N-CSRS 1 sr63024ngf.htm THE NEW GERMANY FUND, INC.

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: | 6/30/2024

Item 1. | Reports to Stockholders.
| (a)

June
30,
2024
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
11
Schedule
of
Investments
16
Statement
of
Assets
and
Liabilities
17
Statement
of
Operations
18
Statements
of
Changes
in
Net
Assets
19
Financial
Highlights
21
Notes
to
Financial
Statements
29
Report
of
Annual
Meeting
of
Stockholders
30
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,
2024,
the
total
return
of
the
New
Germany
Fund,
Inc.
(the
“Fund”)
in
U.S.
dollars
(USD)
was
-7.25%
based
on
net
asset
value
and
-6.61%
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
-8.30%.
1
The
Fund’s
discount
to
net
asset
value
averaged
17.63%
for
the
period
from
January
1,
2024
to
June
30,
2024,
compared
with
14.45%
for
the
same
period
a
year
earlier.
Following
a
strong
recovery
from
their
lows
in
2022
including
a
sharp
rally
to
close
2023,
German
small-
and
mid-cap
equities
gave
back
some
of
their
gains
in
the
first
quarter
of
2024.
German
economic
activity
indicators
remained
subdued,
with
the
January
composite
purchasing
manager
index
(PMI)
stagnating
at
a
contractionary
level
(below
50).
The
manufacturing
PMI
weakened
in
February
and
March,
leaving
the
composite
PMI
in
the
contraction
zone
despite
the
services
component
inching
above
50.
On
the
positive
side,
energy
prices
dropped
further
in
Germany
and
Europe,
as
gas
storage
remained
at
high
levels
throughout
the
winter.
This
led
to
further
declines
in
inflation,
with
March
German
headline
inflation
dropping
to
2.2%
year-over-year
while
core
inflation
eased
slightly
to
3.2%,
raising
the
prospect
of
rate
cuts
by
the
European
Central
Bank
(ECB)
in
the
second
half
of
2024.
The
second
quarter
saw
performance
for
German
small-
and
mid-cap
equities
continue
to
consolidate.
Economic
activity
indicators
recovered
slightly
during
the
quarter,
with
the
German
composite
PMI
increasing
to
a
level
slightly
above
50,
indicating
expansion
for
the
first
time
since
June
2023.
The
improvement
was
driven
by
a
solid
increase
for
the
services
PMI,
while
the
manufacturing
PMI
rose
only
slightly
while
remaining
well
below
50.
Headline
inflation
in
Germany
stabilized
in
the
second
quarter,
with
a
2.2%
year-over-year
reading
in
June,
while
core
inflation
registered
at
2.9%
suggesting
a
continued
easing.
As
expected,
the
declines
in
inflation
in
Germany
and
across
Europe
enabled
the
ECB
to
announce
an
initial
25
basis
point
(0.25%)
rate
cut
in
June.
The
New
Germany
Fund,
Inc.
5
Positive
contributions
to
the
Fund’s
return
relative
to
the
benchmark
for
the
six
months
were
driven
by
stock
selection.
In
sector
terms,
overweights
in
information
technology,
industrials,
and
communication
services
highlighted
contributions
to
relative
performance.
Positioning
in
the
consumer
discretionary
sector
along
with
underweights
in
the
financials
and
consumer
staple
sectors
weighed
most
heavily
on
performance.
With
respect
to
individual
holdings,
the
Fund’s
overweight
in
Ionos
SE
proved
additive,
as
the
webhosting
provider
benefited
from
price
increases
and
its
strong
market
position.
Overweight
positions
in
sensor
supplier
Hensoldt
AG
and
industrial
service
provider
Bilfinger
SE
also
contributed
positively
to
relative
performance.
Hensoldt
benefited
from
increased
defense
spending
as
countries
across
Europe
sought
to
improve
their
military
capabilities
and
support
Ukraine,
while
Bilfinger
displayed
resilience
in
delivering
on
its
turnaround
targets,
increasing
margins
and
cashflows
despite
economic
uncertainty.
On
the
downside,
overweight
positions
in
apparel
company
Hugo
Boss
AG
and
industrial
and
automotive
supplier
Stabilus
SE
detracted
from
relative
performance.
