The New Germany Fund, Inc.

 

Schedule of Investments as of March 31, 2024 (Unaudited)

 

 

 

  Shares Value ($)
Germany 94.5%    
Common Stocks 90.0%    
Aerospace & Defense 3.9%    
Hensoldt AG† 145,098 6,805,411
     
Chemicals 5.1%    
Covestro AG 144A* 34,465 1,885,897
Evonik Industries AG 140,000 2,769,970
K+S AG (Registered)† 62,000 967,973
LANXESS AG 47,500 1,272,400
Wacker Chemie AG 18,608 2,100,520
    8,996,760
Commercial Services & Supplies 2.3%    
Bilfinger SE 87,157 4,074,678
     
Consumer Staples Distribution & Retail 0.6%    
HelloFresh SE* 145,000 1,032,020
     
Diversified Telecommunication Services 1.4%    
United Internet AG (Registered) 109,992 2,477,299
     
Electrical Equipment 0.6%    
Nordex SE* † 80,000 1,050,332
     
Electronic Equipment, Instruments & Components 1.1%    
Jenoptik AG 59,345 1,845,354
     
Entertainment 4.0%    
CTS Eventim AG & Co. KGaA 78,000 6,943,659
     
Financial Services 1.3%    
GRENKE AG 85,894 2,244,302
     
Ground Transportation 1.0%    
Sixt SE 17,627 1,759,497
     
Health Care Equipment & Supplies 4.0%    
Carl Zeiss Meditec AG 44,000 5,501,287
Eckert & Ziegler SE 37,000 1,497,285
    6,998,572
Health Care Providers & Services 2.0%    
Fresenius Medical Care AG 90,000 3,464,217
     
Hotels, Restaurants & Leisure 1.9%    
Delivery Hero SE ''A'' 144A* 113,662 3,253,944
     
Independent Power & Renewable Electricity Producers 1.1%    
Encavis AG* 108,000 1,965,421
     
Insurance 3.0%    
Talanx AG 67,000 5,309,749
     
Interactive Media & Services 4.5%    
Scout24 SE 144A 104,863 7,909,590
     
IT Services 6.7%    
Bechtle AG 95,000 5,023,952
GFT Technologies SE 71,000 2,069,785
Ionos SE* 196,410 4,516,961
    11,610,698
Life Sciences Tools & Services 3.1%    
Evotec SE* 81,130 1,267,515
Gerresheimer AG 37,000 4,170,665
    5,438,180
 
 

 

  Shares Value ($)
Machinery 13.7%    
Deutz AG 477,920 3,036,720
GEA Group AG 70,000 2,961,941
KION Group AG 26,000 1,369,362
Knorr-Bremse AG 74,000 5,600,836
Krones AG 38,000 5,034,209
Stabilus SE 58,146 3,704,034
Vossloh AG 44,000 2,171,061
    23,878,163
Media 1.8%    
Stroeer SE & Co. KGaA 53,000 3,227,439
     
Metals & Mining 1.5%    
Aurubis AG 15,700 1,104,885
thyssenkrupp AG 305,745 1,641,981
    2,746,866
Oil, Gas & Consumable Fuels 0.2%    
Verbio SE 13,499 306,801
     
Passenger Airlines 3.0%    
Deutsche Lufthansa AG (Registered)* 664,089 5,220,600
     
Pharmaceuticals 0.5%    
Dermapharm Holding SE 25,000 881,035
     
Professional Services 0.9%    
Amadeus Fire AG 12,300 1,596,293
     
Real Estate Management & Development 4.7%    
LEG Immobilien SE* 64,000 5,499,042
PATRIZIA SE 52,822 491,615
TAG Immobilien AG* 161,809 2,214,388
    8,205,045
Semiconductors & Semiconductor Equipment 3.8%    
AIXTRON SE 79,000 2,089,760
Elmos Semiconductor SE 30,000 2,393,695
Siltronic AG† 15,000 1,331,270
SMA Solar Technology AG* 12,924 746,541
    6,561,266
Software 2.3%    
Nemetschek SE 25,900 2,564,879
TeamViewer SE 144A* 97,908 1,459,344
    4,024,223
Specialty Retail 1.3%    
Fielmann Group AG 50,000 2,297,602
     
