Please wait
as
of
March
31,
2026
(Unaudited)
The
New
Germany
Fund,
Inc.
Shares
Value
($)
Germany
93.9%
Common
Stocks
90.1%
Aerospace
&
Defense
3.7%
Hensoldt
AG
†
55,737
4,855,045
Tkms
AG&
Co.
KGaA*
23,606
2,137,828
6,992,873
Biotechnology
0.7%
BioNTech
SE
(ADR)*
15,202
1,324,702
Capital
Markets
0.9%
flatexDEGIRO
SE
50,928
1,725,170
Chemicals
5.2%
Evonik
Industries
AG
259,263
5,003,607
K+S
AG
(Registered)
†
144,565
2,715,055
Wacker
Chemie
AG
†
19,033
1,844,298
9,562,960
Commercial
Services
&
Supplies
4.9%
Bilfinger
SE
80,546
9,094,900
Construction
&
Engineering
4.6%
HOCHTIEF
AG
19,353
8,535,876
Diversified
Telecommunication
Services
2.1%
United
Internet
AG
(Registered)
122,504
3,884,423
Electrical
Equipment
6.7%
Nordex
SE*
126,716
6,648,939
Siemens
Energy
AG
21,254
3,483,540
SMA
Solar
Technology
AG*
43,830
2,326,073
12,458,552
Electronic
Equipment,
Instruments
&
Components
3.6%
Jenoptik
AG
204,875
6,656,807
Entertainment
1.3%
CTS
Eventim
AG
&
Co.
KGaA
42,614
2,438,299
Financial
Services
0.5%
Hypoport
SE*
†
10,862
887,327
Health
Care
Equipment
&
Supplies
0.6%
Eckert
&
Ziegler
SE
62,545
1,053,581
Hotels,
Restaurants
&
Leisure
3.1%
Delivery
Hero
SE
''
A
''
144A*
104,420
1,858,832
TUI
AG
517,956
3,945,968
5,804,800
Shares
Value
($)
Insurance
3.8%
Talanx
AG
57,846
7,038,257
IT
Services
2.8%
Bechtle
AG
121,785
4,091,751
IONOS
Group
SE*
39,795
1,139,417
5,231,168
Machinery
18.8%
Deutz
AG
410,790
3,994,755
JOST
Werke
SE
144A
14,614
840,229
KION
Group
AG
63,495
3,252,647
Knorr-Bremse
AG
69,802
7,813,373
Krones
AG
19,718
2,617,238
Rational
AG
6,234
4,467,711
RENK
Group
AG
97,441
5,685,430
Traton
SE
†
56,097
1,992,049
Vossloh
AG
†
41,963
3,287,784
Wacker
Neuson
SE
46,619
971,157
34,922,373
Media
0.5%
Stroeer
SE
&
Co.
KGaA
27,245
955,877
Metals
&
Mining
5.5%
Aurubis
AG
†
13,497
2,332,687
thyssenkrupp
AG
900,732
7,686,120
10,018,807
Passenger
Airlines
1.9%
Deutsche
Lufthansa
AG
(Registered)
434,262
3,600,567
Real
Estate
Management
&
Development
4.4%
LEG
Immobilien
SE
29,449
1,903,537
PATRIZIA
SE
119,825
958,153
TAG
Immobilien
AG
346,020
5,358,316
8,220,006
Semiconductors
&
Semiconductor
Equipment
7.1%
AIXTRON
SE
96,380
3,631,303
Elmos
Semiconductor
SE
23,825
3,947,477
Infineon
Technologies
AG
52,945
2,318,123
Siltronic
AG
†
23,886
1,436,620
SUSS
MicroTec
SE
27,618
1,561,161
12,894,684
Software
2.0%
Atoss
Software
SE
7,250
634,862
Nemetschek
SE
41,541
3,048,908
3,683,770
Shares
Value
($)
Specialty
Retail
2.3%
Auto1
Group
SE*
70,760
1,221,314
Fielmann
Group
AG
58,915
2,956,255
4,177,569
Textiles,
Apparel
&
Luxury
Goods
1.6%
Puma
SE
117,916
2,949,582
Transportation
Infrastructure
1.0%
Fraport
AG
Frankfurt
Airport
Services
Worldwide*
22,440
1,918,468
Wireless
Telecommunication
Services
0.5%
Freenet
AG
30,362
924,253
Total
Common
Stocks
(Cost
$138,851,024)