Hugo
Boss
has
suffered
from
weakening
consumer
appetites
and
increased
discounting
in
the
fashion
industry,
while
results
for
Stabilus
disappointed
as
electric
vehicle
manufacturers
reduced
their
orders
given
sluggish
consumer
demand.
Sector
Diversification
(As
a
%
of
Equity
Securities)
6/30/24
12/31/23
Industrials
33%
29%
Communication
Services
13%
12%
Information
Technology
12%
13%
Consumer
Discretionary
11%
11%
Materials
9%
10%
Health
Care
9%
9%
Real
Estate
5%
5%
Financials
4%
4%
Consumer
Staples
4%
5%
Utilities
–
2%
Energy
–
0%
100%
100%
6
The
New
Germany
Fund,
Inc.
A
lack
of
exposure
to
biotechnology
company
Morphosys*
also
weighed
on
performance
as
the
company
received
a
takeover
offer
from
pharmaceutical
company
Novartis
AG,
leading
to
a
jump
in
its
stock
price.
Market
Outlook
The
German
equity
market
had
a
strong
2023,
capped
by
a
year-end
rally
as
declining
inflation
supported
sentiment
despite
muted
economic
activity.
While
the
first
half
of
2024
saw
a
downward
consolidation
in
German
small-
and
mid-cap
equities,
economic
indicators
in
Germany
improved
slightly
in
the
second
quarter
while
core
inflation
continued
to
gradually
ease.
Assuming
that
still
somewhat
“sticky”
core
inflation
does
not
pick
up
again,
further
ECB
rate
cuts
are
to
be
expected
over
the
next
12
months,
which
should
support
the
economy
as
well
as
equity
market
valuations.
That
said,
some
form
of
“Goldilocks”
economy
featuring
both
falling
interest
rates
and
strong
growth
is
not
our
base
case
scenario
for
Germany.
We
continue
to
expect
only
a
modest
recovery
for
the
German
economy
in
2024
after
last
year’s
mild
recession.
Much
will
depend
on
the
Ten
Largest
Equity
Holdings
at
June
30,
2024
(32.4%
of
Net
Assets)
Percent
1
.
Scout24
SE
4.7%
2
.
Redcare
Pharmacy
NV
3.6%
3
.
Knorr-Bremse
AG
3.5%
4
.
Talanx
AG
3.3%
5
.
LEG
Immobilien
SE
3.3%
6
.
Krones
AG
3.0%
7
.
Bilfinger
SE
2.9%
8
.
Gerresheimer
AG
2.8%
9
.
Hensoldt
AG
2.7%
10
.
Puma
SE
2.6%
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
11.
For
additional
information
about
the
Fund,
including
performance,
dividends,
presentations,
press
releases,
market
updates,
daily
NAV
and
shareholder
reports,
please
visit
dws.com.
The
New
Germany
Fund,
Inc.
7
extent
of
any
slowdown
in
the
U.S.
economy
as
well
as
progress
with
the
economic
recovery
in
China.
Geopolitical
risks
persist,
largely
due
to
the
potential
for
further
escalation
of
conflicts
in
the
Middle
East
and
Ukraine.
On
the
positive
side,
energy
prices
have
fallen
steeply
in
2024
to-date
and
are
now
even
more
distant
from
their
2022
peaks,
with
European
gas
storage
sites
still
well
filled
after
the
heating
season.
Additionally,
easing
inflation
coupled
with
wage
increases
may
boost
consumer
sentiment
as
the
year
progresses.
Finally,
German
equity
market
valuations
are
not
excessive
and
the
small-
and
mid-cap
indices
are
still
trading
well
below
their
historical
highs.
Against
this
backdrop,
we
believe
a
portfolio
balanced
between
relatively
defensive
growth
stocks
with
attractive
valuations
and
high-quality
cyclicals
remains
appropriate.
The
Fund
is
overweight
the
communication
services
sector
which
features
companies
with
business
models
that
are
relatively
resilient
to
economic
downturns
and
often
offer
attractive
cash
flows.
