-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PNHsid5EtMDVXnJZQ9P6HJt+rBqSf/buqCEJw5ZzeNY6TEySqaILm+OBCTZQOdJO
 JnCZXR6nVQAHzSNDg/dmWA==

<SEC-DOCUMENT>0000088053-06-000586.txt : 20060530
<SEC-HEADER>0000088053-06-000586.hdr.sgml : 20060529
<ACCEPTANCE-DATETIME>20060530111006
ACCESSION NUMBER:		0000088053-06-000586
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060331
FILED AS OF DATE:		20060530
DATE AS OF CHANGE:		20060530
EFFECTIVENESS DATE:		20060530

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:		06872483

	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>nq033106ngf.htm
<DESCRIPTION>N-Q FILING
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><font SIZE=2>UNITED STATES</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>Washington, DC 20549</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><B><font SIZE=2>FORM N-Q</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><B><font SIZE=2>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><B><font SIZE=2>MANAGEMENT INVESTMENT COMPANY</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><b><font size=2>_______________________________ </font></b></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Investment Company Act file number  811-5983</font></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><u><font size=2>The New Germany Fund, Inc.</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>(Exact name of registrant as specified in charter)</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font size=2>Two International Place</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>Boston, MA  02110</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>(Address of principal executive offices) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; (Zip code)</font></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>Paul Schubert</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>345 Park Avenue</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>New York, NY  10154</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>(Name and address of agent for service)</font></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Registrant's telephone number, including area code:  </font></font><u><font size=2>(212) 454-7190</font></u></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Date of fiscal year end:  </font><u><font size=2>12/31</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Date of reporting period:</font><u><font size=2> 03/31/06</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Form N-Q is to be used by registered management investment companies, other than small business investment companies registered on Form N-5 (&sect;&sect; 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.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>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&nbsp;Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &sect; 3507.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2>ITEM 1.  SCHEDULE OF INVESTMENTS</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


</div>






<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font FACE="ARIAL" SIZE=2>THE NEW GERMANY FUND, INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" size=2>SCHEDULE OF INVESTMENTS &#151; MARCH 31, 2006 (unaudited)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;border-bottom:solid 0.5pt;padding-bottom:1;padding-top:0;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<table border="0" cellspacing=0 cellpadding=0 width="377" style='border-collapse:collapse'>
    <tr >
        <td width="141" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font face="Arial" size=1>Shares</font></b></u><u></u></p> </td>
        <td width="185" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font face="Arial" size=1>Description</font></b></u><u></u></p> </td>
        <td width="51" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=1>V</font></B><u><b><font face="Arial" size=1>alue</font></b></u><u></u></p> </td> </tr></table>

