF NAME CHANGE:	19900115
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq093004ngf.txt
<DESCRIPTION>N-Q FILING
<TEXT>
                                  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

                             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)


                               Salvatore Schiavone
                             Two International Place
                           Boston, Massachusetts 02110
                           ---------------------------
                     (Name and address of agent for service)

Registrant's telephone number, including area code:  (617) 295-2663
                                                     --------------

Date of fiscal year end:  12/31
                          -----

Date of reporting period:  9/30/04
                         ---------

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)
- --------------------------------------------------------------------------------

Shares          Description                                         Value
- ------          -----------                                         -----

INVESTMENTS IN GERMAN SECURITIES--83.2%
                COMMON STOCKS--72.8%
                ACCIDENT & HEALTH
                        INSURANCE--2.9%
211,800         Hannover Rueckversicherungs . . . . . . . . . . .  $ 6,859,670
                                                                   -----------

                BEET SUGAR--1.9%
230,000         Suedzucker  . . . . . . . . . . . . . . . . . . .    4,338,186
                                                                   -----------

                BUSINESS SERVICES--1.2%
100,000         Techem* . . . . . . . . . . . . . . . . . . . . .    2,748,594
                                                                   -----------

                CEMENT--3.8%
190,235         HeidelbergCement  . . . . . . . . . . . . . . . .    8,840,545
                                                                   -----------

                COMMUNICATIONS
                        SERVICES--2.0%
215,000         United Internet . . . . . . . . . . . . . . . . .    4,615,528
                                                                   -----------

                COMPUTER PROGRAMMING
                        SERVICES--0.7%
50,000          Software  . . . . . . . . . . . . . . . . . . . .    1,644,813
                                                                   -----------

                COMPUTER RELATED
                        SERVICES--0.5%
70,000          Bechtle . . . . . . . . . . . . . . . . . . . . .    1,076,233
                                                                   -----------

                COMPUTER TERMINALS--0.2%
7,000           Wincor Nixdorf Ag . . . . . . . . . . . . . . . .      416,942
                                                                   -----------

                ELECTRONIC
                        CAPACITATORS--1.3%
200,000         Epcos*  . . . . . . . . . . . . . . . . . . . . .    3,027,796
                                                                   -----------

                ELECTRONIC COMPUTERS--3.2%
542,720         Kontron Ag  . . . . . . . . . . . . . . . . . . .    4,323,621
53,700          Leoni . . . . . . . . . . . . . . . . . . . . . .    3,051,278
                                                                   -----------
                                                                     7,374,899
                                                                   -----------

                FINANCIAL SERVICES--0.9%
66,500          AWD Holding . . . . . . . . . . . . . . . . . . .    2,198,329
                                                                   -----------

                GENERAL INDUSTRIAL MACHINERY
                        & EQUIPMENT--3.9%
80,000          Iwka  . . . . . . . . . . . . . . . . . . . . . .    1,898,081
585,000         MG Technologies*  . . . . . . . . . . . . . . . .    7,201,191
                                                                   -----------
                                                                     9,099,272
                                                                   -----------

                HEAVY CONSTRUCTION--2.2%
147,200         Bilfinger Berger  . . . . . . . . . . . . . . . .    5,094,401
                                                                   -----------

                INFORMATION RETRIEVAL
                        SERVICES--1.0%
130,000         Freenet*  . . . . . . . . . . . . . . . . . . . .    2,318,125
                                                                   -----------

                INSURANCE AGENTS, BROKERS &
                        SERVICES--1.3%
190,000         MLP . . . . . . . . . . . . . . . . . . . . . . .    3,050,877
                                                                   -----------
                INVESTORS--0.9%
30,000          Mpc Muenchmeyer Peterson Cap  . . . . . . . . . .  $ 2,158,049
                                                                   -----------

                LIFE INSURANCE--1.4%
47,420          AMB Generali Holding  . . . . . . . . . . . . . .    3,354,078
                                                                   -----------

                LOCAL TRUCKING WITH
                        STORAGE--2.1%
115,000         K & S . . . . . . . . . . . . . . . . . . . . . .    4,943,249
                                                                   -----------