On
the
more
cyclical
side,
the
Fund
is
overweight
the
industrials
sector,
focusing
on
companies
which
should
be
able
to
outgrow
the
broader
economy
due
to
strong
competitive
positioning
or
secular
growth
trends
such
as
industrial
re-shoring
or
automatization.
Across
sectors
and
the
Fund’s
investment
universe,
we
are
emphasizing
high-quality
management,
strong
pricing
power,
and
companies
benefiting
from
secular
trends.
Pricing
power
is
usually
driven
by
a
company’s
leading
market
position
and
is
essential
to
protecting
margins
and
earnings
quality.
Secular
trends
can
allow
companies
to
grow
revenues
even
in
times
of
lower
economic
growth
and
declining
inflation
rates.
In
closing,
we
very
much
regret
to
report
the
recent
passing
of
Walter
C.
Dostmann,
who
served
as
a
Director
of
the
Fund
since
2015.
He
made
valuable
contributions
to
the
success
of
the
Fund
through
his
wise
counsel
as
a
Director
and
service
on
committees
of
the
Board,
including
as
Chairman
of
the
Audit
and
Advisory
Committees.
8
The
New
Germany
Fund,
Inc.
Sincerely,
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
is
a
total-return
index
of
50
mid-cap
issues
that
rank
below
the
DAX.
The
SDAX
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
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
/
20%
SDAX
.
*
Not
held
at
June
30,
2024.
Leon
Cappel
Portfolio
Manager
Hepsen
Uzcan
Interested
Director,
President
and
Chief
Executive
Officer
Performance
Summary
June
30,
2024
(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.
Fund
specific
data
and
performance
are
provided
for
informational
purposes
only
and
are
not
intended
for
trading
purposes.
Growth
of
an
Assumed
$10,000
Investment
Yearly
periods
ended
June
30
The
growth
of
$10,000
is
cumulative.
Average
Annual
Total
Returns
as
of
6/30/24
6-Month
‡
1-Year
5-Year
10-Year
Net
Asset
Value
(a)
(7.25)%
(5.84)%
2.01%
5.43%
Market
Price
(a)
(6.61)%
(8.50)%
0.75%
4.61%
Blended
index:
80%
German
Mid
Cap
Index
(MDAX)
/
20%
German
Small
Cap
Index
(SDAX)
(b)
(8.30)%
(7.56)%
(0.54)%
2.16%
10
The
New
Germany
Fund,
Inc.
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,
2024
was
1.40%.
b
The
MDAX
is
a
total-return
index
of
50
mid-cap
issues
that
rank
below
the
DAX.
The
SDAX
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
is
a
total-return
index
of
40
selected
German
blue
chip
stocks
traded
on
the
Frankfurt
exchange.
As
noted
in
the
“Change
to
the
Fund’s
Benchmark
Index”
section
of
the
Letter
to
Shareholders
in
this
report,
effective
September
2021
the
10
components
of
the
MDAX
Index
having
the
largest
market
capitalizations
transferred
to
the
DAX
Index,
resulting
in
the
MDAX
Index
having
50
components
and
the
DAX
Index
having
40
components.
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
/
20%
SDAX.
‡
Total
returns
shown
for
periods
less
than
one
year
are
not
annualized.
Net
Asset
Value
and
Market
Price
As
of
6/30/24
As
of
12/31/23
Net
Asset
Value
$
9.86
$
10.66
Market
Price
$
8.14
$
8.74
Prices
and
Net
Asset
Value
fluctuate
and
are
not
guaranteed.
Distribution
Information
Per
Share
Six
Months
as
of
6/30/24:
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,
2024
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
New
Germany
Fund,
Inc.
11
Shares
Value
($)
Germany
93.5%
Common
Stocks
89.5%
Aerospace
&
Defense
2.7%
Hensoldt
AG
119,000
4,378,642
Chemicals
5.5%
Covestro
AG
144A*
34,465
2,023,723
Evonik
Industries
AG
140,000
2,857,690
K+S
AG
(Registered)
†
50,000
673,706
LANXESS
AG
47,500
1,169,596
Wacker
Chemie
AG
18,608
2,029,736
8,754,451
Commercial
Services
&
Supplies
2.9%
Bilfinger
SE
87,157
4,585,386
Consumer
Staples
Distribution
&
Retail
0.4%
HelloFresh
SE*
†
145,000
702,261
Diversified
Telecommunication
Services
1.5%
United
Internet
AG
(Registered)
109,992
2,371,271
Electrical
Equipment
0.5%
Nordex
SE*
†
64,000
784,509
Electronic
Equipment,
Instruments
&
Components
0.7%
Jenoptik
AG
40,000
1,158,077
Entertainment
2.5%
CTS
Eventim
AG
&
Co.
