UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number 811-04632
The Germany Fund, Inc.
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(Exact name of registrant as specified in charter)
345 Park Avenue, New York, NY 10154
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(Address of principal executive offices) (Zip code)
Bruce A. Rosenblum
Deutsche Investment Management Americas Inc.
345 Park Avenue, New York, NY 10154
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(Name and address of agent for service)
Registrant's telephone number, including area code: 800-437-6269
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Date of fiscal year end: 12/31
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Date of reporting period: 3/31/05
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Form N-Q is to be used by registered management investment companies, other than
small business investment companies registered on Form N-5 (ss.ss. 239.24 and
274.5 of this chapter), to file reports with the Commission, not later than 60
days after the close of the first and third fiscal quarters, pursuant to rule
30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The
Commission may use the information provided on Form N-Q in its regulatory,
disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS
THE GERMANY FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 2005 (UNAUDITED)
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SHARES DESCRIPTION VALUE
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INVESTMENTS IN GERMAN SECURITIES -- 89.2%
COMMON STOCKS -- 84.5%
AIR FREIGHTS &
LOGISTICS -- 4.7%
260,000 Deutsche Post ................ $ 6,352,790
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AIRLINES -- 1.6%
150,000 Deutsche Lufthansa ........... 2,164,397
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AUTO COMPONENTS -- 2.8%
50,000 Continental .................. 3,881,771
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AUTOMOBILES -- 5.3%
30,000 Bayerische Motoren Werke ..... 1,364,426
130,000 DaimlerChrysler+ ............. 5,824,797
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7,189,223
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CHEMICALS -- 12.2%
145,000 BASF ......................... 10,290,033
190,000 Bayer ........................ 6,279,476
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16,569,509
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DIVERSIFIED
TELECOMMUNICATION
SERVICES -- 8.7%
590,000 Deutsche Telekom ............. 11,789,994
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ELECTRIC UTILITIES -- 4.4%
70,000 E.ON ......................... 6,012,170
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FOOD & STAPLES
RETAILING -- 3.0%
75,000 Metro ........................ 4,030,021
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INDUSTRIAL
CONGLOMERATES -- 14.6%
250,000 Siemens ...................... 19,804,620
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INSURANCE -- 10.3%
50,000 Allianz ...................... 6,354,996
30,000 Hannover Ruckversicherungs ... 1,187,693
53,000 Munchener Ruckversicherungs .. 6,391,744
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13,934,433
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MACHINERY -- 2.0%
60,000 MAN .......................... 2,686,032
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MEDIA -- 0.5%
15,300 Premiere* .................... 634,312
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MULTI-UTILITIES -- 2.7%
60,000 RWE .......................... $ 3,631,982
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PHARMACEUTICALS -- 2.4%
40,000 Altana ....................... 2,545,891
10,000 Merck KGaA+ .................. 713,680
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3,259,571
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REAL ESTATE -- 1.1%
35,000 Hypo Real Estate Holding ..... 1,460,124
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SOFTWARE -- 4.7%
40,000 SAP .......................... 6,452,186
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TEXTILES, APPAREL & LUXURY
GOODS -- 3.5%
30,000 Adidas Salomon ............... 4,765,566
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Total Common Stocks
(cost $83,771,828) ......... 114,618,701
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PREFERRED STOCKS -- 4.7%
AUTOMOBILES -- 2.7%
20,000 Bayerische Motoren Werke ..... 733,923
4,000 Porsche ...................... 2,906,624
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3,640,547
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HEALTH CARE PROVIDERS &
SERVICES -- 0.8%
10,000 Fresenius .................... 1,152,269
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MACHINERY -- 1.2%
30,000 Rheinmetall .................. 1,596,048
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Total Preferred Stocks
(cost $5,885,668) .......... 6,388,864
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Total Investments in
German Securities
(cost $89,657,496) ......... 121,007,565
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INVESTMENTS IN DUTCH
COMMON STOCK -- 1.1%
DIVERSIFIED FINANCIAL
SERVICES -- 1.1%
50,000 ING Groep
(Cost $1,155,163) .......... 1,511,704
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INVESTMENTS IN FRENCH
COMMON STOCKS -- 3.9%
INSURANCE -- 2.0%
100,000 Axa .......................... $ 2,666,568
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MULTI-UTILITIES -- 1.1%
55,000 Suez ......................... 1,481,600
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OIL, GAS & CONSUMABLE
FUELS -- 0.8%
5,000 Total ........................ 1,171,084
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Total Investments in French
Common Stocks
(cost $4,825,196) .......... 5,319,252
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INVESTMENTS IN SWISS
COMMON STOCK -- 2.2%
DIVERSIFIED FINANCIAL
SERVICES -- 2.2%
36,000 United Bank of Switzerland+
(Cost $2,780,973) .......... 3,043,187
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INVESTMENTS IN SPANISH
COMMON STOCKS -- 2.7%
COMMERICAL BANKS -- 1.8%
146,800 Banco Bilbao Vizcaya Argentaria $ 2,392,525
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DIVERSIFIED
TELECOMMUNICATION
SERVICES -- 0.9%
70,000 Telefonica ................... 1,220,782
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Total Investments in Spanish
Common Stocks
(cost $3,588,987) .......... 3,613,307
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Total Investments--99.1%
(cost $102,007,815) ........ $134,495,015
Cash and other assets in
excess of liabilities--0.9% 1,175,181
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NET ASSETS--100.0% ........... $135,670,196
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*Non-income producing security.
+All or a portion of the securities were on loan.
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For information on the Fund's policies regarding the valuation of investments
and other significant accounting policies, please refer to the Fund's most
recent semi-annual or annual financial statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: The Germany Fund
By: /S/ JULIAN SLUYTER
Julian Sluyters
Chief Executive Officer
Date: May 27, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
Registrant: The Germany Fund
By: /S/ JULIAN SLUYTER
Julian Sluyters
Chief Executive Officer
Date: May 27, 2005
By: /S/ PAUL SCHUBERT
Paul Schubert
Chief Financial Officer
Date: May 27, 2005