Textiles, Apparel & Luxury Goods 5.3%    
HUGO BOSS AG 78,000 4,599,911
Puma SE 104,000 4,718,375
    9,318,286
Trading Companies & Distributors 1.0%    
Brenntag SE 20,000 1,686,059
     
Transportation Infrastructure 1.0%    
Fraport AG Frankfurt Airport Services Worldwide* 32,371 1,707,704
     
Wireless Telecommunication Services 1.4%    
1&1 AG 19,578 338,637
Freenet AG 78,000 2,196,369
    2,535,006
Total Common Stocks (Cost $151,438,740)    157,372,071
     
Preferred Stocks 4.5%    
Chemicals 1.6%    
FUCHS SE 57,000 2,824,819
     
Machinery 2.9%    
Jungheinrich AG 138,954 5,142,982
Total Preferred Stocks (Cost $5,405,981)   7,967,801
Total Germany (Cost $156,844,721)    165,339,872
     
 
 

 

  Shares Value ($)
     
Netherlands 3.6%    
Common Stocks    
Consumer Staples Distribution & Retail 3.6%    
Redcare Pharmacy NV 144A* (Cost $3,431,517) 38,228 6,259,319
     
Luxembourg 1.4%    
Common Stocks    
Commercial Services & Supplies 0.8%    
Befesa SA 144A 39,621 1,363,788
     
Media 0.6%    
RTL Group SA† 33,000 1,114,509
Total Luxembourg (Cost $4,180,595)   2,478,297
     
Securities Lending Collateral 2.9%    
DWS Government & Agency Securities Portfolio ''DWS Government Cash Institutional Shares'', 5.26%
(Cost $5,070,435) (a) (b)		 5,070,435  5,070,435
     
Cash Equivalents 0.5%    
DWS Central Cash Management Government Fund, 5.36%
(Cost $806,593) (b)		 806,593 806,593
     
  % of Net  
  Assets Value ($)
Total Investment Portfolio (Cost $170,333,861) 102.9  179,954,516
Other Assets and Liabilities, Net (2.9)  (5,110,119)
Net Assets 100.0 174,844,397
 

 
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 March 31, 2024 are as follows:

 

Value ($) at 12/31/2023 Purchases Cost
($)		 Sales Proceeds
($)		 Net
Realized
Gain/
(Loss)
($)		 Net
Change in
Unrealized
Appreciation/
(Depreciation)
($)		 Income
($)		 Capital
Gain
Distributions
($)		 Number
of Shares
at
3/31/2024		 Value ($)
at
3/31/2024
Securities Lending Collateral 2.9%        
DWS Government & Agency Securities Portfolio ''DWS Government Cash Institutional Shares'', 5.26% (a) (b)
5,067,060 3,375 (c)            – – –   2,674 – 5,070,435 5,070,435
Cash Equivalents 0.5%        
DWS Central Cash Management Government Fund, 5.36% (b)        
  527,370  7,713,067   7,433,844 – –   8,825 –    806,593    806,593
5,594,430 7,716,442   7,433,844 – – 11,499 – 5,877,028 5,877,028

 

*

  

 

Non-income producing security.

†   All or a portion of these securities were on loan. The value of all securities loaned at March 31, 2024 amounted to $4,753,484, which is 2.7% 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 March 31, 2024.

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 March 31, 2024 in valuing the Fund’s investments.
         
Assets Level 1 Level 2 Level 3 Total
Common Stocks and/or Other Equity Investments (d)  
Germany $ 165,339,872 $  — $ —  $ 165,339,872
Netherlands   6,259,319     —    —   6,259,319
Luxembourg   2,478,297    —   —   2,478,297
Short-Term Instruments (d) 5,877,028    —   — 5,877,028
Total $ 179,954,516 $                — $ —   $ 179,954,516
         
(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-PH1

R-080548-2 (1/25)

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