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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-05983

 

The New Germany Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

 

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s Telephone Number, including Area Code: (212) 454-4500

 

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and Address of Agent for Service)

 

Date of fiscal year end: 12/31
   
Date of reporting period: 6/30/2025

 

Item 1. Reports to Stockholders.
   
  (a)

June
30,
2025
Semiannual
Report
to
Shareholders
The
New
Germany
Fund,
Inc.
Ticker
Symbol:
GF
Contents
2
The
New
Germany
Fund,
Inc.
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.
NOT
FDIC/NCUA
INSURED
NO
BANK
GUARANTEE
MAY
LOSE
VALUE
NOT
A
DEPOSIT
NOT
INSURED
BY
ANY
FEDERAL
GOVERNMENT
AGENCY
4
Letter
to
the
Shareholders
9
Performance
Summary
12
Schedule
of
Investments
17
Statement
of
Assets
and
Liabilities
18
Statement
of
Operations
19
Statements
of
Changes
in
Net
Assets
20
Financial
Highlights
22
Notes
to
Financial
Statements
30
Report
of
Annual
Meeting
of
Stockholders
31
Additional
Information
The
New
Germany
Fund,
Inc.
3
The
Fund
seeks
long-term
capital
appreciation
primarily
through
investment
in
middle-
market
German
equities.
Investments
in
funds
involve
risks,
including
the
loss
of
principal.
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.
This
Fund
is
diversified,
but
primarily
focuses
its
investments
in
Germany,
thereby
increasing
its
vulnerability
to
developments
in
that
country.
Investing
in
foreign
securities
presents
certain
risks,
such
as
currency
fluctuations,
political
and
economic
changes
and
market
risks.
Any
fund
that
concentrates
in
a
particular
segment
of
the
market
or
in
a
particular
geographical
region
will
generally
be
more
volatile
than
a
fund
that
invests
more
broadly.
The
United
States,
the
European
Union
(EU),
the
United
Kingdom,
and
other
countries
have
imposed
sanctions
in
response
to
the
Russian
military
and
other
actions
in
recent
years.
Russia,
in
turn,
has
imposed
sanctions
targeting
Western
individuals,
businesses
and
products.
The
various
sanctions
have
adversely
affected,
and
may
continue
to
adversely
affect,
not
only
the
Russian
economy
but
also
the
economies
of
many
countries
in
Europe,
including
Germany,
and
the
imposition
of
further
sanctions
may
materially
adversely
affect
the
value
of
securities
in
the
Fund’s
portffolio.
War,
terrorism,
sanctions,
economic
uncertainty,
trade
disputes,
public
health
crises,
natural
disasters,
climate
change
and
related
geopolitical
events
have
led
and,
in
the
future,
may
lead
to
significant
disruptions
in
U.S.
and
world
economies
and
markets,
which
may
lead
to
increased
market
volatility
and
may
have
significant
adverse
effects
on
the
Fund
and
its
investments.
Letter
to
the
Shareholders
(Unaudited)
4
The
New
Germany
Fund,
Inc.
Dear
Shareholder,
For
the
six-month
period
ended
June
30,
2025,
the
total
return
of
the
New
Germany
Fund,
Inc.
(the
“Fund”)
in
U.S.
dollars
(USD)
was
42.84%
based
on
net
asset
value
and
53.32%
based
on
market
price.
During
the
same
period,
the
total
return
in
USD
of
the
Fund’s
blended
benchmark
(a
custom
blend
of
the
MDAX
Index,
80%
weight,
and
the
SDAX
Index,
20%
weight)
was
35.46%.
1
The
Fund’s
discount
to
net
asset
value
averaged
12.53%
for
the
period
from
January
1,
2025
to
June
30,
2025,
compared
with
17.63%
for
the
same
period
a
year
earlier.
The
first
quarter
saw
Europe
make
a
remarkable
pivot
towards
significantly
higher
defense
spending
following
the
late-February
German
elections
and
a
shift
in
European
Commission
policy
to
allow
increased
defense
spending
without
triggering
deficit
rules.
In
the
wake
of
Germany’s
election,
chancellor-designee
Merz
proposed
a
German/European
investment
plan
with
the
focus
on
infrastructure
and
defense,
while
promising
to
reduce
Germany’s
bureaucratic
burden.
March
saw
the
German
parliament
approve
a
€500
billion
infrastructure
fund,
leading
to
a
broad-based
improvement
in
expectations
for
economic
activity
across
Europe.
The
prospect
of
accelerated
growth
had
a
significant
impact
on
European
assets,
sending
both
the
region’s
equities,
most
notably
aerospace
and
defense
stocks,
and
the
bellwether
10-year
German
bund
yield,
higher.
German
blue
chips
posted
double-digit
gains
in
the
quarter,
while
German
small-
and
mid-cap
stocks
remained
stalled
due
to
their
higher
domestic
and
European
exposure.
Germany’s
composite
purchasing
manager
index
climbed
from
48
to
51.3
over
the
first
quarter,
indicating
a
stabilization
of
the
economy,
with
the
rise
mainly
driven
by
an
increase
in
manufacturing.
Sentiment
was
further
boosted
in
the
quarter
as
the
European
Central
Bank
(ECB)
delivered
quarter-point
rate
cuts
at
both
its
January
and
March
meetings,
taking
the
deposit
rate
down
to
2.50%.
The
second
quarter
was
tumultuous,
as
the
announcement
in
early
April
of
much
higher-than-expected
U.S.
tariffs
led
to
a
sharp
decline
across
global
equity
markets.
This
was
soon
followed
by
a
strong
rally
triggered
by
a
90-day
delay
in
the
implementation
of
planned
tariffs
to
provide
a
window
for
the
U.S.
to
negotiate
with
its
trading
partners.
Fears
of
a
U.S.
recession
The
New
Germany
Fund,
Inc.
5
eased
in
May
on
positive
employment
data
and
a
mutual
lowering
of
tariffs
between
the
U.S.
and
China.
Oil
prices
made
a
significant
move
higher
beginning
in
early
May
on
geopolitical
tensions
as
Israel
struck
Iranian
nuclear
facilities,
before
easing
late
in
the
quarter
on
Iran’s
muted
response
to
the
U.S.
bombing
of
key
nuclear
sites.
Growing
concerns
about
the
U.S.
fiscal
situation,
reflected
in
the
downgrading
of
U.S.
debt
by
Moody's
Ratings,
pressured
long-term
bond
yields
higher
while
the
euro
strengthened
significantly
against
the
U.S.
dollar.
Despite
the
backdrop
of
macroeconomic
and
geopolitical
uncertainty,
broadly
resilient
economic
data
in
both
the
U.S.
and
Europe
supported
positive
equity
market
performance.
The
ECB
once
again
implemented
a
pair
of
25
basis
point
rate
decreases
over
the
quarter,
leaving
the
deposit
rate
at
2.00%.
In
sector
terms,
positive
contributions
to
the
Fund’s
performance
relative
to
the
benchmark
were
led
by
an
overweight
to,
and
security
selection
within,
industrials,
followed
by
an
overweight
to
communication
services
and
positioning
in
information
technology.
Detractors
included
an
underweight
in
financials
and
selection
within
consumer
staples.
In
terms
of
individual
holdings,
contributions
were
led
by
select
aerospace
and
defense
names,
such
as
engine
and
drivetrain
manufacturer
Renk
Group
AG
(3.5%)
and
sensor
technology
company
Hensoldt
AG
(4.5%).
The
defense
sector
rose
sharply
on
announcements
from
various
NATO
members
of
plans
to
substantially
increase
defense
budgets
and
Germany’s
plans
to
re-arm
with
the
goal
of
having
the
strongest
army
in
Europe.
Railway
switch
and
crossing
systems
provider
Vossloh
AG
(2.7%)
and
engineering
and
construction
company
Bilfinger
SE
(3.3%)
benefited
Sector
Diversification
(As
a
%
of
Equity
Securities)
6/30/25
12/31/24
Industrials
41%
34%
Communication
Services
15%
13%
Information
Technology
14%
11%
Materials
8%
8%
Consumer
Discretionary
7%
16%
Financials
5%
4%
Health
Care
5%
4%
Real
Estate
4%
6%
Consumer
Staples
1%
4%
100%
100%
6
The
New
Germany
Fund,
Inc.
from
the
announcement
by
the
new
German
government
of
plans
to
increase
spending
on
public
infrastructure
assets
such
as
railways,
roads,
and
the
electric
grid.
Sentiment
around
Ionos
Group
SE
(1.9%)
was
boosted
in
the
period
as
the
internet
and
cloud
services
provider
is
seen
as
a
beneficiary
of
Europe’s
data
center
buildout.
Detractors
included
a
lack
of
exposure
to
wind
turbine
producer
Nordex
SE*
