Schedule

of

Investments

as

of

September

30,

2025

(Unaudited)

The

New

Germany

Fund,

Inc.

Shares

Value

($)

Germany

82.0%

Common

Stocks

78.2%

Aerospace

&

Defense

4.7%

Hensoldt

AG

76,237

9,879,665

Capital

Markets

1.5%

flatexDEGIRO

AG

94,365

3,091,040

Chemicals

1.3%

AlzChem

Group

AG

16,000

2,823,520

Commercial

Services

&

Supplies

4.5%

Bilfinger

SE

75,000

8,256,610

Cewe

Stiftung

&

Co.

KGAA

11,533

1,353,657

9,610,267

Construction

&

Engineering

2.3%

HOCHTIEF

AG

18,065

4,834,957

Diversified

Telecommunication

Services

1.4%

United

Internet

AG

(Registered)

90,960

2,870,499

Electrical

Equipment

2.6%

Siemens

Energy

AG*

46,504

5,432,065

Entertainment

2.0%

CTS

Eventim

AG

&

Co.

KGaA

42,773

4,191,183

Health

Care

Equipment

&

Supplies

2.7%

Carl

Zeiss

Meditec

AG

†

79,768

3,951,211

Eckert

&

Ziegler

SE

51,349

1,075,080

STRATEC

SE

20,000

673,218

5,699,509

Hotels,

Restaurants

&

Leisure

5.6%

Delivery

Hero

SE

''A''

144A*

188,540

5,407,197

TUI

AG*

699,377

6,361,586

11,768,783

Insurance

3.5%

Talanx

AG

55,825

7,424,651

IT

Services

3.9%

Bechtle

AG

93,561

4,313,450

IONOS

Group

SE*

88,055

4,112,369

8,425,819

Life

Sciences

Tools

&

Services

0.5%

Schott

Pharma

AG

&

Co.

KGaA

39,025

967,445

Shares

Value

($)

Machinery

19.4%

Deutz

AG

376,494

3,965,603

Heidelberger

Druckmaschinen

AG*

204,458

538,088

JOST

Werke

SE

144A

26,656

1,554,945

KION

Group

AG

96,268

6,497,898

Knorr-

Bremse

AG

54,110

5,076,371

Krones

AG

28,959

4,218,967

Rational

AG

5,349

4,078,666

RENK

Group

AG

97,441

10,029,893

Vossloh

AG

†

45,000

4,784,780

40,745,211

Metals

&

Mining

3.4%

thyssenkrupp

AG

525,678

7,210,703

Professional

Services

0.4%

Amadeus

Fire

AG

†

15,006

881,527

Real

Estate

Management

&

Development

2.2%

PATRIZIA

SE

76,319

643,810

TAG

Immobilien

AG

237,448

4,100,972

4,744,782

Semiconductors

&

Semiconductor

Equipment

1.8%

Elmos

Semiconductor

SE

21,459

2,064,877

Siltronic

AG

†

32,636

1,786,832

3,851,709

Software

5.2%

Atoss

Software

SE

11,000

1,421,629

Nemetschek

SE

72,332

9,416,102

10,837,731

Specialty

Retail

4.9%

Auto1

Group

SE*

133,689

4,555,065

Fielmann

Group

AG

80,673

4,871,831

Hornbach

Holding

AG

&

Co.

KGaA

6,581

757,738

10,184,634

Textiles,

Apparel

&

Luxury

Goods

1.5%

Puma

SE

129,399

3,216,974

Wireless

Telecommunication

Services

2.9%

Freenet

AG

191,214

6,115,172

Total

Common

Stocks

(Cost

$119,555,377)

164,807,846

Preferred

Stocks

3.8%

Automobiles

0.9%

Dr

Ing

hc

F

Porsche

AG

''Preference''

144A

†

40,462

1,962,402

Shares

Value

($)

Chemicals

1.9%

FUCHS

SE

†

87,063

3,895,215

Machinery

1.0%

Jungheinrich

AG

59,002

2,049,142

Total

Preferred

Stocks

(Cost

$6,890,758)

7,906,759

Total

Germany

(Cost

$126,446,135)

172,714,605

Netherlands

3.2%

Common

Stocks

Aerospace

&

Defense

2.6%

Airbus

SE

23,484

5,445,429

Consumer

Staples

Distribution

&

Retail

0.6%

Redcare

Pharmacy

NV

144A*

†

15,463

1,338,035

Total

Netherlands

(Cost

$6,321,717)

6,783,464

Luxembourg

0.7%

Common

Stocks

Media

0.7%

RTL

Group

SA

†

(Cost

$1,545,985)

35,564

1,460,356

Securities

Lending

Collateral

6.9%

DWS

Government

&

Agency

Securities

Portfolio

''DWS

Government

Cash

Institutional

Shares'',

4.05%

(Cost

$14,569,276)

(a)

(b)

14,569,276

14,569,276

Cash

Equivalents

13.5%

DWS

Central

Cash

Management

Government

Fund,

4.18%

(Cost

$28,529,385)

(b)

28,529,385

28,529,385

%

of

Net

Assets

Value

($)

Total

Investment

Portfolio

(Cost

$177,412,498)

106.3

224,057,086

Other

Assets

and

Liabilities,

Net

(6.3)

(13,356,949)

Net

Assets

100.0

210,700,137

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.

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.

A

summary

of

the

Fund’s

transactions

with

affiliated

investments

during

the

period

ended

September

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

9/30/2025

Value

($)

at

9/30/2025

Securities

Lending

Collateral

6.9%

DWS

Government

&

Agency

Securities

Portfolio

''DWS

Government

Cash

Institutional

Shares'',

4.05%

(a)

(b)

7,649,285

6,919,991(c)

–

–

–

112,572

–

14,569,276

14,569,276

Cash

Equivalents

13.5%

DWS

Central

Cash

Management

Government

Fund,

4.18%

(b)

5,330,334

94,259,640

71,060,589

–

–

263,304

–

28,529,385

28,529,385

12,979,619

101,179,631

71,060,589

–

–

375,876

–

43,098,661

43,098,661

*

Non-income

producing

security.

†

All

or

a

portion

of

these

securities

were

on

loan.

The

value

of

all

securities

loaned

at

September

30,

2025

amounted

to

$13,802,234,

which

is

6.6%

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

September

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.

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-PH3

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

September

30,

2025

in

valuing

the

Fund’s

investments.

Assets

Level

1

Level

2

Level

3

Total

Common

Stocks

and/or

Other

Equity

Investments

(d)

Germany

$

172,714,605

$

—

$

—

$

172,714,605

Netherlands

6,783,464

—

—

6,783,464

Luxembourg

1,460,356

—

—

1,460,356

Short-Term

Instruments

(d)

43,098,661

—

—

43,098,661

Total

$

224,057,086

$

—

$

—

$

224,057,086

(d)

See

Schedule

of

Investments

for

additional

detailed

categorizations

.