NPORT-EX 1 newgermanyfund.htm SX COMPLIANT SOIS

The New Germany Fund, Inc.

Schedule of Investments as of March 31, 2019 (Unaudited)

							Shares		Value ($)
Germany 82.5%
Common Stocks 78.0%
Aerospace & Defense 3.3%
MTU Aero Engines AG							37,106		8,406,767
Auto Components 0.8%
Hella GmbH & Co. KGaA							33,000		1,452,325
Leoni AG†							30,503		595,190
									2,047,515
Banks 2.5%
Commerzbank AG*							840,127		6,508,153
Biotechnology 0.9%
MorphoSys AG*							24,464		2,228,844
Chemicals 7.3%
Evonik Industries AG							125,368		3,417,426
K+S AG (Registered)†							300,288		5,508,759
LANXESS AG							67,981		3,628,360
Symrise AG "A"							68,846		6,208,206
									18,762,751
Commercial Services & Supplies 1.9%
Bilfinger SE†							139,578		4,857,831
Construction & Engineering 1.2%
HOCHTIEF AG							21,648		3,135,243
Diversified Financial Services 0.3%
Hypoport AG*							3,789		761,450
Diversified Telecommunication Services 1.0%
United Internet AG (Registered)							68,944		2,517,934
Electrical Equipment 4.7%
Nordex SE*							369,566		6,049,413
OSRAM Licht AG†							63,013		2,170,447
Varta AG*							94,205		4,023,261
									12,243,121
Electronic Equipment, Instruments & Components 1.4%
Jenoptik AG							96,297		3,589,340
Entertainment 0.3%
CTS Eventim AG & Co. KGaA							18,143		860,393
Food & Staples Retailing 0.4%
METRO AG							60,617		1,006,529
Health Care Equipment & Supplies 1.5%
Siemens Healthineers AG 144A							92,207		3,845,798
Independent Power & Renewable Electricity Producers 2.1%
Uniper SE							179,663		5,423,919
Insurance 3.5%
Hannover Rueck SE							24,071		3,459,137
Talanx AG							145,392		5,608,638
									9,067,775
Interactive Media & Services 3.4%
Scout24 AG 144A†							129,701		6,721,603
XING SE							6,192		2,144,617
									8,866,220
Internet & Direct Marketing Retail 5.8%
Delivery Hero SE 144A*							96,905		3,503,207
HelloFresh SE*†							582,085		5,476,387
Zalando SE 144A*							151,493		5,910,321
									14,889,915
Life Sciences Tools & Services 1.3%
Evotec AG*							122,525		3,258,768
							Shares		Value ($)
Machinery 4.5%
Deutz AG							125,719		1,052,940
GEA Group AG							43,964		1,152,518
KION Group AG							79,780		4,173,020
Krones AG†							14,355		1,265,940
Pfeiffer Vacuum Technology AG							26,256		4,020,746
									11,665,164
Media 1.3%
ProSiebenSat.1 Media SE							128,281		1,831,948
Stroeer SE & Co. KGaA							24,861		1,456,978
									3,288,926
Metals & Mining 0.5%
Aurubis AG							25,295		1,356,606
Multi-Utilities 1.0%
Innogy SE 144A							57,491		2,660,551
Pharmaceuticals 0.7%
Dermapharm Holding SE*							56,349		1,783,701
Real Estate Management & Development 11.3%
Deutsche Wohnen SE							220,849		10,718,756
Instone Real Estate Group AG 144A*							263,286		5,911,824
LEG Immobilien AG							78,069		9,593,081
TLG Immobilien AG							96,812		2,917,262
									29,140,923
Semiconductors & Semiconductor Equipment 1.9%
Siltronic AG							56,047		4,948,341
Software 1.0%
Software AG							77,771		2,632,502
Textiles, Apparel & Luxury Goods 3.4%
HUGO BOSS AG							20,918		1,429,745
Puma SE							12,464		7,234,553
									8,664,298
Trading Companies & Distributors 3.4%
Brenntag AG							167,881		8,651,232
Transportation Infrastructure 3.1%
Fraport AG Frankfurt Airport Services Worldwide							103,391		7,921,100