as
the
company
surprised
investors
with
a
stronger-than-expected
order
intake.
An
underweight
to
Flatexdegiro
AG
(0.8%)
also
constrained
return
as
the
pan-European
online
broker
benefited
from
strong
cash
inflows
and
trading
activity
driven
by
the
volatile
financial
market
environment.
An
underweight
to
Thyssenkrupp
AG
(1.7%)
weighed
on
return
as
the
shares
were
boosted
by
the
speculation
about
a
potential
break-up
of
the
industrial
conglomerate.
A
lack
of
holdings
in
airline
Lufthansa
AG,
which
has
benefited
from
falling
oil
prices,
and
chemical
company
K+S
AG,*
which
is
seeing
strong
pricing
for
its
potash
products,
detracted
as
well.
Market
Outlook
We
expect
that
trade
deals
to
be
negotiated
over
the
coming
months
will
moderate
the
eventual
tariff
burden
versus
the
announcements
of
early
April.
The
cost
of
re-shoring
the
production
of
drugs,
cars
and
semiconductors
to
the
U.S.
will
soon
become
visible
in
quarterly
earnings
reports.
There
is
the
potential
for
a
period
of
a
global
economic
stagnation,
driven
by
heightened
uncertainty,
less-efficient
manufacturing,
higher
costs
across
global
supply
chains
and
rising
U.S.
inflation.
Our
base-case
scenario
is
that
investors
are
likely
to
look
past
a
quarter
or
two
of
weaker
earnings
as
long
as
the
expectation
remains
that
tariffs
will
be
negotiated
down
and
that
long-term
U.S.
Treasury
yields
will
not
move
sharply
higher.
European
equity
markets,
including
Germany’s,
still
appear
attractively
valued
by
historical
standards
and
relative
to
other
markets.
In
addition,
Germany’s
improving
purchasing
manager
indices
are
likely
to
attract
inflows
from
overseas
investors.
More
broadly,
we
expect
European
and
German
equities
to
trade
at
a
narrowing
discount
to
U.S.
equities
as
global
investors
look
for
alternatives
to
U.S.
assets.
The
Fund’s
positioning
within
German
equities
is
diversified
across
attractively
valued
cyclicals,
The
New
Germany
Fund,
Inc.
7
aerospace
and
defense
companies,
and
companies
with
track
records
of
posting
consistent
year-over-year
growth.
Lastly,
on
May
9,
2025,
Mr.
Christian
M.
Zügel
retired
from
the
Fund's
Board.
The
Board
thanks
Mr.
Zügel
for
his
excellent
service
for
many
years
to
the
Fund.
Sincerely,
Ten
Largest
Equity
Holdings
at
June
30,
2025
(37.6%
of
Net
Assets)
Percent
1
.
Scout24
SE
5.1%
2
.
Hensoldt
AG
4.5%
3
.
Nemetschek
SE
4.0%
4
.
CTS
Eventim
AG
&
Co.
KGaA
3.7%
5
.
GEA
Group
AG
3.7%
6
.
Talanx
AG
3.6%
7
.
RENK
Group
AG
3.5%
8
.
Bilfinger
SE
3.3%
9
.
FUCHS
SE
3.1%
10
.
Knorr-Bremse
AG
3.1%
Portfolio
holdings
and
characteristics
are
subject
to
change
and
not
indicative
of
future
portfolio
composition.
For
more
details
about
the
Fund’s
investments,
see
the
Schedule
of
Investments
commencing
on
page
12.
For
additional
information
about
the
Fund,
including
performance,
dividends,
presentations,
press
releases,
market
updates,
daily
NAV
and
shareholder
reports,
please
visit
dws.com.
Hansjoerg
Pack
Portfolio
Manager
Hepsen
Uzcan
Interested
Director,
President
and
Chief
Executive
Officer
8
The
New
Germany
Fund,
Inc.
The
views
expressed
in
the
preceding
discussion
reflect
those
of
the
portfolio
management
team
generally
through
the
end
of
the
period
of
the
report
as
stated
on
the
cover.
The
management
team’s
views
are
subject
to
change
at
any
time
based
on
market
and
other
conditions
and
should
not
be
construed
as
recommendations.
Past
performance
is
no
guarantee
of
future
results.
Current
and
future
portfolio
holdings
are
subject
to
risk,
including
geopolitical
and
other
risks.
1
The
MDAX
Index
is
a
total-return
index
of
50
mid-cap
issues
that
rank
below
the
DAX
Index
.
The
SDAX
Index
is
a
total-return
index
that
tracks
70
German
companies
from
all
industries
that
rank
directly
below
the
MDAX
equities
in
terms
of
market
capitalization
and
exchange
turnover.
The
DAX
Index
is
a
total-return
index
of
40
selected
German
blue
chip
stocks
traded
on
the
Frankfurt
exchange.
Index
returns
do
not
reflect
any
fees
or
expenses
and
it
is
not
possible
to
invest
directly
in
the
blended
index
consisting
of
80%
MDAX
Index
/
20%
SDAX
Index
.
Percentages
in
parentheses
are
based
on
the
Fund's
net
assets
as
of
June
30,
2025.
*
Not
held
at
June
30,
2025.
Performance
Summary
June
30,
2025
(Unaudited)
The
New
Germany
Fund,
Inc.
9
All
performance
shown
is
historical,
assumes
reinvestment
of
all
dividend
and
capital
gain
distributions,
and
does
not
guarantee
future
results.
Investment
return
and
net
asset
value
fluctuate
with
changing
market
conditions
so
that,
when
sold,
shares
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Please
visit
dws.com
for
the
most
recent
performance
of
the
Fund.
Please
keep
in
mind
that
high
double-
digit
returns
were
primarily
achieved
during
favorable
market
conditions.
Investors
should
not
expect
that
such
favorable
returns
can
be
consistently
achieved.
A
Fund’s
performance,
especially
for
very
short
time
periods,
should
not
be
the
sole
factor
in
making
your
investment
decision.
Fund
specific
data
and
performance
are
provided
for
informational
purposes
only
and
are
not
intended
for
trading
purposes.
Average
Annual
Total
Returns
as
of
6/30/25
6-Month
‡
1-Year
5-Year
10-Year
Net
Asset
Value
(a)
42.84%
37.10%
5.79%
8.80%
Market
Price
(a)
53.32%
47.76%
6.76%
8.43%
Blended
index:
80%
German
Mid
Cap
Index
(MDAX)
/
20%
German
Small
Cap
Index
(SDAX)
(b)
35.46%
32.28%
5.25%
5.64%
10
The
New
Germany
Fund,
Inc.
Growth
of
an
Assumed
$10,000
Investment
Yearly
periods
ended
June
30
The
growth
of
$10,000
is
cumulative.
a
Total
return
based
on
net
asset
value
reflects
changes
in
the
Fund’s
net
asset
value
during
each
period.
Total
return
based
on
market
value
reflects
changes
in
market
value
during
each
period.
Each
figure
includes
reinvestments
of
income
and
capital
gain
distributions,
if
any,
at
market
prices
pursuant
to
the
dividend
reinvestment
plan.
Total
returns
based
on
net
asset
value
and
market
price
will
differ
depending
upon
the
level
of
any
discount
from
or
premium
to
net
asset
value
at
which
the
Fund’s
shares
trade
during
the
period.
Expenses
of
the
Fund
include
investment
advisory
and
administration
fees
and
other
fund
expenses.
Total
returns
shown
take
into
account
these
fees
and
expenses.
The
annualized
expense
ratio
of
the
Fund
for
the
six
months
ended
June
30,
2025
was
1.33%.
b
The
MDAX
Index
is
a
total-return
index
of
50
mid-cap
issues
that
rank
below
the
DAX
Index.
The
SDAX
Index
is
a
total-return
index
that
tracks
70
German
companies
from
all
industries
that
rank
directly
below
the
MDAX
equities
in
terms
of
market
capitalization
and
exchange
turnover.
The
DAX
Index
is
a
total-return
index
of
40
selected
German
blue
chip
stocks
traded
on
the
Frankfurt
exchange.
Index
returns
do
not
reflect
any
fees
or
expenses
and
it
is
not
possible
to
invest
directly
in
the
blended
index
consisting
of
80%
MDAX
Index
/
20%
SDAX
Index.
‡
Total
returns
shown
for
periods
less
than
one
year
are
not
annualized.
The
New
Germany
Fund,
Inc.
11
Net
Asset
Value
and
Market
Price
As
of
6/30/25
As
of
12/31/24
Net
Asset
Value
$    
13.42
$    
9.42
Market
Price
$    
11.94
$    
7.80
Prices
and
Net
Asset
Value
fluctuate
and
are
not
guaranteed.
Distribution
Information
Per
Share
Six
Months
as
of
6/30/25:
Income
Distribution
$    
0.02
Distributions
are
historical,
not
guaranteed
and
will
fluctuate.
Distributions
do
not
include
return
of
capital
or
other
non-income
sources.
Schedule
of
Investments
as
of
June
30,
2025
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
12
The
New
Germany
Fund,
Inc.
Shares
Value
($)
Germany
93.4%
Common
Stocks
87.9%
Aerospace
&
Defense
4.5%
Hensoldt
AG
85,542
9,776,523
Automobile
Components
0.2%
SAF-Holland
SE
26,000
521,694
Capital
Markets
0.8%
flatexDEGIRO
AG