                MORTGAGE BANKERS--7.1%
480,000         Hypo Real Estate Holding* . . . . . . . . . . . .   16,439,443
                                                                   -----------

                MOTOR VEHICLE PARTS &
                ACCESSORIES--0.4%
14,150          ElringKlinger . . . . . . . . . . . . . . . . . .      868,279
                                                                   -----------

                NATIONAL COMMERCIAL
                BANKS--1.5%
90,000          Deutsche Postbank Ag  . . . . . . . . . . . . . .    3,506,783
                                                                   -----------

                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
                                                                   -----------
                                                                    14,200,376
                                                                   -----------
                PRINTING TRADES MACHINERY &
                        EQUIPMENT--1.0%
79,000          Heidelberger Druckmaschinen*  . . . . . . . . . .    2,352,746
                                                                   -----------

                PUMP AND PUMPING
                        EQUIPMENT--1.1%
65,234          Pfeiffer Vacuum Technology  . . . . . . . . . . .    2,509,415
                                                                   -----------

                RADIOTELEPHONE
                        COMMUNICATIONS--1.0%
65,000          Funkwerk  . . . . . . . . . . . . . . . . . . . .    2,359,261
                                                                   -----------

                RETAIL-MISCELLANEOUS RETAIL
                        STORES--1.8%
144,625         Douglas Holding . . . . . . . . . . . . . . . . .    4,271,271
                                                                   -----------

                RUBBER & PLASTIC
                        FOOTWEAR--7.5%
65,000          Puma  . . . . . . . . . . . . . . . . . . . . . .   17,399,652
                                                                   -----------

                SERVICES-COMMERCIAL
                        PHYSICAL&BIOLOGICAL
                        RESEARCH--0.9%
160,000         GPC Biotech*  . . . . . . . . . . . . . . . . . .    2,164,130
                                                                   -----------

                SERVICES-COMPUTER
                        PROGRAMMING
                        SERVICES--0.9%
110,000         IDS Scheer  . . . . . . . . . . . . . . . . . . .   2,047,485
                                                                   -----------
                SERVICES-COMPUTER RENTAL &
                        LEASING--1.0%
56,689          Grenkeleasing*  . . . . . . . . . . . . . . . . .  $ 2,251,052
                                                                   -----------

                SERVICES-INFORMATION
                        RETRIEVAL SERVICES--3.0%
639,200         T-Online International* . . . . . . . . . . . . .    6,932,422
                                                                   -----------

                SERVICES-NONPHYSICAL
                        RESEARCH--0.9%
78,720          GFK . . . . . . . . . . . . . . . . . . . . . . .    2,198,859
                                                                   -----------

                SPECIAL INDUSTRY
                        MACHINERY--1.9%
108,100         Singulus Technologies*  . . . . . . . . . . . . .    1,523,845
341,900         Suess MicroTec* . . . . . . . . . . . . . . . . .    2,918,934
                                                                   -----------
                                                                     4,442,779
                                                                   -----------

                STEEL WORKS, BLAST FURNACES
                        & ROLLING & FINISHING
                        MILLS--0.6%
100,000         Salzgitter  . . . . . . . . . . . . . . . . . . .    1,501,489
                                                                   -----------

                WHOLESALE-DRUGS
                        PROPRIETARIES & DRUGGISTS
                        SUNDRIES--3.3%
114,000         Celesio . . . . . . . . . . . . . . . . . . . . .    7,766,297
                                                                   -----------

                WHOLESALE-MEDICAL DENTAL &
                        HOSPITAL EQUIPMENT--1.4%
33,161          Beiersdorf  . . . . . . . . . . . . . . . . . . .    3,143,409
                                                                   -----------

                        Total Common Stocks
                        (cost $129,259,516) . . . . . . . . . . .  169,514,734
                                                                   -----------

                PREFERRED STOCKS--10.4%
                        CARBURETORS, PISTONS, PISTON
                        RINGS--2.5%
141,709         Rheinmetall . . . . . . . . . . . . . . . . . . .    5,924,275
                                                                   -----------

