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<SEC-DOCUMENT>0000935069-05-001374.txt : 20050611
<SEC-HEADER>0000935069-05-001374.hdr.sgml : 20050611
<ACCEPTANCE-DATETIME>20050527121505
ACCESSION NUMBER:		0000935069-05-001374
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050331
FILED AS OF DATE:		20050527
DATE AS OF CHANGE:		20050527
EFFECTIVENESS DATE:		20050527

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:		05862437

	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>newgermany_formnq.txt
<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 811-05983

                           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)


                               Bruce A. Rosenblum
                  Deutsche Investment Management Americas Inc.
                       345 Park Avenue, New York, NY 10154
                           ---------------------------
                     (Name and address of agent for service)

Registrant's telephone number, including area code: 800-437-6269
                                                    --------------

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

Date of reporting period:  3/31/05
                          ---------

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

   SHARES               DESCRIPTION               VALUE
- -------------           -----------           ------------

INVESTMENTS IN GERMAN SECURITIES -- 85.8%
            COMMON STOCKS -- 73.4%
            BIOTECHNOLOGY -- 0.7%
  160,000   GPC Biotech*+ ..................  $  1,851,935
                                              ------------
            BUILDING PRODUCTS -- 0.5%
   90,000   Pfleiderer* ....................     1,483,157
                                              ------------
            CHEMICALS -- 5.6%
  185,000   K + S ..........................    10,471,243
  355,000   MG Technologies*+ ..............     4,546,596
                                              ------------
                                                15,017,839
                                              ------------
            COMMERCIAL SERVICES &
              SUPPLIES -- 3.5%
   58,720   GFK ............................     2,331,569
  100,000   Interseroh .....................     2,854,720
  100,000   Techem* ........................     4,372,912
                                              ------------
                                                 9,559,201
                                              ------------
            CONSTRUCTION &
              ENGINEERING -- 3.9%
  147,200   Bilfinger Berger ...............     7,328,928
  100,000   Hochtief .......................     3,185,608
                                              ------------
                                                10,514,536
                                              ------------
            CONSTRUCTION
              MATERIALS -- 3.7%
  160,235   HeidelbergCement ...............    10,090,403
                                              ------------
            DIVERSIFIED FINANCIALS-- 6.5%
  174,000   AWD Holding ....................     7,676,601
  160,000   Deutsche Postbank ..............     7,370,368
   56,689   Grenkeleasing ..................     2,574,588
                                              ------------
                                                17,621,557
                                              ------------
            DIVERSIFIED
              TELECOMMUNICATION
              SERVICES -- 1.9%
  220,000   Mobilcom+ ......................     5,092,821
                                              ------------
            ELECTRICAL EQUIPMENT-- 1.9%
   30,000   Conergy* .......................     2,595,330
   20,000   Solarworld .....................     2,504,368
                                              ------------
                                                 5,099,698
                                              ------------
            ELECTRONIC EQUIPMENT &
              INSTRUMENT -- 4.0%
   87,460   Funkwerk .......................     4,027,692
  542,720   Kontron* .......................     5,084,566
  271,600   Suess MicroTec*+ ...............     1,730,422
                                              ------------
                                                10,842,680
                                              ------------

            FOOD PRODUCTS -- 1.7%
  230,000   Suedzucker .....................     4,631,913
                                              ------------
            HOUSEHOLD PRODUCTS -- 1.4%
   33,161   Beiersdorf .....................     3,704,859
                                              ------------
            INSURANCE -- 4.0%
  271,800   Hannover Ruckversicherungs .....    10,760,501
                                              ------------
            INTERNET SOFTWARE &
              SERVICES -- 3.8%
  130,000   Freenet.de .....................  $  3,463,165
  215,000   United Internet ................     6,840,687
                                              ------------
                                                10,303,852
                                              ------------
            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
                                              ------------
                                                12,461,659
                                              ------------
            MEDIA -- 1.0%
   67,700   Premiere* ......................     2,806,728
                                              ------------
            METALS & MINING -- 1.7%
  210,000   Salzgitter .....................     4,485,284
                                              ------------
            MULTILINE RETAIL -- 1.2%
   84,625   Douglas Holding ................     3,108,704
                                              ------------
            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
                                              ------------
                                                32,580,504
                                              ------------
            REAL ESTATE -- 7.4%
  480,000   Hypo Real Estate Holding .......    20,024,563
                                              ------------
            TEXTILES, APPAREL & LUXURY
              GOODS -- 2.3%
   25,000   Puma+ ..........................     6,265,137
                                              ------------
            Total Common Stocks
              (cost $140,080,981) ..........   198,307,531
                                              ------------
            PREFERRED STOCKS -- 12.4%
            AUTOMOBILES -- 1.1%
    4,000   Porsche ........................     2,906,624
                                              ------------
            ELECTRICAL EQUIPMENT-- 1.8%
  199,800   Sartorius ......................     4,796,319
                                              ------------
            HEALTH CARE PROVIDERS &
              SERVICES -- 2.4%
   56,354   Fresenius ......................  $  6,493,496
                                              ------------
            HEALTH CARE EQUIPMENT &
              SUPPLIES -- 0.8%
   40,000   Draegerwerk ....................     2,256,786
                                              ------------
            MACHINERY -- 3.2%
  161,709   Rheinmetall ....................     8,603,177
                                              ------------
            MEDIA -- 1.6%
  238,400   Prosieben Sat.1 Media ..........     4,473,170
                                              ------------
            TEXTILES, APPAREL & LUXURY
              GOODS -- 1.5%
  130,000   Hugo Boss ......................     4,045,138
                                              ------------
            Total Preferred Stocks
              (cost $16,731,353) ...........    33,574,710
                                              ------------
            Total Investments in German Securities
              (cost $156,812,334) ..........   231,882,241
                                              ------------

INVESTMENTS IN DUTCH COMMON
    STOCKS -- 8.7%
            AEROSPACE & DEFENSE -- 7.8%
  710,000   European Aeronautic Defense+ ...    21,254,299
                                              ------------
            BIOTECHNOLOGY -- 0.9%
  199,150   Qiagen*+ .......................     2,361,932
                                              ------------
            Total Investments in Dutch Common Stocks
              (cost $8,223,884) ............    23,616,231
                                              ------------

INVESTMENTS IN IRISH COMMON
    STOCK -- 5.0%
            DIVERSIFIED FINANCIALS -- 5.0%
  860,000   Depfa Bank Plc
              (Cost $5,139,861) ............  $ 13,614,419
                                              ------------
            Total Investments--99.5%
              (cost $170,176,079) ..........  $269,112,891

            Cash and other assets in
              excess of liabilities--0.5% ..     1,326,180
                                              ------------

            NET ASSETS--100.0% .............  $270,439,071
                                              ============

- -----------
*Non-income producing security.
+All or a portion of the securities were on loan.

- -----------
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






</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99cert.txt
<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:                               May 27, 2005
<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:                               May 27, 2005





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