63,081
1,774,981
Chemicals
3.2%
AlzChem
Group
AG
17,000
2,768,755
Evonik
Industries
AG
151,253
3,105,905
Wacker
Chemie
AG
†
15,600
1,134,912
7,009,572
Commercial
Services
&
Supplies
3.8%
Bilfinger
SE
75,000
7,185,608
Cewe
Stiftung
&
Co.
KGAA
10,021
1,153,523
8,339,131
Construction
&
Engineering
1.2%
HOCHTIEF
AG
13,588
2,667,458
Diversified
Telecommunication
Services
0.5%
United
Internet
AG
(Registered)
41,729
1,157,528
Electrical
Equipment
2.3%
SFC
Energy
AG*
†
60,000
1,531,287
Siemens
Energy
AG*
30,393
3,497,128
5,028,415
Entertainment
3.7%
CTS
Eventim
AG
&
Co.
KGaA
65,000
8,038,963
Financial
Services
0.5%
Hypoport
SE*
4,190
993,142
Health
Care
Equipment
&
Supplies
4.0%
Carl
Zeiss
Meditec
AG
†
73,268
4,900,442
Eckert
&
Ziegler
SE
37,281
2,981,258
STRATEC
SE
20,000
614,862
8,496,562
Hotels,
Restaurants
&
Leisure
2.3%
TUI
AG*
573,450
4,991,470
Insurance
3.6%
Talanx
AG
61,276
7,901,948
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
New
Germany
Fund,
Inc.
13
Shares
Value
($)
Interactive
Media
&
Services
5.1%
Scout24
SE
144A
80,000
10,992,411
IT
Services
4.0%
Bechtle
AG
71,662
3,345,028
GFT
Technologies
SE
41,678
1,217,734
IONOS
Group
SE*
88,055
4,122,617
8,685,379
Life
Sciences
Tools
&
Services
0.6%
Schott
Pharma
AG
&
Co.
KGaA
†
39,025
1,302,781
Machinery
21.0%
Deutz
AG
320,000
2,864,973
Duerr
AG
40,000
1,060,754
GEA
Group
AG
115,000
8,015,495
Heidelberger
Druckmaschinen
AG*
326,226
566,534
KION
Group
AG
70,000
3,880,199
Knorr-
Bremse
AG
70,000
6,739,423
Krones
AG
23,000
3,778,348
Rational
AG
4,782
3,995,174
RENK
Group
AG
†
96,000
7,644,185
Traton
SE
†
33,973
1,097,055
Vossloh
AG
59,000
5,849,986
45,492,126
Media
2.4%
Stroeer
SE
&
Co.
KGaA
86,000
5,136,441
Metals
&
Mining
1.7%
thyssenkrupp
AG
345,324
3,696,263
Passenger
Airlines
2.1%
Deutsche
Lufthansa
AG
(Registered)
544,080
4,583,880
Professional
Services
0.7%
Amadeus
Fire
AG
†
15,006
1,422,730
Real
Estate
Management
&
Development
3.5%
LEG
Immobilien
SE
40,000
3,536,628
PATRIZIA
SE
†
121,391
1,169,434
TAG
Immobilien
AG
168,354
2,980,978
7,687,040
Semiconductors
&
Semiconductor
Equipment
5.3%
AIXTRON
SE
124,391
2,275,523
Elmos
Semiconductor
SE
25,033
2,634,823
Infineon
Technologies
AG
79,824
3,382,729
Siltronic
AG
†
26,070
1,245,035
SUSS
MicroTec
SE
34,479
1,883,708
11,421,818
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
14
The
New
Germany
Fund,
Inc.
Shares
Value
($)
Software
4.5%
Atoss
Software
SE
6,680
1,105,202
Nemetschek
SE
60,121
8,677,156
9,782,358
Specialty
Retail
4.4%
Auto1
Group
SE
144A*
130,971
4,204,722
Fielmann
Group
AG
60,000
3,991,907
Hornbach
Holding
AG
&
Co.
KGaA
11,479
1,427,763
9,624,392
Wireless
Telecommunication
Services
2.0%
Freenet
AG
130,989
4,248,337
Total
Common
Stocks
(Cost
$129,923,382)
190,773,343
Preferred
Stocks
5.5%
Chemicals
3.1%
FUCHS
SE
†
123,403
6,782,483
Machinery
2.4%
Jungheinrich
AG
109,331
5,126,428
Total
Preferred
Stocks
(Cost
$7,734,547)
11,908,911
Total
Germany
(Cost
$137,657,929)
202,682,254
Netherlands
1.8%
Common
Stocks
Aerospace
&
Defense
1.3%
Airbus
SE
13,641
2,836,646
Consumer
Staples
Distribution
&
Retail
0.5%
Redcare
Pharmacy
NV
144A*
10,000
1,098,889
Total
Netherlands
(Cost
$3,688,144)
3,935,535
Luxembourg
0.8%
Common
Stocks
Media
0.8%
RTL
Group
SA
†
(Cost
$1,755,370)
40,109
1,748,424
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
New
Germany
Fund,
Inc.
15
Shares
Value
($)
Securities
Lending
Collateral
10.3%
DWS
Government
&
Agency
Securities
Portfolio
''DWS
Government
Cash
Institutional
Shares'',
4.25%
(Cost
$22,478,743)
(a)
(b)
22,478,743
22,478,743
Cash
Equivalents
3.4%
DWS
Central
Cash
Management
Government
Fund,
4.37%
(Cost
$7,329,575)
(b)
7,329,575
7,329,575
%
of
Net
Assets
Value
($)
Total
Investment
Portfolio
(Cost
$172,909,761)
109.7
238,174,531
Other
Assets
and
Liabilities,
Net
(9.7)
(21,072,554)
Net
Assets
100.0
217,101,977
A
summary
of
the
Fund’s
transactions
with
affiliated
investments
during
the
period
ended
June
30,
2025
are
as
follows:
Net
Change
Value
($)
at
12/31/2024
Purchases
Cost
($)
Sales
Proceeds
($)
Net
Real-
ized
Gain/
(Loss)
($)
in
Unreal-
ized
Appreci
-
ation
/
(
Depreci
-
ation
)
($)
Income
($)
Capital
Gain
Distri
-
butions
($)
Number
of
Shares
at
6/30/2025
Value
($)
at
6/30/2025
Securities
Lending
Collateral
10.3%
DWS
Government
&
Agency
Securities
Portfolio
''DWS
Government
Cash
Institutional
Shares'',
4.25%
(a)
(b)
7,649,285
14,829,458
(c)
–
–
–
47,731
–
22,478,743
22,478,743
Cash
Equivalents
3.4%
DWS
Central
Cash
Management
Government
Fund,
4.37%
(b)
5,330,334
40,100,531
38,101,290
–
–
137,423
–
7,329,575
7,329,575
12,979,619
54,929,989
38,101,290
–
–
185,154
–
29,808,318
29,808,318
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
16
The
New
Germany
Fund,
Inc.
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.
(d)
See
Schedule
of
Investments
for
additional
detailed
categorizations
.
*
Non-income
producing
security.
†
All
or
a
portion
of
these
securities
were
on
loan.
The
value
of
all
securities
loaned
at
June
30,
2025
amounted
to
$21,438,275,
which
is
9.9%
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
June
30,
2025.
144A:
Securities
exempt
from
registration
under
Rule
144A
under
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.
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
June
30,
2025
in
valuing
the
Fund’s
investments.
For
information
on
the
Fund’s
policy
regarding
the
valuation
of
investments,
please
refer
to
the
Security
Valuation
section
of
Note
A
in
the
accompanying
Notes
to
Financial
Statements.
Assets
Level
1
Level
2
Level
3
Total
Common
Stocks
and/or
Other
Equity
Investments
(d)
Germany
$
202,682,254
$
—
$
—
$
202,682,254
Netherlands
3,935,535
—
—
3,935,535
Luxembourg
1,748,424
—
—
1,748,424
Short-Term
Instruments
(d)
29,808,318
—
—
29,808,318
Total
$
238,174,531
$
—
$
—
$
238,174,531
Statement
of
Assets
and
Liabilities
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
New
Germany
Fund,
Inc.
17
*  
Represents
cash
collateral
on
securities
loaned.
as
of
June
30,
2025
(Unaudited)
Assets
Investments
in
non-affiliated
securities,
at
value
(cost
$143,101,443)
—
including
$21,438,275
of
securities
loaned
$
208,366,213
Investment
in
DWS
Central
Cash
Management
Government
Fund
(cost
$7,329,575)
7,329,575
Investment
in
DWS
Government
&
Agency
Securities
Portfolio
(cost
$22,478,743)
*
22,478,743
Foreign
currency,
at
value
(cost
$22,197)
22,247
Receivable
for
investments
sold
2,092,421
Dividends
receivable
216,415
Foreign
taxes
recoverable
1,017,884
Interest
receivable
46,569
Other
assets
48,496
Total
assets
241,618,563
Liabilities
Payable
upon
return
of
securities
loaned
22,478,743
Payable
for
investments
purchased
1,751,034
Investment
advisory
fee
payable
115,523
Administration
fee
payable
34,398
Payable
for
Directors'
fees
and
expenses
258
Accrued
expenses
and
other
liabilities
136,630
Total
liabilities
24,516,586
Net
assets
$
217,101,977
Net
Assets
Consist
of
Distributable
earnings
(gain)
27,390,196
Paid-in
capital
189,711,781
Net
assets
$
217,101,977
Net
Asset
Value
Net
assets
value
per
share
($217,101,977
÷
16,179,780
shares
of
common
stock
issued
and
outstanding,
$.001
par
value,
80,000,000
shares
authorized)
$
13.42
Statement
of
Operations
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
18
The
New
Germany
Fund,
Inc.
for
the
six
months
ended
June
30,
2025
(Unaudited)
Net
Investment
Income
Income:
Dividends
(net
of
foreign
withholding
taxes
of
$484,362)
$
3,106,238
Income
distributions
—
DWS
Central
Cash
Management
Government
Fund
137,423
Securities
lending
income,
net
of
borrower
rebates
47,731
Total
investment
income
3,291,392
Expenses:
Investment
advisory
fee
611,825
Administration
fee
179,148
Custody
and
accounting
fee
53,861
Services
to
shareholders
6,747