                ELECTROMEDICAL &
                        ELECTROTHERAPEUTIC
                        APPARATUS--3.4%
96,354          Fresenius . . . . . . . . . . . . . . . . . . . .    7,873,400
                                                                   -----------

                MEN'S AND BOYS SUITS AND
                        COATS--1.5%
130,000         Hugo Boss . . . . . . . . . . . . . . . . . . . .    3,486,060
                                                                   -----------

                RETAIL-THEATRICAL
                        PRODUCTIONS--1.9%
238,400         Prosieben Sat.1 Media . . . . . . . . . . . . . .    4,390,125
                                                                   -----------

                SCALES AND BALANCES, EX
                        LAB--1.1%
184,800         Sartorius . . . . . . . . . . . . . . . . . . . .    2,589,004
                                                                   -----------

                        Total Preferred Stocks
                        (cost $13,134,162)  . . . . . . . . . . . $ 24,262,864
                                                                   -----------

                        Total Investments in German Securities
                        (cost $142,393,678) . . . . . . . . . . .  193,777,598
                                                                   -----------

                INVESTMENTS IN DUTCH COMMON
                        STOCKS--9.2%
                        GUIDED MISSILES & SPACE
                                VEHICLES--8.2%
710,000         European Aeronautic Defense . . . . . . . . . . .   18,942,339
                                                                   -----------

                SURGICAL & MEDICAL
                        INSTRUMENTS AND
                        APPARATUS--1.0%
209,150         Qiagen* . . . . . . . . . . . . . . . . . . . . .    2,361,761
                                                                   -----------
                        Total Investments in Dutch Common Stocks
                        (cost $8,313,352) . . . . . . . . . . . .   21,304,100
                                                                   -----------

                INVESTMENTS IN IRISH COMMON
                        STOCK--5.6%
                        NATIONAL COMMERCIAL
                        BANKS--5.6%
960,000         Depfa Bank Plc*
                        (Cost $6,171,069) . . . . . . . . . . . .   13,080,079
                                                                   -----------

                INVESTMENTS IN SWISS COMMON
                        STOCK--0.9%
                        SEMICONDUCTORS & RELATED
                        DEVICES--0.9%
50,000          Micronas Semiconductor Holding*
                        (Cost $925,901) . . . . . . . . . . . . .    2,121,358
                                                                   -----------

                Total Investments--98.9%
                        (cost $157,804,000) . . . . . . . . . . . $230,283,135
                                                                   -----------

                Cash and other assets in
                        excess of liabilities--1.1% . . . . . . .    2,625,119
                                                                   -----------

                NET ASSETS--100.0%  . . . . . . . . . . . . . . . $232,908,254
                                                                  ============

                NUMBER OF SHARES
                        OUTSTANDING . . . . . . . . . . . . . . . $ 25,430,725
                                                                  ============

                NET ASSET VALUE PER SHARE . . . . . . . . . . . .      $ 9.16
                                                                   ===========

- ----------

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.


<PAGE>

                                   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:                               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
                                    ---------------------------
                                    Julian Sluyters
                                    Chief Executive Officer

Date:                               November 19, 2004



By:                                 /s/Paul Schubert
                                    ---------------------------
                                    Paul Schubert
                                    Chief Financial Officer

Date:                               November 19, 2004







</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>cert.txt
<DESCRIPTION>CERTIFICATIONS
<TEXT>

                                 CERTIFICATIONS


I, Julian Sluyters, certify that:

      1. I have reviewed this report on Form N-Q of The New Germany Fund;

      2. Based on my knowledge, this report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary
      to make the statements made, in light of the circumstances under which
      such statements were made, not misleading with respect to the period
      covered by this report;

      3. Based on my knowledge, the schedules of investments included in this
      report fairly present in all material respects the investments of the
      registrant as of the end of the fiscal quarter for which the report is
      filed;

      4. The registrant's other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
      internal control over financial reporting (as defined in Rule 30a-3(d)
      under the Investment Company Act of 1940) for the registrant and have:

            (a) Designed such disclosure controls and procedures, or caused
            such disclosure controls and procedures to be designed under our
            supervision, to ensure that material information relating to the
            registrant, including its consolidated subsidiaries, is made known
            to us by others within those entities, particularly during the
            period in which this report is being prepared;

            (b) Designed such internal control over financial reporting, or
            caused such internal control over financial reporting to be
            designed under our supervision, to provide reasonable assurance
            regarding the reliability of financial reporting and the
            preparation of financial statements for external purposes in
            accordance with generally accepted accounting principles;

            (c) Evaluated the effectiveness of the registrant's disclosure
            controls and procedures and presented in this report our
            conclusions about the effectiveness of the disclosure controls and
            procedures, as of a date within 90 days prior to the filing date of
            this report, based on such evaluation; and

            (d) Disclosed in this report any change in the registrant's
            internal control over financial reporting that occurred during the
            registrant's most recent fiscal quarter that has materially
            affected, or is reasonably likely to materially affect, the
            registrant's internal control over financial reporting; and

      5. The registrant's other certifying officer(s) and I have disclosed to
      the registrant's auditors and the audit committee of the registrant's
      board of directors (or persons performing the equivalent functions):

<PAGE>

            (a) All significant deficiencies and material weaknesses in the
            design or operation of internal control over financial reporting
            which are reasonably likely to adversely affect the registrant's
            ability to record, process, summarize, and report financial
            information; and

            (b) Any fraud, whether or not material, that involves management or
            other employees who have a significant role in the registrant's
            internal control over financial reporting.



Registrant:                         The New Germany Fund





By:                                 /s/Julian Sluyters
                                    ----------------------------
                                    Julian Sluyters

                                    Chief Executive Officer



Date:                               November 19, 2004



<PAGE>

                                 CERTIFICATIONS


I, Paul Schubert, certify that:

      1. I have reviewed this report on Form N-Q of The New Germany Fund;

      2. Based on my knowledge, this report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary
      to make the statements made, in light of the circumstances under which
      such statements were made, not misleading with respect to the period
      covered by this report;

      3. Based on my knowledge, the schedules of investments included in this
      report fairly present in all material respects the investments of the
      registrant as of the end of the fiscal quarter for which the report is
      filed;

      4. The registrant's other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
      internal control over financial reporting (as defined in Rule 30a-3(d)
      under the Investment Company Act of 1940) for the registrant and have:

            (a) Designed such disclosure controls and procedures, or caused
            such disclosure controls and procedures to be designed under our
            supervision, to ensure that material information relating to the
            registrant, including its consolidated subsidiaries, is made known
            to us by others within those entities, particularly during the
            period in which this report is being prepared;

            (b) Designed such internal control over financial reporting, or
            caused such internal control over financial reporting to be
            designed under our supervision, to provide reasonable assurance
            regarding the reliability of financial reporting and the
            preparation of financial statements for external purposes in
            accordance with generally accepted accounting principles;

            (c) Evaluated the effectiveness of the registrant's disclosure
            controls and procedures and presented in this report our
            conclusions about the effectiveness of the disclosure controls and
            procedures, as of a date within 90 days prior to the filing date of
            this report, based on such evaluation; and

            (d) Disclosed in this report any change in the registrant's
            internal control over financial reporting that occurred during the
            registrant's most recent fiscal quarter that has materially
            affected, or is reasonably likely to materially affect, the
            registrant's internal control over financial reporting; and

      5. The registrant's other certifying officer(s) and I have disclosed to
      the registrant's auditors and the audit committee of the registrant's
      board of directors (or persons performing the equivalent functions):

<PAGE>

            (a) All significant deficiencies and material weaknesses in the
            design or operation of internal control over financial reporting
            which are reasonably likely to adversely affect the registrant's
            ability to record, process, summarize, and report financial
            information; and

            (b) Any fraud, whether or not material, that involves management or
            other employees who have a significant role in the registrant's
            internal control over financial reporting.



Registrant:                         The New Germany Fund





By:                                 /s/Paul Schubert
                                    ----------------------------
                                    Paul Schubert

                                    Chief Financial Officer



Date:                               November 19, 2004

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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