KGaA
49,000
4,090,023
Financial
Services
1.2%
GRENKE
AG
85,894
1,900,531
Ground
Transportation
0.7%
Sixt
SE
15,000
1,064,803
Health
Care
Equipment
&
Supplies
3.1%
Carl
Zeiss
Meditec
AG
46,342
3,259,880
Eckert
&
Ziegler
SE
37,000
1,818,143
5,078,023
Health
Care
Providers
&
Services
2.1%
Fresenius
Medical
Care
AG
90,000
3,448,516
Hotels,
Restaurants
&
Leisure
4.1%
Delivery
Hero
SE
''A''
144A*
113,662
2,697,623
TUI
AG*
537,000
3,799,912
6,497,535
Insurance
3.3%
Talanx
AG
67,000
5,351,982
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
12
The
New
Germany
Fund,
Inc.
Shares
Value
($)
Interactive
Media
&
Services
4.7%
Scout24
SE
144A
99,000
7,552,789
IT
Services
5.4%
Bechtle
AG
73,000
3,436,965
GFT
Technologies
SE
42,000
1,122,825
Ionos
SE*
154,000
4,191,279
8,751,069
Life
Sciences
Tools
&
Services
3.3%
Evotec
SE*
†
81,130
780,204
Gerresheimer
AG
42,000
4,513,801
5,294,005
Machinery
18.1%
Deutz
AG
542,032
3,502,147
Duerr
AG
72,277
1,533,407
GEA
Group
AG
98,000
4,084,772
KION
Group
AG
60,000
2,513,096
Knorr-Bremse
AG
74,000
5,653,448
Krones
AG
38,000
4,772,033
RENK
Group
AG
79,828
2,161,915
Stabilus
SE
58,146
2,663,472
Vossloh
AG
44,000
2,206,433
29,090,723
Media
2.3%
Stroeer
SE
&
Co.
KGaA
57,000
3,655,369
Metals
&
Mining
1.5%
Aurubis
AG
15,700
1,232,252
thyssenkrupp
AG
278,000
1,202,827
2,435,079
Passenger
Airlines
2.5%
Deutsche
Lufthansa
AG
(Registered)
664,089
4,063,073
Pharmaceuticals
0.3%
Dermapharm
Holding
SE
12,400
478,318
Professional
Services
0.9%
Amadeus
Fire
AG
12,300
1,399,658
Real
Estate
Management
&
Development
5.0%
LEG
Immobilien
SE
64,000
5,229,606
PATRIZIA
SE
52,822
402,983
TAG
Immobilien
AG*
161,809
2,370,082
8,002,671
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
New
Germany
Fund,
Inc.
13
Shares
Value
($)
Semiconductors
&
Semiconductor
Equipment
3.3%
AIXTRON
SE
†
79,000
1,552,030
Elmos
Semiconductor
SE
30,831
2,513,995
Siltronic
AG
†
15,000
1,163,649
5,229,674
Software
2.3%
Nemetschek
SE
25,900
2,549,007
TeamViewer
SE
144A*
97,908
1,098,916
3,647,923
Specialty
Retail
1.6%
Fielmann
Group
AG
55,000
2,528,204
Textiles,
Apparel
&
Luxury
Goods
5.0%
HUGO
BOSS
AG
†
86,000
3,849,064
Puma
SE
92,000
4,226,039
8,075,103
Transportation
Infrastructure
0.6%
Fraport
AG
Frankfurt
Airport
Services
Worldwide*
20,000
1,032,926
Wireless
Telecommunication
Services
1.5%
1&1
AG
19,578
334,386
Freenet
AG
78,000
2,072,710
2,407,096
Total
Common
Stocks
(Cost
$150,359,617)
143,809,690
Preferred
Stocks
4.0%
Chemicals
1.6%
FUCHS
SE
†
57,000
2,606,702
Machinery
2.4%
Jungheinrich
AG
116,000
3,823,284
Total
Preferred
Stocks
(Cost
$4,827,173)
6,429,986
Total
Germany
(Cost
$155,186,790)
150,239,676
Netherlands
3.5%
Common
Stocks
Consumer
Staples
Distribution
&
Retail
3.5%
Redcare
Pharmacy
NV
144A*
†
(Cost
$4,490,865)
47,000
5,741,097
Luxembourg
1.9%
Common
Stocks
Commercial
Services
&
Supplies
1.3%
Befesa
SA
144A
60,238
2,004,768
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
14
The
New
Germany
Fund,
Inc.