Reports
to
shareholders
and
shareholder
meeting
expenses
22,564
Directors'
fees
and
expenses
111,643
Legal
fees
122,331
Audit
and
tax
fees
33,666
NYSE
listing
fee
16,806
Insurance
27,857
Miscellaneous
18,232
Net
expenses
1,204,680
Net
investment
income
2,086,712
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from:
Investments
(9,812,999)
Foreign
currency
76,568
Net
realized
gain
(loss)
(9,736,431)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
72,576,076
Foreign
currency
97,951
Change
in
net
unrealized
appreciation
(depreciation)
72,674,027
Net
gain
(loss)
62,937,596
Net
increase
(decrease)
in
net
assets
resulting
from
operations
$
65,024,308
Statements
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
New
Germany
Fund,
Inc.
19
Increase
(Decrease)
in
Net
Assets
Six
Months
Ended
June
30,
2025
(Unaudited)
Year
Ended
December
31,
2024
Operations:
Net
investment
income
(loss)
  $
2,086,712
  $
979,702
Net
realized
gain
(loss)
(9,736,431)
(4,593,812)
Change
in
net
unrealized
appreciation
(depreciation)
72,674,027
(16,598,078)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
65,024,308
(20,212,188)
Distributions
to
shareholders
(299,326)
(1,171,318)
Fund
share
transactions:
Shares
repurchased
–
(5,027,322)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
–
(5,027,322)
Total
increase
(decrease)
in
net
assets
64,724,982
(26,410,828)
Net
assets
at
beginning
of
period
152,376,995
178,787,823
Net
assets
at
end
of
period
  $
217,101,977
  $
152,376,995
Other
Information
Shares
outstanding
at
beginning
of
period
16,179,780
16,773,780
Shares
repurchased
–
(594,000)
Shares
outstanding
at
end
of
period
16,179,780
16,179,780
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
20
The
New
Germany
Fund,
Inc.
Six
Months    
Ended
6/30/25
Years
Ended
December
31,    
(Unaudited)  
2024
2023
2022
2021
2020
Per
Share
Operating
Performance
Net
asset
value,
beginning
of
period
$
9.42
$
10.66
$
9.28
$
16.58
$
21.87
$
17.97
Income
(loss)
from
investment
operations:
Net
investment
income
(loss)
a
.13
.06
.07
.05
(.04)
(.03)
Net
realized
and
unrealized
gain
(loss)
on
investments
and
foreign
currency
3.89
(1.29)
1.32
(6.4
5
)
.62
6.31
Total
from
investment
operations
4.02
(1.23)
1.39
(6.
40
)
.58
6.28
Less
distributions
from:
Net
investment
income
(.02)
(.07)
(.07)
(.04)
(.08)
(
.00
)
***
Net
realized
gains
–
–
–
(.73)
(5.77)
(2.46)
Total
distributions
(.02)
(.07)
(.07)
(.77)
(5.85)
(2.46)
Dilution
in
net
asset
value
from
dividend
reinvestment
–
–
–
(.1
5
)
(.11)
(.02)
Increase
resulting
from
share
repurchases
–
.06
.06
.02
.09
.10
Net
asset
value,
end
of
period
$
13.42
$
9.42
$
10.66
$
9.28
$
16.58
$
21.87
Market
value,
end
of
period
$
11.94
$
7.80
$
8.74
$
7.89
$
14.81
$
19.03
Total
Investment
Return
for
the
Period
b
Based
upon
market
value
(%)
53.32
**
(10.00)
11.6
9
(42.0
6
)
11
.
89
3
7
.
46
Based
upon
net
asset
value
(%)
42.84
**
(10.98)
15.8
2
(39.
13
)
8
.
99
3
7
.
8
4
Financial
Highlights
(continued)
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
New
Germany
Fund,
Inc.
21
Six
Months    
Ended
6/30/25
Years
Ended
December
31,    
(Unaudited)  
2024
2023
2022
2021
2020
Ratios
to
Average
Net
Assets
Total
expenses
(%)
1.33
*
1.36
1.37
1.40
1.11
1.11
Net
investment
income
(loss)
(%)
1.15
**
.59
.65
.49
(.16)
(.15)
Portfolio
turnover
(%)
41
**
35
46
55
49
57
Net
assets
at
end
of
period
($
thousands)
217,102
152,377
178,788
161,355
257,446
337,610
a
Based
on
average
shares
outstanding
during
the
period.
b
Total
investment
return
based
on
net
asset
value
reflects
changes
in
the
Fund's
net
asset
value
during
each
period.
Total
return
based
on
market
value
reflects
changes
in
market
value
during
each
period.
Each
figure
includes
reinvestments
of
dividend
and
capital
gain
distributions,
if
any,
at
market
prices
pursuant
to
the
dividend
reinvestment
plan.
These
figures
will
differ
depending
upon
the
level
of
any
discount
from
or
premium
to
net
asset
value
at
which
the
Fund's
shares
trade
during
the
period.
*
Annualized.
**
Not
annualized.
***
Amount
is
less
than
$.005
per
share.
22
The
New
Germany
Fund,
Inc.
Notes
to
Financial
Statements
(Unaudited)
A.
Accounting
Policies
The
New
Germany
Fund,
Inc.
(the
“Fund”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”)
and
was
incorporated
in
Maryland
on
January
16,
1990
as
a
non-diversified,
closed-
end
management
investment
company.
The
Fund
commenced
investment
operations
on
January
30,
1990.
The
Fund
became
a
diversified
company
on
October
26,
2007.
The
preparation
of
financial
statements
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”)
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
and
disclosures
in
the
financial
statements.
Actual
results
could
differ
from
those
estimates.
Subsequent
events,
if
any,
through
the
date
that
the
financial
statements
were
issued
have
been
evaluated
in
the
preparation
of
the
financial
statements.
The
Fund
qualifies
as
an
investment
company
under
Topic
946
of
Accounting
Standards
Codification
of
U.S.
GAAP.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Fund
in
the
preparation
of
its
financial
statements.
Operating
Segment.
The
Fund
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures
(“ASU
2023-07”).
ASU
2023-07
impacts
financial
statement
disclosures
only
and
does
not
affect
the
Fund’s
financial
position
or
the
results
of
its
operations.
An
operating
segment
is
defined
in
Topic
280
as
a
component
of
a
public
entity
that
engages
in
business
activities
from
which
it
may
recognize
revenues
and
incur
expenses,
has
operating
results
that
are
regularly
reviewed
by
the
public
entity’s
chief
operating
decision
maker
(“CODM”)
to
make
decisions
about
resources
to
be
allocated
to
the
segment
and
assess
its
performance,
and
has
discrete
financial
information
available.
The
President
and
Chief
Executive
Officer
acts
as
the
Fund’s
CODM.
The
Fund
represents
a
single
operating
segment,
as
the
CODM
monitors
the
operating
results
of
the
Fund
as
a
whole,
and
the
Fund’s
long-term
strategic
asset
allocation
is
pre-determined
in
accordance
with
the
terms
of
its
investment
objective,
investment
policies
and
principal
risks,
based
on
a
defined
investment
strategy
that
is
executed
by
the
Fund’s
portfolio
managers
as
a
team.
The
financial
information
in
the
form
of
the
Fund’s
portfolio
composition,
total
returns,
expense
ratios
and
changes
in
net
asset
(i.e.,
changes
in
net
assets
resulting
from
operations),
which
are
used
by
the
CODM
to
assess
the
segment’s
performance
versus
the
Fund’s
comparative
benchmarks
and
to
make
resource
allocation
decisions
for
the
Fund’s
single
segment,
is
consistent
with
that
presented
within
the
Fund’s
financial
statements.
Segment
assets
are
reflected
on
the
accompanying
statement
of
assets
and
liabilities
as
The
New
Germany
Fund,
Inc.
23
“total
assets”
and
results
of
operations
and
significant
segment
expenses
are
listed
on
the
accompanying
statement
of
operations.
Security
Valuation.
The
Fund
calculates
its
net
asset
value
(“NAV”)
per
share
for
publication
at
the
close
of
regular
trading
on
Deutsche
Börse
XETRA,
normally
at
11:30
a.m.,
New
York
time.
The
Fund’s
Board
has
designated
DWS
International
GmbH
(the
“Advisor”)
as
the
valuation
designee
for
the
Fund
pursuant
to
Rule
2a-5
under
the
1940
Act.
The
Advisor’s
Pricing
Committee
(the
“Pricing
Committee”)
typically
values
securities
using
readily
available
market
quotations
or
prices
supplied
by
independent
pricing
services
(which
are
considered
fair
values
under
Rule
2a-5).
The
Advisor
has
adopted
fair
valuation
procedures
that
provide
methodologies
for
fair
valuing
securities.
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
or
liquidity
associated
with
investing
in
those
securities.