<P STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT;TEXT-ALIGN:LEFT;'><FONT SIZE=1>&nbsp;</FONT></P>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:0.19in; text-indent:-0.19in;text-align:left;'><b>INVESTMENTS IN GERMAN SECURITIES - 83.8%</b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>COMMON</small> <small>STOCKS</small> <small>-</small> 76<small>.1%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>AEROSPACE</small> &amp; <small>DEFENSE</small> <small>-</small> 1<small>.8%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>185,000</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mtu Aero Engines Holding Ag</font><font face="Arial" size=2>*</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,278,160</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>AIRPORTS,</small> <small>FLYING</small> <small>FIELDS</small> &amp; <small>AIRPORT</small> <small>-</small> 2<small>.2%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>100,000</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Fraport</font>&#134;</p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,611,360</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>BIOTECHNOLOGY</small> <small>-</small> 0<small>.7%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>160,000</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>GPC Biotech</font>*&#134;</p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,559,744</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>CHEMICALS</small> <small>-</small> 8<small>.7%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="340" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>505,000</font></p> </td>
        <td width="216" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>GEA Group</font>*</p> </td>
        <td width="68" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>8,495,393</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="328" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>198,200</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>K + S</font></p> </td>
        <td width="75" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>15,998,546</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>170,000</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Lanxess</font>*</p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,389,300</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:1.77in;text-align:left;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,883,239</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>COMMERCIAL</small> <small>SERVICES</small> &amp; <small>SUPPLIES</small> <small>-</small> 1<small>.0%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="338" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>95,000</font></p> </td>
        <td width="181" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Interseroh</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,502,559</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>CONSTRUCTION</small> &amp; <small>ENGINEERING</small> <small>-</small> 2<small>.2%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>117,200</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Bilfinger Berger</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,684,710</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>DIVERSIFIED</small> <small>FINANCIALS</small> <small>-</small> 4<small>.0%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="333" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>72,000</font></p> </td>
        <td width="200" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>AWD Holding</font>&#134;</p> </td>
        <td width="68" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2,460,845</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="341" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>140,000</font></p> </td>
        <td width="211" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deutsche Postbank</font>&#134;</p> </td>
        <td width="75" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10,160,438</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="338" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>70,000</font></p> </td>
        <td width="181" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>MLP</font>&#134;</p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,711,223</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:1.77in;text-align:left;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,332,506</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>DIVERSIFIED</small> <small>TELECOMMUNICATION</small> <small>SERVICES</small> <small>-</small> 1<small>.7%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>255,000</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mobilcom</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,175,019</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>ELECTRICAL</small> <small>EQUIPMENT</small> <small>-</small> 3<small>.1%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="340" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>160,000</font></p> </td>
        <td width="216" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Sgl Carbon</font>*</p> </td>
        <td width="68" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2,924,313</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="338" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>30,500</font></p> </td>
        <td width="181" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Solarworld</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,014,229</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:1.77in;text-align:left;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,938,542</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>ELECTRONIC</small> <small>EQUIPMENT</small> &amp; <small>INSTRUMENTS</small> <small>-</small> 6<small>.1%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="333" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>97,460</font></p> </td>
        <td width="200" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Funkwerk</font></p> </td>
        <td width="68" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2,948,313</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="340" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>542,720</font></p> </td>
        <td width="216" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Kontron</font>*</p> </td>
        <td width="68" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5,972,612</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="340" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>321,600</font></p> </td>
        <td width="216" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Suess MicroTec</font>*&#134;</p> </td>
        <td width="68" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3,122,131</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="340" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>150,000</font></p> </td>
        <td width="216" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Utimaco Safeware</font>*</p> </td>
        <td width="68" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2,099,790</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="338" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>60,000</font></p> </td>
        <td width="181" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Wincor Nixdorf</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,562,880</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:1.77in;text-align:left;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,705,726</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<table border="0" cellspacing=0 cellpadding=0 width="377" style='border-collapse:collapse'>
    <tr >
        <td width="141" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b>Shares</b></u><u></u></p> </td>
        <td width="185" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b>Description</b></u><u></u></p> </td>
        <td width="51" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B>V</B><u><b>alue</b></u><u></u></p> </td> </tr></table>

<P STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT;TEXT-ALIGN:LEFT;'><FONT SIZE=1>&nbsp;</FONT></P>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>HEALTHCARE</small> <small>PROVIDERS</small> &amp; <small>SERVICES</small> <small>-</small> 1<small>.9%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>156,000</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Rhoen-Klinikum</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,683,695</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>HOUSEHOLD</small> <small>PRODUCTS</small> <small>-</small> 1<small>.4%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="338" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>33,161</font></p> </td>
        <td width="181" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Beiersdorf</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,782,745</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>INSURANCE</small> <small>-</small> 0<small>.8%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="333" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>76,800</font></p> </td>
        <td width="200" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Hannover R&#252;ckversicherungs</font>&#134;</p> </td>
        <td width="68" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>2,849,228</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>INTERNET</small> <small>SOFTWARE</small> &amp; <small>SERVICES</small> <small>-</small> 4<small>.4%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="340" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>130,000</font></p> </td>
        <td width="216" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Freenet.de</font></p> </td>
        <td width="68" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3,450,564</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>190,000</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>United Internet</font>&#134;</p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,225,565</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:1.77in;text-align:left;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,676,129</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>INVESTORS</small> <small>-</small> 1<small>.3%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="338" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>55,000</font></p> </td>
        <td width="181" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mpc Muenchmeyer Peterson Cap</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,766,190</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>LIFE</small> <small>INSURANCE</small> <small>-</small> 1<small>.4%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="338" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>42,000</font></p> </td>
        <td width="181" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>AMB Generali Holding</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,082,764</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>MACHINERY</small> <small>-</small> 8<small>.2%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="340" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>145,000</font></p> </td>
        <td width="216" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Heidelberger Druckmaschinen</font></p> </td>
        <td width="68" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6,396,936</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="333" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>28,000</font></p> </td>
        <td width="200" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Krones</font></p> </td>
        <td width="68" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3,387,152</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="333" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>65,234</font></p> </td>
        <td width="200" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Pfeiffer Vacuum Technology</font></p> </td>
        <td width="68" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4,364,311</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>191,709</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Rheinmetall</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,870,484</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:1.77in;text-align:left;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,018,883</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>METALS</small> &amp; <small>MINING</small> <small>-</small> 2<small>.7%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>130,000</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Salzgitter</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,571,770</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>MULTILINE</small> <small>RETAIL</small> <small>-</small> 1<small>.8%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>134,625</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Douglas Holding</font>&#134;</p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,340,611</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>PHARMACEUTICALS</small> <small>-</small> 9<small>.4%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="341" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>108,000</font></p> </td>
        <td width="211" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Celesio</font></p> </td>
        <td width="75" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10,221,669</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="341" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>134,000</font></p> </td>
        <td width="211" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Merck KGaA</font></p> </td>
        <td width="75" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>12,737,659</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="333" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>50,000</font></p> </td>
        <td width="200" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Schwarz Pharma</font></p> </td>
        <td width="68" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4,020,810</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>145,000</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Stada Arzneimittel</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,256,344</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:1.77in;text-align:left;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,236,482</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>REAL</small> <small>ESTATE</small> <small>-</small> 4<small>.7%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="333" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>35,000</font></p> </td>
        <td width="200" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deutsche Euroshop</font></p> </td>
        <td width="68" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2,470,541</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="340" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>105,000</font></p> </td>
        <td width="216" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Hypo Real Estate Holding</font></p> </td>
        <td width="68" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>7,199,098</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>230,000</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Ivg Holding Ag*</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,916,036</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:1.77in;text-align:left;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,585,675</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>SOFTWARE</small> <small>-</small> 1<small>.5%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="338" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>95,000</font></p> </td>
        <td width="181" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Software</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,302,197</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>SPECIALTY</small> <small>RETAIL</small> <small>-</small> 1<small>.6%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>130,000</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Hugo Boss Ag -Ord</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,542,961</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B>THE NEW GERMANY FUND, INC.</B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b>SCHEDULE OF INVESTMENTS &#151; MARCH 31, 2006 (unaudited) (continued)</b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;border-bottom:solid 0.5pt;padding-bottom:1;padding-top:0;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