Shares
Value
($)
Media
0.6%
RTL
Group
SA
†
33,000
1,004,210
Total
Luxembourg
(Cost
$4,872,382)
3,008,978
Securities
Lending
Collateral
8.5%
DWS
Government
&
Agency
Securities
Portfolio
''DWS
Government
Cash
Institutional
Shares'',
5.24%
(Cost
$13,702,210)
(a)
(b)
13,702,210
13,702,210
Cash
Equivalents
1.0%
DWS
Central
Cash
Management
Government
Fund,
5.36%
(Cost
$1,586,614)
(b)
1,586,614
1,586,614
%
of
Net
Assets
Value
($)
Total
Investment
Portfolio
(Cost
$179,838,861)
108.4
174,278,575
Other
Assets
and
Liabilities,
Net
(8.4)
(13,565,218)
Net
Assets
100.0
160,713,357
A
summary
of
the
Fund’s
transactions
with
affiliated
investments
during
the
period
ended
June
30,
2024
are
as
follows:
Net
Change
Value
($)
at
12/31/2023
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
6/30/2024
Value
($)
at
6/30/2024
Securities
Lending
Collateral
8.5%
DWS
Government
&
Agency
Securities
Portfolio
''DWS
Government
Cash
Institutional
Shares'',
5.24%
(a)
(b)
5,067,060
8,635,150
(c)
–
–
–
6,174
–
13,702,210
13,702,210
Cash
Equivalents
1.0%
DWS
Central
Cash
Management
Government
Fund,
5.36%
(b)
527,370
16,033,857
14,974,613
–
–
22,005
–
1,586,614
1,586,614
5,594,430
24,669,007
14,974,613
–
–
28,179
–
15,288,824
15,288,824
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
New
Germany
Fund,
Inc.
15
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,
2024
amounted
to
$12,945,002,
which
is
8.1%
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,
2024.
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.
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,
2024
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
$
150,239,676
$
—
$
—
$
150,239,676
Netherlands
5,741,097
—
—
5,741,097
Luxembourg
3,008,978
—
—
3,008,978
Short-Term
Instruments
(d)
15,288,824
—
—
15,288,824
Total
$
174,278,575
$
—
$
—
$
174,278,575
Statement
of
Assets
and
Liabilities
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
16
The
New
Germany
Fund,
Inc.
*
Represents
collateral
on
securities
loaned.
as
of
June
30,
2024
(Unaudited)
Assets
Investments
in
non-affiliated
securities,
at
value
(cost
$164,550,037)
—
including
$12,945,002
of
securities
loaned
$
158,989,751
Investment
in
DWS
Central
Cash
Management
Government
Fund
(cost
$1,586,614)
1,586,614
Investment
in
DWS
Government
&
Agency
Securities
Portfolio
(cost
$13,702,210)
*
13,702,210
Foreign
currency,
at
value
(cost
$285,826)
285,826
Receivable
for
investments
sold
390,975
Dividends
receivable
74,243
Foreign
taxes
recoverable
554,841
Interest
receivable
4,408
Other
assets
63,943
Total
assets
175,652,811
Liabilities
Payable
upon
return
of
securities
loaned
13,702,210
Payable
for
investments
purchased
836,396
Investment
advisory
fee
payable
95,560
Payable
for
Directors'
fees
and
expenses
71,774
Payable
for
Fund
shares
repurchased
28,560
Administration
fee
payable
27,755
Accrued
expenses
and
other
liabilities
177,199
Total
liabilities
14,939,454
Net
assets
$
160,713,357
Net
Assets
Consist
of
Distributable
earnings
(loss)
(30,018,358)
Paid-in
capital
190,731,715
Net
assets
$
160,713,357
Net
Asset
Value
Net
assets
value
per
share
($160,713,357
÷
16,301,280
shares
of
common
stock
issued
and
outstanding,
$.001
par
value,
80,000,000
shares
authorized)
$
9.86
Statement
of
Operations
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
New
Germany
Fund,
Inc.