Equity
securities
are
valued
at
the
most
recent
sale
price
or
official
closing
price
reported
on
the
exchange
(U.S.
or
foreign)
or
over-the-counter
market
on
which
they
trade
prior
to
the
time
of
valuation.
Securities
for
which
no
sales
are
reported
are
valued
at
the
calculated
mean
between
the
most
recent
bid
and
asked
quotations
on
the
relevant
market
or,
if
a
mean
cannot
be
determined,
at
the
most
recent
bid
quotation.
Equity
securities
are
generally
categorized
as
Level
1.
Investments
in
open-end
investment
companies
are
valued
and
traded
at
their
NAV
each
business
day
and
are
categorized
as
Level
1.
Securities
and
other
assets
for
which
market
quotations
are
not
readily
available
or
for
which
the
above
valuation
procedures
are
deemed
not
to
reflect
fair
value
are
valued
in
a
manner
that
is
intended
to
reflect
their
fair
value
as
determined
in
accordance
with
procedures
approved
by
the
Board
and
are
generally
categorized
as
Level
3.
In
accordance
with
the
Fund’s
valuation
procedures,
factors
considered
in
determining
value
may
include,
but
are
not
limited
to,
the
type
of
the
security;
the
size
of
the
holding;
the
initial
cost
of
the
security;
the
existence
of
any
contractual
restrictions
on
the
security’s
disposition;
the
price
and
extent
of
public
trading
in
similar
securities
of
the
issuer
or
of
comparable
companies;
quotations
or
evaluated
prices
from
broker-dealers
and/or
the
appropriate
stock
exchange
(for
exchange-traded
securities);
an
analysis
of
the
company’s
or
issuer’s
financial
statements;
an
evaluation
of
the
24
The
New
Germany
Fund,
Inc.
forces
that
influence
the
issuer
and
the
market(s)
in
which
the
security
is
purchased
and
sold;
and,
with
respect
to
debt
securities,
the
maturity,
coupon,
creditworthiness,
currency
denomination,
and
the
movement
of
the
market
in
which
the
security
is
normally
traded.
The
value
determined
under
these
procedures
may
differ
from
published
values
for
the
same
securities.
Disclosure
about
the
classification
of
the
fair
value
measurements
is
included
in
a
table
following
the
Fund’s
Schedule
of
Investments.
Securities
Transactions
and
Investment
Income.
Investment
transactions
are
accounted
for
on
a
trade
date
plus
one
basis
for
daily
NAV
calculation.
However,
for
financial
reporting
purposes,
investment
security
transactions
are
reported
on
trade
date.
Interest
income
is
recorded
on
the
accrual
basis.
Dividend
income
is
recorded
on
the
ex-dividend
date
net
of
foreign
withholding
taxes.
Certain
dividends
from
foreign
securities
may
be
recorded
subsequent
to
the
ex-dividend
date
as
soon
as
the
Fund
is
informed
of
such
dividends.
Realized
gains
and
losses
from
investment
transactions
are
recorded
on
an
identified
cost
basis.
Proceeds
from
litigation
payments,
if
any,
are
included
in
net
realized
gain
(loss)
for
investments.
Securities
Lending.
National
Financial
Services
LLC
(Fidelity
Agency
Lending),
as
securities
lending
agent,
lends
securities
of
the
Fund
to
certain
financial
institutions
under
the
terms
of
its
securities
lending
agreement.
During
the
term
of
the
loans,
the
Fund
continues
to
receive
interest
and
dividends
generated
by
the
securities
and
to
participate
in
any
changes
in
their
market
value.
The
Fund
requires
the
borrowers
of
the
securities
to
maintain
collateral
with
the
Fund
consisting
of
cash
and/
or
securities
issued
or
guaranteed
by
the
U.S.
Government,
its
agencies
or
instrumentalities
having
a
value
at
least
equal
to
the
value
of
the
securities
loaned.
When
the
collateral
falls
below
specified
amounts,
the
securities
lending
agent
will
use
its
best
efforts
to
obtain
additional
collateral
on
the
next
business
day
to
meet
required
amounts
under
the
securities
lending
agreement.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash.
During
the
six
months
ended
June
30,
2025,
the
Fund
invested
the
cash
collateral,
if
any,
into
a
joint
trading
account
in
affiliated
money
market
funds,
including
DWS
Government
&
Agency
Securities
Portfolio,
managed
by
DWS
Investment
Management
Americas,
Inc.
DWS
Investment
Management
Americas,
Inc.
receives
a
management/
administration
fee
(0.13%
annualized
effective
rate
as
of
June
30,
2025)
on
the
cash
collateral
invested
in
DWS
Government
&
Agency
Securities
Portfolio.
The
Fund
receives
compensation
for
lending
its
securities
either
in
the
form
of
fees
or
by
earning
interest
on
invested
cash
collateral
net
of
borrower
rebates
and
fees
paid
to
a
securities
lending
agent.
Either
the
Fund
or
the
borrower
may
terminate
the
loan
at
any
time,
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
a
The
New
Germany
Fund,
Inc.
25
standard
time
period.
There
may
be
risks
of
delay
and
costs
in
recovery
of
securities
or
even
loss
of
rights
in
the
collateral
should
the
borrower
of
the
securities
fail
financially.
If
the
Fund
is
not
able
to
recover
securities
lent,
the
Fund
may
sell
the
collateral
and
purchase
a
replacement
investment
in
the
market,
incurring
the
risk
that
the
value
of
the
replacement
security
is
greater
than
the
value
of
the
collateral.
The
Fund
is
also
subject
to
all
investment
risks
associated
with
the
reinvestment
of
any
cash
collateral
received,
including,
but
not
limited
to,
interest
rate,
credit
and
liquidity
risk
associated
with
such
investments.
As
of
June
30,
2025,
the
Fund
had
securities
on
loan.
The
value
of
the
related
collateral
exceeded
the
value
of
the
securities
loaned
at
period
end.
Foreign
Currency
Translation.
The
books
and
records
of
the
Fund
are
maintained
in
United
States
dollars.
Assets
and
liabilities
denominated
in
foreign
currency
are
translated
into
United
States
dollars
at
the
prevailing
exchange
rates
at
period
end.
Purchases
and
sales
of
investment
securities,
income
and
expenses
are
translated
at
the
rate
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Net
realized
and
unrealized
gains
and
losses
on
foreign
currency
transactions
represent
net
gains
and
losses
between
trade
and
settlement
dates
on
securities
transactions,
the
acquisition
and
disposition
of
foreign
currencies,
and
the
difference
between
the
amount
of
net
investment
income
accrued
and
the
U.S.
dollar
amount
actually
received.
The
portion
of
both
realized
and
unrealized
gains
and
losses
on
investments
that
results
from
fluctuations
in
foreign
currency
exchange
rates
is
not
separately
disclosed
but
is
included
with
net
realized
and
unrealized
gain/appreciation
and
loss/depreciation
on
investments.
At
June
30,
2025,
the
exchange
rate
was
EUR
€1.00
to
USD
$1.17.
Contingencies.
In
the
normal
course
of
business,
the
Fund
may
enter
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Fund’s
maximum
exposure
under
these
arrangements
is
Remaining
Contractual
Maturity
of
the
Agreements
as
of
6
30,
2025
Overnight
and
Continuous
<30
days
Between
30
&
90
days
>90
days
Total
Securities
Lending
Transactions
Common
Stocks
$
19,858,202
$
—
$
—
$
—
$
19,858,202
Preferred
Stocks
2,620,541
—
—
—
2,620,541
Total
Borrowings
$
22,478,743
$
—
$
—
$
—
$
22,478,743
Gross
amount
of
recognized
liabilities
and
non-cash
collateral
for
securities
lending
transactions:
$
22,478,743
26
The
New
Germany
Fund,
Inc.
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund
that
have
not
yet
occurred.
However,
based
on
experience,
the
Fund
expects
the
risk
of
loss
to
be
remote.
Tax
Information.
The
Fund’s
policy
is
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
which
are
applicable
to
regulated
investment
companies,
and
to
distribute
all
of
its
taxable
income
to
its
shareholders.
Additionally,
the
Fund
may
be
subject
to
taxes
imposed
by
the
governments
of
countries
in
which
it
invests.
Such
taxes
are
generally
based
on
income
and/or
capital
gains
earned
or
repatriated.
Estimated