<table border="0" cellspacing=0 cellpadding=0 width="326" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b>Shares</b></u></p> </td>
        <td width="147" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b>Description</b></u></p> </td>
        <td width="51" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b>Value</b></u></p> </td> </tr></table>

<P STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT;TEXT-ALIGN:LEFT;'><FONT SIZE=1>&nbsp;</FONT></P>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>TEXTILES,</small> <small>APPAREL</small> &amp; <small>LUXURY</small> <small>GOODS</small> <small>-</small> 3<small>.5%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="338" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>33,000</font></p> </td>
        <td width="181" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Puma</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;12,497,150</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in;text-align:left;'><font size=2>Total Common Stocks</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="339" style='border-collapse:collapse'>
    <tr >
        <td width="76" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="171" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(cost $166,409,664)</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;269,608,045</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>PREFERRED</small> <small>STOCKS</small> <small>-</small> 7<small>.7%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>ELECTRICAL</small> <small>EQUIPMENT</small> <small>-</small> 2<small>.2%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>220,800</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Sartorius</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,546,591</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>HEALTHCARE</small> <small>PROVIDERS</small> &amp; <small>SERVICES</small> <small>-</small> 4<small>.3%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="338" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>85,354</font></p> </td>
        <td width="181" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Fresenius</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,310,459</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>MEDIA</small> <small>-</small> 1<small>.2%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>163,400</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Prosieben Sat.1 Media</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,257,877</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in;text-align:left;'><font size=2>Total Preferred Stocks</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="339" style='border-collapse:collapse'>
    <tr >
        <td width="76" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="171" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(cost $11,041,421)</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,114,927</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in;text-align:left;'><font size=2>Total Investments in</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in;text-align:left;'><font size=2>German Securities</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="339" style='border-collapse:collapse'>
    <tr >
        <td width="76" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="171" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(cost $177,451,085)</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;296,722,972</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:0.19in; text-indent:-0.19in;text-align:left;'><b>INVESTMENTS IN DUTCH COMMON STOCKS - 8.4%</b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>AEROSPACE</small> &amp; <small>DEFENSE</small> <small>-</small> 7<small>.6%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>640,000</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>European Aeronautic Defense</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,978,150</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>BIOTECHNOLOGY</small> <small>-</small> 0<small>.8%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>199,150</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Qiagen*&#134;</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,944,712</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in;text-align:left;'><font size=2>Total Investments in Dutch</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in;text-align:left;'><font size=2>Common Stocks</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="339" style='border-collapse:collapse'>
    <tr >
        <td width="76" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="171" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(cost $8,167,196)</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,922,862</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:0.19in; text-indent:-0.19in;text-align:left;'><b>INVESTMENTS IN IRISH COMMON STOCKS - 3.2%</b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>DIVERSIFIED</small> <small>FINANCIAL</small> <small>SERVICES</small> <small>-</small> 3<small>.2%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>635,000</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Depfa Bank Plc(Cost $3,035,301)</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,313,414</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:0.19in; text-indent:-0.19in;text-align:left;'><b>INVESTMENTS IN ITALIAN COMMON STOCKS - 1.5%</b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<br>
<HR noshade align="center" width="100%" size="2">