17
for
the
six
months
ended
June
30,
2024
(Unaudited)
Net
Investment
Income
Income:
Dividends
(net
of
foreign
withholding
taxes
of
$511,472)
$
3,025,434
Income
distributions
—
DWS
Central
Cash
Management
Government
Fund
22,005
Securities
lending
income,
net
of
borrower
rebates
6,174
Total
investment
income
3,053,613
Expenses:
Investment
advisory
fee
583,914
Administration
fee
169,775
Custody
and
accounting
fee
57,925
Services
to
shareholders
6,897
Reports
to
shareholders
and
shareholder
meeting
expenses
24,919
Directors'
fees
and
expenses
119,573
Legal
fees
129,786
Audit
and
tax
fees
33,670
NYSE
listing
fee
16,785
Insurance
26,338
Miscellaneous
13,817
Net
expenses
1,183,399
Net
investment
income
1,870,214
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from:
Investments
(742,911)
Foreign
currency
23,372
Net
realized
gain
(loss)
(719,539)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
(14,814,519)
Foreign
currency
(11,781)
Change
in
net
unrealized
appreciation
(depreciation)
(14,826,300)
Net
gain
(loss)
(15,545,839)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
$
(13,675,625)
Statements
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
18
The
New
Germany
Fund,
Inc.
Increase
(Decrease)
in
Net
Assets
Six
Months
Ended
June
30,
2024
(Unaudited)
Year
Ended
December
31,
2023
Operations:
Net
investment
income
(loss)
$
1,870,214
$
1,144,920
Net
realized
gain
(loss)
(719,539)
(15,786,924)
Change
in
net
unrealized
appreciation
(depreciation)
(14,826,300)
38,672,368
Net
increase
(decrease)
in
net
assets
resulting
from
operations
(13,675,625)
24,030,364
Distributions
to
shareholders
(391,453)
(1,183,647)
Fund
share
transactions:
Shares
repurchased
(4,007,388)
(5,414,200)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(4,007,388)
(5,414,200)
Total
increase
(decrease)
in
net
assets
(18,074,466)
17,432,517
Net
assets
at
beginning
of
period
178,787,823
161,355,306
Net
assets
at
end
of
period
$
160,713,357
$
178,787,823
Other
Information
Shares
outstanding
at
beginning
of
period
16,773,780
17,391,480
Shares
repurchased
(472,500)
(617,700)
Shares
outstanding
at
end
of
period
16,301,280
16,773,780
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
New
Germany
Fund,
Inc.
19
Six
Months
Ended
6/30/24
Years
Ended
December
31,
(Unaudited)
2023
2022
2021
2020
2019
Per
Share
Operating
Performance
Net
asset
value,
beginning
of
period
$
10.66
$
9.28
$
16.58
$
21.87
$
17.97
$
13.53
Income
(loss)
from
investment
operations:
Net
investment
income
(loss)
a
.11
.07
.05
(.04)
(.03)
.14
Net
realized
and
unrealized
gain
(loss)
on
investments
and
foreign
currency
(.94)
1.32
(6.4
5
)
.62
6.31
4.85
Total
from
investment
operations
(.83)
1.39
(6.