tax
liabilities
on
certain
foreign
securities
are
recorded
on
an
accrual
basis
and
are
reflected
as
components
of
interest
income
or
net
change
in
unrealized
gain/loss
on
investments.
Tax
liabilities
realized
as
a
result
of
security
sales
are
reflected
as
a
component
of
net
realized
gain/loss
on
investments.
At
December
31,
2024,
the
Fund
had
a
net
tax
basis
capital
loss
carryforward
of
approximately
$29,049,000,
which
may
be
applied
against
realized
net
taxable
capital
gains
indefinitely,
including
short-term
losses
($10,857,000)
and
long-term
losses
($18,192,000).
At
June
30,
2025,
the
aggregate
cost
of
investments
for
federal
income
tax
purposes
was
$173,880,369.
The
net
unrealized
appreciation
for
all
investments
based
on
tax
cost
was
$64,294,162.
This
consisted
of
aggregate
gross
unrealized
appreciation
for
all
investments
for
which
there
was
an
excess
of
value
over
tax
cost
of
$72,203,666
and
aggregate
gross
unrealized
depreciation
for
all
investments
for
which
there
was
an
excess
of
tax
cost
over
value
of
$7,909,504.
The
Fund
files
tax
returns
with
the
Internal
Revenue
Service,
the
State
of
New
York,
and
various
other
states.
Specific
to
U.S.
federal
and
state
taxes,
generally,
each
of
the
tax
years
in
the
four-year
period
ended
December
31,
2024,
remains
subject
to
examination
by
taxing
authorities.
Specific
to
foreign
countries
in
which
the
Fund
invests,
all
open
tax
years
remain
subject
to
examination
by
taxing
authorities
in
the
respective
jurisdictions.
The
open
tax
years
vary
by
each
jurisdiction
in
which
the
Fund
invests.
Dividends
and
Distributions
to
Shareholders.
The
Fund
records
dividends
and
distributions
to
its
shareholders
on
the
ex-dividend
date.
The
timing
and
character
of
certain
income
and
capital
gain
distributions
are
determined
annually
in
accordance
with
United
States
federal
income
tax
regulations,
which
may
differ
from
accounting
principles
generally
accepted
in
the
United
States
of
America.
These
differences
primarily
relate
to
investments
in
certain
securities
sold
at
a
loss.
The
Fund
may
utilize
a
portion
of
the
proceeds
from
capital
share
repurchases
as
a
distribution
from
net
investment
income
and
realized
capital
gains.
As
a
result,
net
investment
income
(loss)
and
net
realized
gain
(loss)
on
The
New
Germany
Fund,
Inc.
27
investment
transactions
for
a
reporting
period
may
differ
significantly
from
distributions
during
such
period.
Accordingly,
the
Fund
may
periodically
make
reclassifications
among
certain
of
its
capital
accounts
without
impacting
the
NAV
of
the
Fund.
The
tax
character
of
current
year
distributions
will
be
determined
at
the
end
of
the
current
fiscal
year.
B.
Investment
Advisory
and
Administration
Agreements
The
Fund
is
party
to
an
Investment
Advisory
Agreement
with
DWS
International
GmbH
(“DWSI”).
The
Fund
also
has
an
Administration
Agreement
with
DWS
Investment
Management
Americas,
Inc.
(“DIMA”).
DWSI
and
DIMA
are
affiliated
companies.
Under
the
Investment
Advisory
Agreement
with
DWSI,
DWSI
directs
the
investments
of
the
Fund
in
accordance
with
its
investment
objectives,
policies
and
restrictions.
DWSI
determines
the
securities,
instruments
and
other
contracts
relating
to
investments
to
be
purchased,
sold
or
entered
into
by
the
Fund.
The
Investment
Advisory
Agreement
provides
DWSI
with
a
fee,
computed
weekly
and
payable
monthly,
at
the
annual
rate
of
0.75%
of
the
Fund’s
average
weekly
net
assets
up
to
and
including
$100
million,
0.60%
of
such
assets
in
excess
of
$100
million
and
up
to
and
including
$500
million,
and
0.55%
of
such
assets
in
excess
of
$500
million.
Accordingly,
for
the
six
months
ended
June
30,
2025,
the
fee
pursuant
to
the
Investment
Advisory
Agreement
was
equivalent
to
an
annualized
rate
of
0.68%
of
the
Fund’s
average
weekly
net
assets.
Under
the
Administration
Agreement
with
DIMA,
DIMA
provides
certain
fund
administration
services
to
the
Fund.
The
Administration
Agreement
provides
DIMA
with
an
annual
fee,
computed
weekly
and
payable
monthly,
of
0.20%
of
the
Fund’s
average
weekly
net
assets.
C.
Transactions
with
Affiliates
DWS
Service
Company
(“DSC”),
an
affiliate
of
DIMA,
is
the
transfer
agent,
dividend-paying
agent
and
shareholder
service
agent
of
the
Fund.
Pursuant
to
a
sub-transfer
agency
agreement
between
DSC
and
SS&C
GIDS,
Inc.
(“SS&C”),
DSC
has
delegated
certain
transfer
agent
and
dividend-paying
agent
functions
to
SS&C.
DSC
compensates
SS&C
out
of
the
fee
it
receives
from
the
Fund.
For
the
six
months
ended
June
30,
2025,
the
amount
charged
to
the
Fund
by
DSC
included
in
the
Statement
of
Operations
under
“Services
to
shareholders”
aggregated
$5,962,
of
which
$1,962
is
unpaid.
28
The
New
Germany
Fund,
Inc.
Under
an
agreement
with
the
Fund,
DIMA
is
compensated
for
providing
certain
pre-press
and
regulatory
filing
services
to
the
Fund.
For
the
six
months
ended
June
30,
2025,
the
amount
charged
to
the
Fund
by
DIMA
included
in
the
Statement
of
Operations
under
“Reports
to
shareholders
and
shareholder
meeting
expenses”
aggregated
$834,
of
which
$284
is
unpaid.
Deutsche
Bank
AG,
the
majority
shareholder
in
the
DWS
Group,
and
its
affiliates
may
receive
brokerage
commissions
as
a
result
of
executing
agency
transactions
in
portfolio
securities
on
behalf
of
the
Fund,
that
the
Board
determined
were
effected
in
compliance
with
the
Fund’s
Rule
17e-1
procedures.
For
the
six
months
ended
June
30,
2025,
Deutsche
Bank
did
not
receive
brokerage
commissions
from
the
Fund.
Certain
Officers
of
the
Fund
are
also
officers
of
DIMA.
The
Fund
pays
each
Director
who
is
not
an
“interested
person”
of
DIMA
or
DWS
International
GmbH
retainer
fees.
The
Fund
may
invest
cash
balances
in
DWS
Central
Cash
Management
Government
Fund,
which
is
managed
by
DIMA.
The
Fund
indirectly
bears
its
proportionate
share
of
the
expenses
of
DWS
Central
Cash
Management
Government
Fund.
DWS
Central
Cash
Management
Government
Fund
does
not
pay
DIMA
an
investment
management
fee.
DWS
Central
Cash
Management
Government
Fund
seeks
maximum
current
income
to
the
extent
consistent
with
stability
of
principal.
D.
Portfolio
Securities
Purchases
and
sales
of
investment
securities,
excluding
short-term
investments,
for
the
six
months
ended
June
30,
2025
were
$71,653,625
and
$73,369,811,
respectively.
E.
Capital
During
the
six
months
ended
June
30,
2025,
the
Fund
did
not
purchase
any
shares
of
its
common
stock.
During
the
year
ended
December
31,
2024,
the
Fund
purchased
594,000
of
its
shares
of
common
stock
on
the
open
market
at
a
total
cost
of
$5,027,322
($8.46
average
per
share).
The
average
discount
of
these
purchased
shares,
comparing
the
purchase
price
to
the
NAV
per
share
at
the
time
of
purchase
was
17.16%.
There
were
no
reinvestments
during
the
period
ended
June
30,
2025
and
the
year
ended
December
31,
2024.
The
New
Germany
Fund,
Inc.
29
F.
Share
Repurchases
On
July
28,
2023,
the
Fund
announced
that
the
Board
of
Directors
approved
an
extension
of
the
current
repurchase
authorization
permitting
the
Fund
to
repurchase
up
to
1,710,430
shares
during
the
period
from
August
1,
2023
through
July
31,
2024.
The
Fund
repurchased
757,300
shares
between
August
1,
2023
and
June
30,
2024.
On
July
25,
2024,
the
Fund
announced
that
the
Board
of
Directors
approved
an
extension
of
the
current
repurchase
authorization
permitting
the
Fund
to
continue
to
purchase
outstanding
shares
of
its
common
stock
in
open-market
transactions
over
the
twelve-month
period
from
August
1,
2024
through
July
31,
2025.
The
Fund
repurchased
31,500
shares
between
August
1,
2024
and
June
30,
2025.
On
July
25,
2025,
the
Fund
announced
that
the
Board
of
Directors
approved
an
extension
of
the
current
repurchase
authorization
permitting
the
Fund
to
continue
to
purchase
outstanding
