The New Germany Fund, Inc.

 

Schedule of Investments as of September 30, 2023 (Unaudited)

  

 

  Shares Value ($)
Germany 95.0%    
Common Stocks 89.4%    
Aerospace & Defense 1.6%    
Hensoldt AG 87,443 2,586,815
     
Automobile Components 1.5%    
Hella GmbH & Co. KGaA 10,272 728,692
Vitesco Technologies Group AG* 21,666 1,760,642
    2,489,334
Biotechnology 0.3%    
MorphoSys AG* 20,084 549,273
     
Chemicals 6.7%    
Covestro AG 144A* 34,465 1,863,258
Evonik Industries AG 140,000 2,568,119
K+S AG (Registered) 171,821 3,125,456
LANXESS AG† 62,000 1,578,776
Wacker Chemie AG 13,118 1,884,089
    11,019,698
Commercial Services & Supplies 1.5%    
Bilfinger SE 73,694 2,531,203
     
Consumer Staples Distribution & Retail 3.6%    
HelloFresh SE* 200,000 5,988,573
     
Diversified Telecommunication Services 1.8%    
United Internet AG (Registered) 140,000 3,003,180
     
Electrical Equipment 1.1%    
Nordex SE* † 142,894 1,761,844
     
Electronic Equipment, Instruments & Components 0.9%    
Jenoptik AG 60,479 1,536,844
     
Entertainment 2.6%    
CTS Eventim AG & Co. KGaA 75,400 4,299,035
     
Financial Services 1.1%    
Deutsche Pfandbriefbank AG 144A 94,756 675,205
GRENKE AG 56,553 1,239,481
    1,914,686
Food Products 0.7%    
KWS Saat SE & Co. KGaA 21,000 1,236,255
     
Ground Transportation 0.6%    
Sixt SE 10,833 1,007,064
     
Health Care Equipment & Supplies 2.2%    
Carl Zeiss Meditec AG 41,000 3,595,282
     
Health Care Providers & Services 2.3%    
Fresenius Medical Care AG & Co. KGaA 90,000 3,891,725
     
Hotels, Restaurants & Leisure 2.0%    
Delivery Hero SE 144A* 113,662 3,269,782
     
Independent Power & Renewable Electricity Producers 1.6%    
Encavis AG* † 183,000 2,581,857
     
Insurance 2.6%    
Talanx AG 67,000 4,256,376
     
Interactive Media & Services 4.4%    
 
 

 

Scout24 SE 144A 104,863 7,290,161
     
     
     
  Shares Value ($)
IT Services 5.3%    
Bechtle AG 95,000 4,449,925
GFT Technologies SE 45,131 1,260,560
Ionos SE* 196,410 2,982,131
    8,692,616
Life Sciences Tools & Services 3.1%    
Evotec SE* 81,130 1,623,519
Gerresheimer AG 33,542 3,531,894
    5,155,413
Machinery 12.5%    
Deutz AG 511,326 2,263,018
Duerr AG 21,465 584,088
GEA Group AG 85,221 3,154,511
KION Group AG 50,000 1,926,487
Knorr-Bremse AG 74,000 4,715,175
Krones AG 33,235 3,432,708
Stabilus SE 44,500 2,494,824
Vossloh AG 57,549 2,406,849
    20,977,660
Media 1.1%    
ProSiebenSat.1 Media SE 67,877 460,388
Stroeer SE & Co. KGaA 29,871 1,331,514
    1,791,902
Metals & Mining 2.8%    
Aurubis AG 15,700 1,165,948
thyssenkrupp AG 450,000 3,442,900
    4,608,848
Oil, Gas & Consumable Fuels 0.3%    
VERBIO Vereinigte BioEnergie AG 13,499 544,697
     
Passenger Airlines 3.2%    
Deutsche Lufthansa AG (Registered)* 664,089 5,277,750
     
Pharmaceuticals 0.6%    
Dermapharm Holding SE 25,000 1,035,506
     
Professional Services 0.9%    
Amadeus Fire AG† 12,300 1,455,998
     
Real Estate Management & Development 2.9%    
LEG Immobilien SE* 66,037 4,568,571
PATRIZIA SE 52,822 420,578
    4,989,149
Semiconductors & Semiconductor Equipment 4.5%    
AIXTRON SE 110,000 4,055,416
Elmos Semiconductor SE 30,000 2,029,720
Siltronic AG 7,000 599,969
SMA Solar Technology AG* † 12,924 840,877
    7,525,982
Software 1.9%    
Nemetschek SE 25,900 1,587,239
TeamViewer SE 144A* 97,908 1,654,493
    3,241,732
Specialty Retail 0.8%    
About You Holding SE* † 132,380 743,570
Fielmann Group AG 16,489 713,706
    1,457,276
Technology Hardware, Storage & Peripherals 0.3%    
Cherry SE* 94,182 470,179
     