40
)
.58
6.28
4.99
Less
distributions
from:
Net
investment
income
(.02)
(.07)
(.04)
(.08)
(
.00
)
***
(.15)
Net
realized
gains
–
–
(.73)
(5.77)
(2.46)
(.37)
Total
distributions
(.02)
(.07)
(.77)
(5.85)
(2.46)
(.52)
Dilution
in
net
asset
value
from
dividend
reinvestment
–
–
(.1
5
)
(.11)
(.02)
(.11)
Increase
resulting
from
share
repurchases
.05
.06
.02
.09
.10
.08
Net
asset
value,
end
of
period
$
9.86
$
10.66
$
9.28
$
16.58
$
21.87
$
17.97
Market
value,
end
of
period
$
8.14
$
8.74
$
7.89
$
14.81
$
19.03
$
15.68
Total
Investment
Return
for
the
Period
b
Based
upon
market
value
(%)
(6.61)
**
11.6
9
(42.0
6
)
11
.
89
3
7
.
46
38.75
Based
upon
net
asset
value
(%)
(7.25)
**
15.8
2
(39.
13
)
8
.
99
3
7
.
84
37.51
Financial
Highlights
(continued)
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
20
The
New
Germany
Fund,
Inc.
Six
Months
Ended
6/30/24
Years
Ended
December
31,
(Unaudited)
2023
2022
2021
2020
2019
Ratios
to
Average
Net
Assets
Total
expenses
(%)
1.40
*
1.37
1.40
1.11
1.11
1.16
Net
investment
income
(loss)
(%)
1.10
**
.65
.49
(.16)
(.15)
.87
Portfolio
turnover
(%)
17
**
46
55
49
57
36
Net
assets
at
end
of
period
($
thousands)
160,713
178,788
161,355
257,446
337,610
285,176
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.
The
New
Germany
Fund,
Inc.
21
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
fund
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.
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.
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
22
The
New
Germany
Fund,
Inc.
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
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
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
either
cash
or
liquid,
The
New
Germany
Fund,
Inc.
23
unencumbered
assets
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
effort
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,
2024,
the
Fund
invested
the
cash
collateral
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,
2024)
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
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,
2024,
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.
Remaining
Contractual
Maturity
of
the
Agreements
as
of
June
30,
2024
Overnight
and
Continuous
<30
days
Between
30
&
90
days
>90
days
Total
Securities
Lending
Transactions
Common
Stocks
$
11,933,318
$
—
$
—
$
—
$
11,933,318
Preferred
Stocks
1,768,892
—
—
—
1,768,892
Total
Borrowings
$
13,702,210
$
—
$
—
$
—
$
13,702,210
Gross
amount
of
recognized
liabilities
for
securities
lending
transactions:
$
13,702,210
24
The
New
Germany
Fund,
Inc.
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,
2024,
the
exchange
rate
was
EUR
€1.00
to
USD
$1.07.
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
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.
Taxes.
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,
2023,
the
Fund
had
a
net
tax
basis
capital
loss
carryforward
of
approximately
$23,956,000,
which
may
be
applied
against
realized
net
taxable
capital
gains
indefinitely,
including
short-term
losses
($8,615,000)
and
long-term
losses
($15,341,000).
At
June
30,
2024,
the
aggregate
cost
of
investments
for
federal
income
tax
purposes
was
$181,319,926.
The
net
unrealized
depreciation
for
all
investments
based
on
tax
cost
was
$7,041,351.
This
consisted
of
aggregate
gross
unrealized
appreciation
for
all
investments
for
which
there
was
an
excess
of
value
over
tax
cost
of
$22,129,843
and
aggregate
gross
unrealized
depreciation
for
all
investments
for
which
there
was
an
excess
of
tax
cost
over
value
of
$29,171,194.
The
New
Germany
Fund,
Inc.
25
The
Fund
has
reviewed
the
tax
positions
for
the
open
tax
years
as
of
December
31,
2023
and
has
determined
that
no
provision
for
income
tax
and/or
uncertain
tax
positions
is
required
in
the
Fund’s
financial
statements.
The
Fund’s
federal
tax
returns
for
the
prior
three
fiscal
years
remain
open
subject
to
examinations
by
the
Internal
Revenue
Service.
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
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,
2024,
the
fee
pursuant
to
the
Investment
Advisory
Agreement
was
equivalent
to
an
annualized
rate
of
0.69%
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
26
The
New
Germany
Fund,
Inc.
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,
2024,
the
amount
charged
to
the
Fund
by
DSC
included
in
the
Statement
of
Operations
under
“Services
to
shareholders”
aggregated
$5,986,
of
which
$986
is
unpaid.