shares
of
its
common
stock
in
open-market
transactions
over
the
twelve-
month
period
from
August
1,
2025
through
July
31,
2026.
The
Fund
did
not
repurchase
shares
between
December
1,
2024
and
June
30,
2025.
Repurchases
will
be
made
when
the
Fund’s
shares
trade
at
a
discount
to
net
asset
value
(“NAV”)
and
such
purchases
are
deemed
to
be
in
the
best
interests
of
the
Fund.
The
amount
and
timing
of
the
repurchases
will
be
at
the
discretion
of
DIMA,
the
Funds’
administrator,
and
subject
to
market
conditions
and
investment
considerations.
There
can
be
no
assurance
that
the
Fund’s
repurchases
will
reduce
the
spread
between
the
market
price
of
the
Fund’s
shares
referred
to
below
and
its
NAV
per
share.
Monthly
updates
concerning
the
Fund’s
repurchase
program
are
available
on
its
Web
site
at
dws.com
.
G.
Concentration
of
Ownership
From
time
to
time,
the
Fund
may
have
a
concentration
of
several
shareholder
accounts
holding
a
significant
percentage
of
shares
outstanding.
Investment
activities
of
these
shareholders
could
have
a
material
impact
on
the
Fund.
At
June
30,
2025,
there
were
four
shareholders
that
held
approximately
14%,
12%,
12%
and
9%
respectively,
of
the
outstanding
shares
of
the
Fund.
Report
of
Annual
Meeting
of
Stockholders
(Unaudited)
30
The
New
Germany
Fund,
Inc.
The
Annual
Meeting
of
Stockholders
(the
“Meeting”)
of
The
New
Germany
Fund,
Inc.
was
called
to
order
on
June
30,
2025.
The
Meeting
was
adjourned
until,
and
reconvened
on,
July
18,
2025
to
permit
the
solicitation
of
additional
votes
with
respect
to
the
election
of
Directors
of
the
Fund.
At
the
close
of
business
on
May
16,
2025,
the
record
date
for
the
determination
of
stockholders
entitled
to
vote
at
the
Meeting,
there
were
issued
and
outstanding
16,179,779
shares
of
the
Fund’s
common
stock,
each
share
being
entitled
to
one
vote,
constituting
all
of
the
Fund’s
outstanding
voting
securities.
At
the
Meeting
convened
on
June
30,
2025,
the
holders
of
13,108,250
shares
of
the
Fund’s
common
stock
were
represented
in
person
or
by
proxy,
constituting
a
quorum.
At
the
Meeting
reconvened
on
July
18,
2025,
the
holders
of
13,607,139
shares
of
the
Fund’s
common
stock
were
represented
in
person
or
by
proxy,
constituting
a
quorum.
At
the
Meeting,
the
following
matters
were
voted
upon
by
the
stockholders.
The
resulting
votes
are
presented
below:
1.
To
elect
two
(2)
Class
I
Directors,
each
to
serve
for
a
term
of
three
years
and
until
his
or
her
successor
is
elected
and
qualifies.
The
other
Directors
of
the
Fund
whose
terms
continued
after
the
Meeting
are
Mr.
Bernhard
Koepp,
Dr.
Wolfgang
Leoni
and
Ms.
Hepsen
Uzcan.
2.
To
ratify
the
appointment
by
the
Audit
Committee
and
the
Board
of
Directors
of
Ernst
&
Young
LLP,
an
independent
public
accounting
firm,
as
independent
auditors
for
the
fiscal
year
ending
December
31,
2025.
Number
of
Votes
For
Withheld
Ms.
Fiona
Flannery
10,586,101
3,021,125
Dr.
Holger
Hatje
8,121,347
5,485,880
Number
of
Votes
For
Against
Abstain
12,027,519
664,627
416,104
Additional
Information
The
New
Germany
Fund,
Inc.
31
Automated
Information
Lines
DWS
Closed-End
Fund
Info
Line
(800)
349-4281
Web
Site
dws.com
Obtain
fact
sheets,
financial
reports,
press
releases
and
webcasts
when
available.
Written
Correspondence
DWS
Attn:
Secretary
of
the
DWS
Funds
100
Summer
Street
Boston,
MA
02110
Legal
Counsel
Sullivan
&
Cromwell
LLP
125
Broad
Street
New
York,
NY
10004
Dividend
Reinvestment
Plan Agent
SS&C
GIDS,
Inc.
333
W.
11th
Street,
5th
Floor
Kansas
City,
MO
64105
Shareholder
Service
Agent
and
Transfer
Agent
DWS
Service
Company
P.O.
Box
219066
Kansas
City,
MO
64121-9066
(800)
437-6269
Custodian
Brown
Brothers
Harriman
&
Company
50
Post
Office
Square
Boston,
MA
02110
Independent
Registered
Public
Accounting
Firm
Ernst
&
Young
LLP
200
Clarendon
Street
Boston,
MA
02116
Proxy
Voting
A
description
of
the
Fund's
policies
and
procedures
for
voting
proxies
for
portfolio
securities
and
information
about
how
the
Fund
voted
proxies
related
to
its
portfolio
securities
during
the
most
recent
12-month
period
ended
June
30
is
available
on
our
Web
site
—
dws.com/en-us/resources/proxy-voting
or
on
the
SEC's
Web
site
—
sec.gov.
To
obtain
a
written
copy
of
the
Fund's
policies
and
procedures
without
charge,
upon
request,
call
us
toll
free
at
(800)
437-6269.
32
The
New
Germany
Fund,
Inc.
Portfolio
Holdings
Following
the
Fund's
fiscal
first
and
third
quarter-end,
a
complete
portfolio
holdings
listing
is
posted
on
dws.com
and
is
available
free
of
charge
by
contacting
your
financial
intermediary
or,
if
you
are
a
direct
investor,
by
calling
(800)
728-3337.
In
addition,
the
portfolio
holdings
listing
is
filed
with
the
SEC
on
the
Fund's
Form
N-PORT
and
will
be
available
on
the
SEC's
Web
site
at
sec.gov.
Additional
portfolio
holdings
for
the
Fund
are
also
posted
on
dws.com
from
time
to
time.
Please
see
the
Fund’s
current
prospectus
for
more
information.
Investment
Management
DWS
International
GmbH,
which
is
part
of
DWS
Group,
is
the
investment
advisor
for
the
Fund.
DWS
International
GmbH
provides
a
full
range
of
investment
advisory
services
to
both
institutional
and
retail
clients.
DWS
International
GmbH
is
a
direct,
wholly
owned
subsidiary
of
DWS
Group.
DWS
Group
is
a
global
organization
that
offers
a
wide
range
of
investing
expertise
and
resources,
including
hundreds
of
portfolio
managers
and
analysts
and
an
office
network
that
reaches
the
world's
major
investment
centers.
This
well-resourced
global
investment
platform
brings
together
a
wide
variety
of
experience
and
investment
insight
across
industries,
regions,
asset
classes
and
investing
styles.
Open
Market
Purchases
by
the
Fund
Notice
is
hereby
given
in
accordance
with
Section
23(c)
of
the
Investment
Company
Act
of
1940
that
the
Fund
may
purchase
at
market
prices
from
time
to
time
shares
of
its
common
stock
in
the
open
market.
Voluntary
Cash
Purchase
Program
and
Dividend
Reinvestment
Plan
The
Fund
offers
shareholders
a
Voluntary
Cash
Purchase
Program
and
Dividend
Reinvestment
Plan
(“Plan”)
which
provides
for
optional
cash
purchases
and
for
the
automatic
reinvestment
of
dividends
and
distributions
payable
by
the
Fund
in
additional
Fund
shares.
Plan
participants
may
invest
as
little
as
$100
in
any
month
and
may
invest
up
to
$36,000
annually.
The
Plan
allows
current
shareholders
who
are
not
already
participants
in
the
Plan
and
first
time
investors
to
enroll
in
the
Plan
by
making
an
initial
cash
deposit
of
at
least
$250
with
the
plan
agent.
Share
purchases
are
combined
to
receive
a
beneficial
brokerage
fee.
A
brochure
is
available
by
writing
or
telephoning
the
transfer
agent:
DWS
Service
Company
P.O.
Box
219066
Kansas
City,
MO
64105
Tel.:
1-800-437-6269
NYSE
Symbol
GF
Nasdaq
Symbol
XGFNX
CUSIP
Number
644465106
Notes
There
are
three
closed-end
funds
investing
in
European
equities
advised
and
administered
by
wholly
owned
subsidiaries
of
the
DWS
Group:
The
Central
and
Eastern
Europe
Fund,
Inc.
—
investing
primarily
in
equity
or
equity-linked
securities
of
issuers
domiciled
in
Central
and
Eastern
Europe
(with
normally
at
least
80%
in
securities
of
issuers
domiciled
in
countries
in
Central
and
Eastern
Europe).
The
European
Equity
Fund,
Inc.
—
investing
primarily
in
equity
or
equity-linked
securities
of
issuers
domiciled
in
Europe
(with
normally
at
least
80%
in
securities
of
issuers
domiciled
in
Europe).
The
New
Germany
Fund,
Inc.
—
investing
primarily
in
equity
or
equity-linked
securities
of
middle
market
German
companies
with
up
to
20%
in
other
Western
European
companies
(with
no
more
than
15%
in
any
single
country).
Please
consult
your
broker
for
advice
on
any
of
the
above
or
call
1-800-437-6269
for
shareholder
reports.
875
Third
Avenue
New
York,
NY
10022
NGF-3
R-028304-14
(8/25)

