[Form 4] NEW GERMANY FUND INC Insider Trading Activity

Rhea-AI Filing Summary

Saba Capital Management, L.P., a ten percent owner of New Germany Fund Inc. (GF), reported open-market purchases of the fund’s common stock. Saba bought 244,493 shares across two days at prices around $11.82–$11.93 per share.

After these transactions, Saba’s indirect holdings increased to 3,375,282 common shares. The filing classifies both trades as open-market purchases, indicating additional capital committed to the position rather than option exercises or tax-related movements.

Insights

Closed-end fund specialist

Large holder adds 244K GF shares in open-market buys.

Saba Capital Management, L.P., a ten percent owner, executed two open-market purchases of New Germany Fund common stock. The transactions total 244,493 shares at prices near $11.90, raising its indirect stake to 3,375,282 shares.

Open-market purchases by a sizable shareholder are active decisions rather than mechanical events like grants or tax withholding. However, the filing does not quantify the fund’s total shares outstanding, so the relative scale of these buys versus the overall float cannot be assessed from this information alone.

There are no derivative positions listed, suggesting these moves strictly increase common share exposure. Subsequent filings from New Germany Fund or Saba may provide more context on position changes over time, but this single report simply documents net share accumulation.

Insider Trade Summary

Net Buyer: 244,493 shares ($2,916,482)

Net Buy 2 txns

Insider Saba Capital Management, L.P.

Role null

Bought 244,493 shs ($2.92M)

Type	Security	Shares	Price	Value
Purchase	Common Stock	241,593	$11.93	$2.88M
Purchase	Common Stock	2,900	$11.82	$34K

Holdings After Transaction: Common Stock — 3,375,282 shares (Indirect, -)

Footnotes (1)

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NEW YORK 10174

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NEW GERMANY FUND INC [ GF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/26/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/26/2026		P		2,900	A	$11.82	3,133,689	I	-
Common Stock	05/27/2026		P		241,593	A	$11.93	3,375,282	I	-

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	05/28/2026
	Boaz Weinstein	05/28/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)