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,
2024,
the
amount
charged
to
the
Fund
by
DIMA
included
in
the
Statement
of
Operations
under
“Reports
to
shareholders
and
shareholder
meeting
expenses”
aggregated
$4,478,
of
which
$4,455
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,
2024,
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
plus
specified
amounts
for
attended
board
and
committee
meetings.
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,
2024
were
$25,027,201
and
$29,869,854,
respectively.
The
New
Germany
Fund,
Inc.
27
E.
Capital
During
the
six
months
ended
June
30,
2024
and
the
year
ended
December
31,
2023,
the
Fund
purchased
472,500
and
617,700
of
its
shares
of
common
stock
on
the
open
market
at
a
total
cost
of
$4,007,388
and
$5,414,200
($8.48
and
$8.77
average
per
share),
respectively.
The
average
discount
of
these
purchased
shares,
comparing
the
purchase
price
to
the
NAV
per
share
at
the
time
of
purchase,
was
17.27%
and
15.39%,
respectively.
There
were
no
reinvestments
during
the
period
ended
June
30,
2024
and
the
year
ended
December
31,
2023.
F.
Share
Repurchases
On
July
29,
2022,
the
Fund
announced
that
the
Board
of
Directors
approved
an
extension
of
the
current
repurchase
authorization
permitting
the
Fund
to
repurchase
up
to
1,756,928
shares
during
the
period
from
August
1,
2022
through
July
31,
2023.
The
Fund
repurchased
487,600
shares
between
August
1,
2022
and
July
31,
2023.
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.
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,
2024,
there
were
four
28
The
New
Germany
Fund,
Inc.
shareholders
that
held
approximately
14%,
12%,
10%
and
6%
respectively,
of
the
outstanding
shares
of
the
Fund.
Report
of
Annual
Meeting
of
Stockholders
(Unaudited)
The
New
Germany
Fund,
Inc.
29
The
Annual
Meeting
of
Stockholders
(the
“Meeting”)
of
The
New
Germany
Fund,
Inc.
was
called
to
order
on
June
27,
2024.
At
the
close
of
business
on
May
2,
2024,
the
record
date
for
the
determination
of
stockholders
entitled
to
vote
at
the
Meeting,
there
were
issued
and
outstanding
16,390,179
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,
the
holders
of
13,287,721
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
III
Directors,
each
to
serve
for
a
term
of
three
years
and
until
his
or
her
successor
is
elected
and
qualifies.
2.
To
elect
one
(1)
Class
I
Director
to
serve
for
a
term
of
one
year
and
until
her
successor
is
elected
and
qualifies.
The
other
Directors
of
the
Fund
whose
terms
continued
after
the
Meeting
are
Dr.
Holger
Hatje,
Mr.
Bernhard
Koepp
and
Mr.
Christian
M.
Zügel.
3.
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,
2024.
Number
of
Votes
For
Withheld
Dr.
Wolfgang
Leoni
12,134,448
1,153,273
Ms.
Hepsen
Uzcan
10,985,489
2,302,232
Number
of
Votes
For
Withheld
Ms.
Fiona
Flannery
9,983,865
3,303,856
Number
of
Votes
For
Against
Abstain
12,233,976
577,388
476,357
Additional
Information
30
The
New
Germany
Fund,
Inc.
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.
The
New
Germany
Fund,
Inc.
31
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
Notes
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-028304-13
(8/24)

| (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 | 112,500 | $ 8.45 | 112,500 | 1,313,130
February 1 through February 29 | 77,200 | $ 8.41 | 77,200 | 1,235,930
March 1 through March 31 | 80,300 | $ 8.57 | 80,300 | 1,155,630
April 1 through April 30 | 112,500 | $ 8.55 | 112,500 | 1,043,130
May 1 through May 31 | 17,000 | $ 8.64 | 17,000 | 1,026,130
June 1 through June 30 | 73,000 | $ 8.38 | 73,000 | 953,130
Total | 472,500 | $ 8.48 | 472,500 |
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.

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: | 8/29/2024

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: | 8/29/2024
By: | /s/Diane Kenneally Diane Kenneally Principal Financial Officer
Date: | 8/29/2024