166,955,651
Preferred
Stocks
3.8%
Life
Sciences
Tools
&
Services
3.1%
Sartorius
AG
23,861
5,825,691
Machinery
0.7%
Jungheinrich
AG
43,279
1,292,528
Total
Preferred
Stocks
(Cost
$7,206,654)
7,118,219
Total
Germany
(Cost
$146,057,678)
174,073,870
Netherlands
1.0%
Common
Stocks
Aerospace
&
Defense
1.0%
Airbus
SE
(Cost
$2,249,749)
9,977
1,848,247
Luxembourg
0.8%
Common
Stocks
Media
0.8%
RTL
Group
SA
†
(Cost
$1,590,480)
37,084
1,557,442
Securities
Lending
Collateral
8.9%
DWS
Government
&
Agency
Securities
Portfolio
''
DWS
Government
Cash
Institutional
Shares
''
,
3.55%
(Cost
$16,558,661)
(a)
(b)
16,558,661
16,558,661
Cash
Equivalents
5.3%
DWS
Central
Cash
Management
Government
Fund,
3.66%
(Cost
$9,705,077)
(b)
9,705,077
9,705,077
%
of
Net
Assets
Value
($)
Total
Investment
Portfolio
(Cost
$176,161,645)
109.9
203,743,297
Other
Assets
and
Liabilities,
Net
(9.9)
(18,313,910)
Net
Assets
100.0
185,429,387
For
information
on
the
Fund’s
policies
regarding
the
valuation
of
investments
and
other
significant
accounting
policies,
please
refer
to
the
Fund’s
most
recent
semi-annual
or
annual
financial
statements.
A
summary
of
the
Fund’s
transactions
with
affiliated
investments
during
the
period
ended
March
31,
2026
are
as
follows:
Net
Change
Value
($)
at
12/31/2025
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
3/31/2026
Value
($)
at
3/31/2026
Securities
Lending
Collateral
8.9%
DWS
Government
&
Agency
Securities
Portfolio
''
DWS
Government
Cash
Institutional
Shares
''
,
3.55%
(a)
(b)
27,100,743
–
10,542,082
(c)
–
–
27,105
–
16,558,661
16,558,661
Cash
Equivalents
5.3%
DWS
Central
Cash
Management
Government
Fund,
3.66%
(b)
2,673,407
31,563,619
24,531,949
–
–
28,085
–
9,705,077
9,705,077
29,774,150
31,563,619
35,074,031
–
–
55,190
–
26,263,738
26,263,738
*
Non-income
producing
security.
†
All
or
a
portion
of
these
securities
were
on
loan.
In
addition,
“Other
Assets
and
Liabilities,
Net”
may
include
pending
sales
that
are
also
on
loan.
The
value
of
all
securities
loaned
at
March
31,
2026
amounted
to
$16,258,322,
which
is
8.8%
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,
2026.
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.
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.
NGF-PH
1
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.
ADR:
American
Depositary
Receipt
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
March
31,
2026
in
valuing
the
Fund’s
investments.
Assets
Level
1
Level
2
Level
3
Total
Common
Stocks
and/or
Other
Equity
Investments
(d)
Germany
$
174,073,870
$
—
$
—
$
174,073,870
Netherlands
1,848,247
—
—
1,848,247
Luxembourg
1,557,442
—
—
1,557,442
Short-Term
Instruments
(d)
26,263,738
—
—
26,263,738
Total
$
203,743,297
$
—
$
—
$
203,743,297
(d)
See
Schedule
of
Investments
for
additional
detailed
categorizations.