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<SEC-DOCUMENT>0000088053-05-001330.txt : 20051129
<SEC-HEADER>0000088053-05-001330.hdr.sgml : 20051129
<ACCEPTANCE-DATETIME>20051129101459
ACCESSION NUMBER:		0000088053-05-001330
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050930
FILED AS OF DATE:		20051129
DATE AS OF CHANGE:		20051129
EFFECTIVENESS DATE:		20051129

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:		051230117

	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>nq093005ngf.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  811-5983

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

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

Date of reporting period: 9/30/05
                         --------

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 270.30b1-4). 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)
- --------------------------------------------------------------------------------
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
                                                 ------------
         BIOTECHNOLOGY -- 0.7%
160,000  GPC Biotech* .........................     1,994,983
                                                 ------------
         CHEMICALS -- 7.0%
355,000  GEA Group ............................     4,058,574
170,000  K + S ................................    12,029,893
150,000  Lanxess ..............................     4,481,484
                                                 ------------
                                                   20,569,951
                                                 ------------
         COMMERCIAL SERVICES &
           SUPPLIES -- 3.0%
 33,920  GFK ..................................     1,281,069
 95,000  Interseroh ...........................     3,015,665
100,000  Techem* ..............................     4,324,873
                                                 ------------
                                                    8,621,607
                                                 ------------
         CONSTRUCTION &
           ENGINEERING -- 2.7%
147,200  Bilfinger Berger .....................     7,909,000
                                                 ------------
         CONSTRUCTION
           MATERIALS -- 1.0%
 40,235  HeidelbergCement+ ....................     2,907,782
                                                 ------------
         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
                                                 ------------
                                                   18,409,289
                                                 ------------
         DIVERSIFIED TELECOMMUNICATION
           SERVICES -- 2.3%
290,000  Mobilcom+ ............................     6,690,301
                                                 ------------
         ELECTRICAL EQUIPMENT -- 3.5%
 16,000  Conergy* .............................     1,816,688
350,000  Sgl Carbon* ..........................     5,207,316
 22,000  Solarworld+ ..........................     3,291,987
                                                 ------------
                                                   10,315,991
                                                 ------------
         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
                                                 ------------
                                                   16,075,832
                                                 ------------

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

         FOOD PRODUCTS -- 0.7%
 95,000  Suedzucker+ ..........................  $  2,159,605
                                                 ------------
         HEALTHCARE PROVIDERS &
           SERVICES -- 0.6%
 46,000  Rhoen-Klinikum .......................     1,773,318
                                                 ------------
         HOUSEHOLD PRODUCTS -- 1.3%
 33,161  Beiersdorf ...........................     3,815,135
                                                 ------------
         INSURANCE -- 1.9%
156,800  Hannover Ruckversicherungs+ ..........     5,440,232
                                                 ------------
         INTERNET SOFTWARE &
           Services -- 4.2%
130,000  Freenet.de ...........................     3,338,947
280,000  United Internet+ .....................     9,090,666
                                                 ------------
                                                   12,429,613
                                                 ------------
         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
                                                 ------------
                                                   20,292,573
                                                 ------------
         MEDIA -- 1.0%
107,700  Premiere*+ ...........................     3,032,168
                                                 ------------
         MULTILINE RETAIL -- 1.1%
 84,625  Douglas Holding ......................     3,221,549
                                                 ------------
         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
                                                 ------------
                                                   38,973,876
                                                 ------------
         REAL ESTATE -- 8.1%
 15,000  Deutsche Euroshop ....................       834,857
450,000  Hypo Real Estate Holding .............    22,801,357
                                                 ------------
                                                   23,636,214
                                                 ------------
         SOFTWARE -- 1.5%
 95,000  Software .............................     4,440,524
                                                 ------------
         TEXTILES, APPAREL & Luxury
           Goods -- 3.6%
 85,000  Gerry Weber International ............     1,551,353
 33,000  Puma .................................     8,975,509
                                                 ------------
                                                   10,526,862
                                                 ------------
         Total Common Stocks
         (cost $152,762,803) ..................   227,778,124
                                                 ------------

                                        5
<PAGE>


THE NEW GERMANY FUND, INC.
SCHEDULE OF INVESTMENTS -- SEPTEMBER 30, 2005 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
SHARES                 DESCRIPTION                  VALUE
- ------                 -----------                  -----
         PREFERRED STOCKS -- 6.8%
         ELECTRICAL EQUIPMENT -- 1.9%
209,800  Sartorius ............................  $  5,573,050
                                                 ------------
         HEALTHCARE PROVIDERS &
           SERVICES -- 2.7%
 56,354  Fresenius ............................     7,834,467
                                                 ------------
         MEDIA -- 0.7%
113,400  Prosieben Sat.1 Media ................     1,964,495
                                                 ------------
         TEXTILES, APPAREL & LUXURY
           GOODS -- 1.5%
130,000  Hugo Boss ............................     4,540,153
                                                 ------------
         Total Preferred Stocks
           (cost $7,483,612) ..................    19,912,165
                                                 ------------
         Total Investments in German
           Securities (cost $160,246,415) .....   247,690,289
                                                 ------------
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
                                                 ------------
         Total Investments in Dutch Common
           Stocks (cost $7,381,538) ...........    25,222,638
                                                 ------------


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
                                                 ------------
           SECURITIES LENDING
             COLLATERAL -- 12.0%
35,242,766 Scudder Daily Assets Fund
             Institutional, 3.84%++
             (cost $35,242,766) ...............    35,242,766
                                                 ------------
           Total Investments--109.4%
             (cost $207,301,687) ..............  $320,861,062
           Liabilities in excess of cash and
            other assets--(9.4)% ..............   (27,689,558)
                                                 ------------
           NET ASSETS--100.0% .................  $293,171,504
                                                 ============



- --------
*  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



<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:                         New Germany Fund, Inc.


By:                                 /s/Vincent J. Esposito
                                    ---------------------------
                                    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
                                    ---------------------------
                                    Vincent J. Esposito
                                    President

Date:                               November 22, 2005



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

Date:                               November 22, 2005




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



                                 CERTIFICATIONS


I, Vincent J. Esposito, certify that:

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

         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
<PAGE>

         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):

                  (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:                         New Germany Fund, Inc.

By:                                 /s/Vincent J. Esposito
                                    ---------------------------
                                    Vincent J. Esposito
                                    President

Date:                               November 22, 2005



<PAGE>





                                 CERTIFICATIONS


I, Paul Schubert, certify that:

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

         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
<PAGE>

         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):

                  (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:                         New Germany Fund, Inc.

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

Date:                               November 22, 2005





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