Textiles, Apparel & Luxury Goods 6.7%    
HUGO BOSS AG 89,779 5,695,876
Puma SE 87,520 5,448,771
    11,144,647
Trading Companies & Distributors 1.0%    
Brenntag SE 22,333 1,737,521
     
 
 

 

Transportation Infrastructure 0.6%    
Fraport AG Frankfurt Airport Services Worldwide* 17,696 941,323
     
     
  Shares Value ($)
Wireless Telecommunication Services 1.8%    
1&1 AG 26,047 441,809
Freenet AG 110,968 2,605,993
    3,047,802
Total Common Stocks (Cost $163,603,926)     148,904,988
     
Preferred Stocks 5.6%    
Chemicals 2.8%    
FUCHS SE 121,416 4,733,405
     
Machinery 2.8%    
Jungheinrich AG 153,772 4,620,655
Total Preferred Stocks (Cost $8,509,015)   9,354,060
     
Total Germany (Cost $172,112,941)   158,259,048
     
Netherlands 2.5%    
Common Stocks    
Consumer Staples Distribution & Retail 2.4%    
Redcare Pharmacy NV 144A* (Cost $3,431,517) 38,228 4,088,056
     
Luxembourg 2.0%    
Common Stocks    
Commercial Services & Supplies 1.2%    
Befesa SA 144A 62,869 1,925,080
     
Media 0.8%    
RTL Group SA 40,000 1,376,440
Total Luxembourg (Cost $6,154,914)     3,301,520
     
Securities Lending Collateral 2.5%    
DWS Government & Agency Securities Portfolio ''DWS Government Cash Institutional Shares'', 5.25% (Cost $4,233,507) (a) (b) 4,233,507 4,233,507
     
Cash Equivalents 0.6%    
DWS Central Cash Management Government Fund, 5.36% (Cost $1,069,375) (b) 1,069,377 1,069,377
     
  % of Net  
  Assets Value ($)
Total Investment Portfolio (Cost $187,002,254) 102.6     170,951,508
Other Assets and Liabilities, Net (2.6)      (4,373,320)
Net Assets 100.0 166,578,188
   

 

 

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.
 
A summary of the Fund’s transactions with affiliated investments during the period ended September 30, 2023 are as follows:
Value ($) at 12/31/2022 Purchases Cost
($)		 Sales Proceeds
($)		 Net
Realized
Gain/
(Loss)
($)		 Net
Change in
Unrealized
Appreciation/
(Depreciation)
($)		 Income
($)		 Capital
Gain
Distributions
($)		 Number
of Shares
at
9/30/2023		 Value ($)
at
9/30/2023
Securities Lending Collateral 2.5%        
DWS Government & Agency Securities Portfolio ''DWS Government Cash Institutional Shares'', 5.25% (a) (b)
          –  4,233,507 (c) – – – 41,403 – 4,233,507 4,233,507
Cash Equivalents 0.6%        
DWS Central Cash Management Government Fund, 5.36% (b)        
2,208,318 22,727,239 23,866,180 – – 103,606 – 1,069,377 1,069,377
2,208,318 26,960,746 23,866,180 – – 145,009 – 5,302,884 5,302,884
 

 

*     Non-income producing security.
†     All or a portion of these securities were on loan. The value of all securities loaned at September 30, 2023 amounted to $4,159,985, which is 2.5% of net assets.
(a)     Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(b)     Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.
(c)     Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended September 30, 2023.

 

 

144A:   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
 
For purposes of its industry concentration policy, the Fund classifies issuers of portfolio securities at the industry sub-group level.  Certain of the categories in the above Schedule of Investments consist of multiple industry sub-groups or industries.
 
Securities are listed in the country of domicile. For purposes of the Fund's investment objective policy to invest in German companies, non-Germany domiciled securities may qualify as German companies as defined in the Fund's Statement of Investment Objectives, Policies and Investment Restrictions.
 

 

 

 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk associated with investing in those securities.
 
The following is a summary of the inputs used as of September 30, 2023 in valuing the Fund’s investments.  
         
Assets Level 1 Level 2 Level 3 Total
  Common Stocks and/or Other Equity Investments (d)  
Germany $ 158,259,048 $ — $ — $ 158,259,048
Netherlands   4,088,056   —   —   4,088,056
Luxembourg   3,301,520   —   —   3,301,520
Short-Term Instruments (d) 5,302,884 — — 5,302,884
Total $ 170,951,508 $ — $ — $ 170,951,508
         
(d) See Schedule of Investments for additional detailed categorizations.
 

 

 

OBTAIN AN OPEN-END FUND PROSPECTUS

To obtain a summary prospectus, if available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest.

 

CLOSED-END FUNDS

The shares of most closed-end funds, including the Fund, are not continuously offered. Once issued, shares of closed-end funds are bought and sold in the open market. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.

 

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.

 

NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE

 

NGF-PH3

R-080548-2 (1/25)

 

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