Wireless Telecommunication Services 2.3%
1&1 Drillisch AG†							71,551		2,549,684
Freenet AG							154,565		3,323,970
									5,873,654
Total Common Stocks (Cost $168,789,859)									200,865,264
Preferred Stocks 4.5%
Health Care Equipment & Supplies 1.7%
Sartorius AG							25,697		4,411,168
Machinery 2.8%
Jungheinrich AG							223,758		7,290,204
Total Preferred Stocks (Cost $8,224,927)									11,701,372
Total Germany (Cost $177,014,786)									212,566,636
Netherlands 12.5%
Common Stocks
Aerospace & Defense 9.5%
Airbus SE							185,187		24,512,524
Life Sciences Tools & Services 3.0%
QIAGEN NV*							188,731		7,657,643
Total Netherlands (Cost $7,416,174)									32,170,167
Luxembourg 1.3%
Common Stocks
Real Estate Management & Development 1.3%
Aroundtown SA (Cost $3,356,975)							378,196		3,120,815
							Shares		Value ($)
France 0.9%
Common Stocks
Life Sciences Tools & Services 0.9%
Sartorius Stedim Biotech (Cost $1,491,332)							18,362		2,327,435
United Kingdom 0.8%
Common Stocks
Semiconductors & Semiconductor Equipment 0.8%
Dialog Semiconductor PLC* (Cost $2,150,178)							69,665		2,122,698
Securities Lending Collateral 10.0%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 2.36% (Cost $25,744,567) (a) (b)							25,744,567		25,744,567
Cash Equivalents 1.0%
DWS Central Cash Management Government Fund, 2.47% (Cost $2,596,731) (b)							2,596,731		2,596,731
							% of Net
							Assets		Value ($)
Total Investment Portfolio (Cost $219,770,743)							109.0		280,649,049
Other Assets and Liabilities, Net							(9.0)		(23,096,986)
Net Assets							100.0		257,552,063
For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements. A summary of the Fund’s transactions with affiliated investments during the period ended March 31, 2019 are as follows:
Value ($) at 12/31/2018	Purchases Cost ($)	Sales Proceeds ($)	Net Realized Gain/ (Loss) ($)	Net Change in Unrealized Appreciation/ (Depreciation) ($)	Income ($)	Capital Gain Distributions ($)		Number of shares at 3/31/2019		Value ($) at 3/31/2019
Securities Lending Collateral 10.0%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 2.36% (a) (b)
13,387,408	12,357,159(c)	–	–	–	138,802	–		25,744,567		25,744,567
Cash Equivalents 1.0%
DWS Central Cash Management Government Fund, 2.47% (b)
15,444,192	16,811,100	29,658,561	–	–	28,445	–		2,596,731		2,596,731
28,831,600	29,168,259	29,658,561	–	–	167,247	–		28,341,298		28,341,298

*			Non-income producing security.
†			All or a portion of these securities were on loan. The value of all securities loaned at March 31, 2019 amounted to $24,617,224, which is 9.6% of net assets.
(a)			Represents 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 for the period ended March 31, 2019.
144A:			Securities 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, 2019 in valuing the Fund’s investments.
Assets	Level 1		Level 2		Level 3		Total
Common Stocks and/or Other Equity Investments (d)
Germany	$	212,566,636	$	—	$	—	$	212,566,636
Netherlands		32,170,167		—		—		32,170,167
Luxembourg		3,120,815		—		—		3,120,815
France		2,327,435		—		—		2,327,435
United Kingdom		2,122,698		—		—		2,122,698
Short-Term Instruments (d)		28,341,298		—		—		28,341,298
Total	$	280,649,049	$	—	$	—	$	280,649,049
(d) See Schedule of Investments for additional detailed categorizations.