SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

SCHEDULE 13D/A
(Amendment No. 20)
Under the Securities and Exchange Act of 1934
 
  New Germany Fund, Inc.
(GF)
(Name of Issuer)

Common Stock
(Title of Class of Securities)

644465106
(CUSIP Number)

George W. Karpus, President
Karpus Management, Inc. d/b/a
Karpus Investment Management
183 Sullys Trail
Pittsford, New York 14534
(585) 586-4680

(Name, Address, and Telephone Number of Person Authorized to Receive 
Notices and Communications)

January 9, 2006
(Date of Event which Requires Filing of this Statement)

If the person has previously filed a statement on Schedule 13G to 
report the Acquisition which is the subject of this Schedule 13D,
 and is filing this schedule because of Rule 13d-1 (b) (3) or (4), check 
the following box. [ ]

(Page 1 of 5 pages)
There are no exhibits.

















ITEM 1	Security and Issuer
		Common Stock
		New Germany Fund, Inc.
		Two International Place
		Boston, MA   02110-4103
ITEM 2	Identity and Background
a) Karpus Management, Inc. d/b/a Karpus Investment 
Management (?KIM?)
George W. Karpus, President, Director and Controlling 
Stockholder
		Jo Ann Van Degriff, Vice President and Director
		Sophie Karpus, Director
		b) 183 Sullys Trail
		Pittsford, New York 14534
c) Principal business and occupation - Investment Management 
for individuals, pension and profit sharing plans, corporations,
		endowments, trust and others, specializing in conservative asset 
		management (i.e. fixed income investments).
d) None of George W. Karpus, JoAnn Van Degriff, or Sophie 
Karpus (?the Principals?) or KIM has been convicted in the past
five years of any criminal proceeding (excluding traffic 
violations).
e) During the last five years none of the principals or KIM has 
been a party to a civil proceeding as a result of which any of them 
is subject to a judgment, decree or final order enjoining future
violations of or prohibiting or mandating activities subject to, 
federal or state securities laws or finding any violation with 
respect to such laws.
		f) Each of the Principals is a United States citizen.
		KIM is a New York corporation.
ITEM 3	Source and Amount of Funds or Other Considerations
KIM, an independent investment advisor, has accumulated shares
of GF on behalf of accounts that are managed by KIM (?the 
Accounts?) under limited powers of attorney.  All funds that 
have been utilized in making such purchases are from such 
Accounts.
ITEM 4	Purpose of Transaction
KIM has purchased Shares for investment purposes.  Being 
primarily a fixed income manager, with a specialty focus in the 
closed end fund sector, the profile of GF fit the investment 
guidelines for various Accounts.  Shares have been acquired 
since  April 21, 1992.                       
ITEM 5 	Interest in Securities of the Issuer
A) As of the date of this Report, KIM owns 1,429,645 shares, 
which represents 5.30 % of the outstanding Shares.  Karpus Investment
Management Profit Sharing Plan presently owns 8,545 shares purchased
on September 8, 2003 at $5.87 (50 shares), September 10 at $5.82  (50 
shares), September 15 at $5.91 (50 shares), September 16 at $5.92 (100
shares), September 23 at $5.98 (50 shares), September 24 at $5.97 (150 
shares), September 25 & 29 at $5.93 (310 shares), September 26 at $5.86 
(50 shares), October 1 at $5.86 (50 shares), October 6 at $5.97 (50 shares),
October 9 at $6.18 (200 shares), October 14 at $6.37 (350 shares), October
17 at $6.37 (100 shares), October 20 at $6.45 (100 shares), October 22 at
$6.46 (50 shares), October 23 at $6.36 (50 shares), October 30 at $6.62 
(100 shares), November 24 at $6.67 (400 shares), December 3 & 4 at 
$7.13 (1100 shares), January 8, 2004 at $7.54 (1095 shares), January 12 at 
$7.64 (95 shares), January 27 at $7.98 (1865 shares), March 5 at $7.97 (50 
shares), and March 8 at $8.01 (15 shares), May 24, 2004 at $6.98 (900 
shares), July 12 at $7.57 (400 shares), October 21 at $ 7.98 (890 shares), 
and October 22 at $ 7.90 ( 75 shares) . Shares were sold on August 25 at 
$7.32 (100 shares), December 29, 2005 at $ 10.39 (100 shares). Jo Ann 
Van Degriff presently owns 4,705 shares purchased on October 22, 2003 at 
$6.52. December 15 , 2004 at  $ 8.94 (1000 shares), December 16 at $ 8.85 
(1000 shares), and December 29 at $ 9.02 (310 shares), March 9, 2005 at $ 
9.58 (795 shares). George W. Karpus presently owns 7,380 shares  
purchased January 12, 2004 at $7.64 (1815 shares) and at $7.65 (800 
shares), May 18 at $6.80 (200 shares), and May 20 at $6.89 (2000 shares), 
September 1 at $7.10 (280 shares), April 25 at $ 9.15 (5000 shares). He 
sold on December 29, 2005 at $10.39 (100 shares).Dana R. Consler 
presently owns 1380 shares purchased November 3, 2003 at $6.90 (100 
shares), November 19 & 20 at $6.65 (295 shares), and March 30, 2004 at 
$7.26 (780 shares), and October 28, 2004 at $ 8.05 (160 shares), November 
22 at $ 8.39 (45 shares).  None of the other Principles of KIM presently 
owns shares of GF.
      b) KIM has the sole power to dispose of and to vote all of such
Shares under limited powers of attorney.
c)  Open market purchases for the last 60 days for the Accounts.
There have been no dispositions and no acquisitions, other than 
by such open market purchases, 

DATE
SHARES
PRICE PER

DATE
SHARES
PRICE PER


SHARE 



SHARE 
11/10/2005
-200
9.87

12/1/2005
-200
10.08
11/15/2005
-1100
9.78

12/2/2005
-100
10.00
11/16/2005
-940
9.69

12/8/2005
-330
10.04
11/17/2005
-2220
9.78

12/9/2005
-785
10.07
11/18/2005
-670
9.83

12/12/2005
-11500
10.16
11/18/2005
3000
9.84

12/13/2005
-8900
10.15
11/30/2005
-590
9.58

12/15/2005
-50
10.16




12/19/2005
-1400
10.35




12/20/2005
-220
10.00




12/21/2005
-1000
10.05




12/27/2005
-355
10.16




12/29/2005
-3000
10.39




12/30/2005
1116
10.19
The Accounts have the right to receive all dividends from, any 
proceeds from the sale of the Shares.  KIM reserves the right to 
further accumulate or sell shares. None of the Accounts has an 
interest in shares constituting  more than 5% of the Shares 
outstanding.




ITEM 6	Contracts, Arrangements, Understandings, or Relationships 
	with Respect to Securities of the Issuer.
Except as described above, there are no contracts,
arrangements, understandings or relationships of any kind 
among the Principals and KIM and between any of them and any 
other person with respect to any of GF Securities.


ITEM 7	Materials to be Filed as Exhibits
		Not applicable.















Signature
	After reasonable inquiry and to the best of my knowledge and belief, I 
certify that the information set forth in this statement is true, complete,
and correct.
						Karpus Management, Inc.







January 9, 2006 		   By:________________________
          Date					 Signature
				   Dana R. Consler, Senior Vice President 
      Name/Title