   
  (b) Not applicable
   
Item 2. Code of Ethics.
   
  Not applicable
   
Item 3. Audit Committee Financial Expert.
   
  Not applicable
   
Item 4. Principal Accountant Fees and Services.
   
  Not applicable
   
Item 5. Audit Committee of Listed Registrants.
   
  Not applicable
   
Item 6. Investments.
   
  Not applicable
   
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
   
  Not applicable

   
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
   
  Not applicable
   
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
   
  Not applicable
   
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
   
  Not applicable
   
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
   
  Not applicable
   
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
   
  Not applicable
   
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
   
  Not applicable
   
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
   

 Period

(a)

Total Number of

Shares Purchased

(b)

Average Price Paid

per Share

(c)

Total Number of

Shares Purchased as

Part of Publicly Announced

Plans or Programs

(d)

Maximum Number of

Shares that May Yet Be

Purchased Under the

Plans or Programs

         
January 1 through January 31 0  $                        -    0 n/a
February 1 through February 29 0  $                        -    0 n/a
March 1 through March 31 0  $                        -    0 n/a
April 1 through April 30 0  $                        -    0 n/a
May 1 through May 31 0  $                        -    0 n/a
June 1 through June 30 0  $                        -    0 n/a
         
Total 0  $                        -    0  
         
On July 25, 2024, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to continue to purchase outstanding shares of its common stock in open-market transactions over the twelve-month period from August 1, 2024 through July 31, 2025.
         
On July 25, 2025, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to continue to purchase outstanding shares of its common stock in open-market transactions over the twelve-month period from August 1, 2025 through July 31, 2026. The Fund did not repurchase shares between December 1, 2024 and June 30, 2025.
         
Repurchases will be made when the Fund’s shares trade at a discount to net asset value and such purchases are deemed to be in the best interests of the Fund.

 

   
Item 15. Submission of Matters to a Vote of Security Holders.
   
  There were no material changes to the procedures by which stockholders may recommend nominees to the Fund’s Board. The Nominating and Governance Committee will consider nominee candidates properly submitted by stockholders in accordance with applicable law, the Fund's Articles of Incorporation or By-laws, resolutions of the Board and the qualifications and procedures set forth in the Nominating and Governance Committee Charter and this proxy statement. The Nominating and Governance Committee's Charter requires that a stockholder or group of stockholders seeking to submit a nominee candidate (i) must have beneficially owned at least 5% of the Fund's common stock for at least two years, (ii) may submit only one nominee candidate for any particular meeting of stockholders, and (iii) may submit a nominee candidate for only an annual meeting or other meeting of stockholders at which directors will be elected. The stockholder or group of stockholders must provide notice of the proposed nominee pursuant to the requirements found in the Fund's By-laws.  Generally, this notice must be received not less than 90 days nor more than 120 days prior to the first anniversary of the date of mailing of the notice for the preceding year's annual meeting. Such notice shall include the specific information required by the Fund's By-laws. The Nominating and Governance Committee will evaluate nominee candidates properly submitted by stockholders on the same basis as it considers and evaluates candidates recommended by other sources.
   
Item 16. Controls and Procedures.
   
  (a) The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
   
  (b) There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
   
   
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
   
  Not applicable
   
Item 18. Recovery of Erroneously Awarded Compensation.
   
  Not applicable
   
Item 19. Exhibits
   
  (a)(1) Not applicable
   
  (a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
   
  (b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

 

 

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 New Germany Fund, Inc.
   
   
By:

/s/Hepsen Uzcan

Hepsen Uzcan

Principal Executive Officer

   
Date: 8/29/2025

 

 

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.

 

 

By:

/s/Hepsen Uzcan

Hepsen Uzcan

Principal Executive Officer

   
Date: 8/29/2025
   
   
   
By:

/s/Diane Kenneally

Diane Kenneally

Principal Financial Officer

   
Date: 8/29/2025