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>COMMERCIAL</small> <small>BANKS</small> <small>-</small> 1<small>.5%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="345" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>105,000</font></p> </td>
        <td width="197" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Banca Italease*(Cost $2,818,230)</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,201,116</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="326" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b>Shares</b></u></p> </td>
        <td width="147" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b>Description</b></u></p> </td>
        <td width="51" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b>Value</b></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:0.19in; text-indent:-0.19in;text-align:left;'><b>INVESTMENTS IN SWISS COMMON STOCKS - 1.2%</b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><b><small>OIL</small> &amp; <small>GAS</small> <small>EXPLORATION</small> &amp; <small>PRODUCTION</small> <small>-</small> 1<small>.2%</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="68" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>157,300</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Biopetrol Industries Ag</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="337" style='border-collapse:collapse'>
    <tr >
        <td width="64" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="181" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(Cost $1,655,053)</font></p> </td>
        <td width="92" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,289,571</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:0.19in; text-indent:-0.19in;text-align:left;'><b>SECURITIES LENDING COLLATERAL - 8.7%</b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="76" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>30,757,317</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Daily Assets Fund Institutional, 4.73%&#134;&#134;</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="340" style='border-collapse:collapse'>
    <tr >
        <td width="64" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="185" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(cost $30,757,317)</font></p> </td>
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="75" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>30,757,317</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.79in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><font size=2>Total Investments&#151;106.8%</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="332" style='border-collapse:collapse'>
    <tr >
        <td width="76" nowrap valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="176" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(cost $223,884,182)</font></p> </td>
        <td width="80" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>378,207,252</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><font size=2>Liabilities in excess of cash and </font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="64" valign=top >
            <p  style='margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>other assets&#151;(6.8)%</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;(23,947,385)</font></u></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:4pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="64" valign=top >
            <p  style='margin-top:1.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=2>NET ASSETS&#151;100.0%</font></p> </td>
        <td  valign=top style='border-bottom: solid black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$354,259,867</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:11pt; margin-left:0.79in; text-indent:-0.12in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>*</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Non-income producing security.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&#134;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>-All or a portion of these securities were on loan. The value of all securities loaned at March 31, 2006 amounted to $29,268,464 which is 8.3% of the net assets.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&#134;&#134;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>-Represents collateral held in connection with securities lending. 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.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


</div>




<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>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.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The New Germany Fund, Inc.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="323" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael Colon</font></u></p> </td> </tr>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="115" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael Colon</font></p> </td>
        <td  width="16">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="300" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="108" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>May 19, 2006</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>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.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The New Germany Fund, Inc.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="323" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael Colon</font></u></p> </td> </tr>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="115" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael Colon</font></p> </td>
        <td  width="16">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="300" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="108" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>May 19, 2006</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="315" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td>
        <td  width="15">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>Chief Financial Officer and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Date:</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>May 19, 2006</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


</div>



</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>cert-ngf.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom:5pt; margin-top:5pt;text-align:center;'><font COLOR="#454545"><B><font SIZE=2>CERTIFICATIONS</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font COLOR="#454545"><font SIZE=2>I, </font></font><font size=2>Michael Colon</font><font color="#454545"><font size=2>, certify that:</font></font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>1.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>I have reviewed this report on Form N-Q of </font></font><font size=2>The New Germany Fund, Inc.</font><font color="#454545"><font size=2>;</font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>2. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=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; </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>3. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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; </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>4. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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: </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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; </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(b)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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; </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(c)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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 </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(d)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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 </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>5. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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): </font></font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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 </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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. </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The New Germany Fund, Inc.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="323" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael Colon</font></u></p> </td> </tr>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="115" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael Colon</font></p> </td>
        <td  width="16">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="300" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="108" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>May 19, 2006</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:5pt; margin-top:5pt;text-align:center;'><font COLOR="#454545"><B><font SIZE=2>CERTIFICATIONS</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font COLOR="#454545"><font SIZE=2>I, </font></font><font size=2>Paul Schubert</font><font color="#454545"><font size=2>, certify that:</font></font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>1.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>I have reviewed this report on Form N-Q of </font></font><font size=2>The New Germany Fund, Inc.</font><font color="#454545"><font size=2>;</font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>2.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=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; </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>3.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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; </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>4.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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: </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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; </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(b)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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; </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(c)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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 </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(d)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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 </font></font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>5.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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): </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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 </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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. </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The New Germany Fund, Inc.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="315" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td>
        <td  width="15">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>Chief Financial Officer and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Date:</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>May 19, 2006</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


</div>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
