Schedule of Investments

as of March 31, 2025 (Unaudited)

The New Germany Fund, Inc.

Shares

Value ($)

Germany 91.7%

Common Stocks 85.7%

Aerospace & Defense 2.9%

Hensoldt AG

†

77,975

5,200,153

Chemicals 6.2%

AlzChem Group AG

18,000

1,811,808

Evonik Industries AG

164,263

3,536,550

LANXESS AG

127,782

3,837,907

Wacker Chemie AG

†

21,008

1,719,345

10,905,610

Commercial Services & Supplies 3.4%

Bilfinger SE

75,000

5,362,200

Cewe Stiftung & Co. KGAA

7,000

778,680

6,140,880

Construction & Engineering 0.7%

HOCHTIEF AG

6,845

1,160,638

Consumer Staples Distribution & Retail 0.5%

HelloFresh SE*

†

107,947

906,314

Diversified Telecommunication Services 1.0%

United Internet AG (Registered)

†

85,000

1,743,282

Electrical Equipment 0.3%

SFC Energy AG*

†

25,088

574,415

Entertainment 2.6%

CTS Eventim AG & Co. KGaA

47,000

4,680,072

Ground Transportation 0.5%

Sixt SE

†

10,811

924,146

Health Care Equipment & Supplies 3.7%

Carl Zeiss Meditec AG

56,069

3,669,604

Eckert & Ziegler SE

37,281

2,236,636

Pentixapharm Holding AG*

15,618

50,940

STRATEC SE

†

17,445

458,769

6,415,949

Hotels, Restaurants & Leisure 3.4%

Delivery Hero SE ''A'' 144A*

103,634

2,458,986

TUI AG*

514,458

3,505,928

5,964,914

Insurance 3.8%

Talanx AG

63,627

6,644,949

Shares

Value ($)

Interactive Media & Services 4.8%

Scout24 SE 144A

82,000

8,537,184

IT Services 3.5%

Bechtle AG

55,833

2,062,248

GFT Technologies SE

22,812

551,868

IONOS Group SE*

131,419

3,626,376

6,240,492

Life Sciences Tools & Services 1.1%

Gerresheimer AG

26,000

1,967,004

Machinery 22.8%

Deutz AG

†

330,000

2,402,136

Duerr AG

41,862

1,046,182

GEA Group AG

134,906

8,144,545

KION Group AG

51,000

2,109,564

Knorr-Bremse AG

100,000

9,023,400

Krones AG

23,000

3,114,936

Rational AG

4,021

3,322,150

RENK Group AG

109,000

5,217,939

Traton SE

45,000

1,511,460

Vossloh AG

63,000

4,449,816

40,342,128

Media 3.0%

Stroeer SE & Co. KGaA

90,000

5,239,080

Metals & Mining 1.8%

thyssenkrupp AG

313,725

3,206,621

Passenger Airlines 1.9%

Deutsche Lufthansa AG (Registered)

472,867

3,419,623

Professional Services 0.5%

Amadeus Fire AG

†

10,000

824,040

Real Estate Management & Development 3.8%

LEG Immobilien SE

64,453

4,556,621

PATRIZIA SE

†

39,240

315,725

TAG Immobilien AG*

135,387

1,839,422

6,711,768

Semiconductors & Semiconductor Equipment 1.6%

AIXTRON SE

73,000

799,043

Elmos Semiconductor SE

6,000

377,136

Siltronic AG

18,682

803,027

SUSS MicroTec SE

22,682

836,558

2,815,764

Shares

Value ($)

Software 4.0%

Atoss Software SE

1,432

193,320

Nemetschek SE

51,648

5,957,287

TeamViewer SE 144A*

66,486

858,068

7,008,675

Specialty Retail 3.8%

Auto1 Group SE 144A*

160,085

3,509,703

Fielmann Group AG

71,000

3,209,058

6,718,761

Textiles, Apparel & Luxury Goods 1.4%

Puma SE

104,155

2,518,593

Transportation Infrastructure 0.6%

Fraport AG Frankfurt Airport Services Worldwide*

†

16,274

1,016,767

Wireless Telecommunication Services 2.1%

Freenet AG

99,000

3,767,861

Total Common Stocks

(Cost $133,647,924)

151,595,683

Preferred Stocks 6.0%

Chemicals 3.3%

FUCHS SE

†

123,403

5,906,758

Machinery 2.7%

Jungheinrich AG

136,000

4,711,910

Total Preferred Stocks

(Cost $8,427,526)

10,618,668

Total Germany

(Cost $142,075,450)

162,214,351

Netherlands 3.0%

Common Stocks

Consumer Staples Distribution & Retail 3.0%

Redcare Pharmacy NV 144A*

†

(Cost $3,930,508)

40,958

5,255,075

Luxembourg 1.1%

Common Stocks

Commercial Services & Supplies 0.6%

Befesa SA 144A

36,000

993,773

Media 0.5%

RTL Group SA

†

25,798

972,378

Total Luxembourg

(Cost $2,258,456)

1,966,151

Shares

Value ($)

Securities Lending Collateral 9.2%

DWS Government & Agency Securities Portfolio ''DWS

Government Cash Institutional Shares'', 4.25%

(Cost $16,287,898) (a) (b)

16,287,898

16,287,898

Cash Equivalents 3.6%

DWS Central Cash Management Government Fund, 4.37%

(Cost $6,454,755) (b)

6,454,755

6,454,755

% of Net

Assets

Value ($)

Total Investment Portfolio

(Cost $171,007,067)

108.

6

192,178,230

Other Assets and Liabilities, Net

(8.

6

)

(15,277,343)

Net Assets

100.0

176,900,887

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, 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

3/31/2025

Value ($)

at

3/31/2025

Securities Lending Collateral 9.2%

DWS Government & Agency Securities Portfolio ''DWS Government Cash Institutional Shares'', 4.25%

(a) (b)

7,649,285

8,638,613 (c)

–

–

–

12,303

–

16,287,898

16,287,898

Cash Equivalents 3.6%

DWS Central Cash Management Government Fund, 4.37% (b)

5,330,334

11,387,495

10,263,074

–

–

45,298

–

6,454,755

6,454,755

12,979,619

20,026,108

10,263,074

–

–

57,601

–

22,742,653

22,742,653

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.

*

Non-income producing security.

†

All or a portion of these securities were on loan. The value of all securities loaned at

March 31, 2025 amounted to $15,143,479, which is 8.6% 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 March 31, 2025.

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 March 31, 2025 in valuing the Fund’s

investments.

Assets

Level 1

Level 2

Level 3

Total

Common Stocks and/or Other Equity Investments (d)

Germany

$

162,214,351

$

—

$

—

$

162,214,351

Netherlands

5,255,075

—

—

5,255,075

Luxembourg

1,966,151

—

—

1,966,151

Short-Term Instruments (d)

22,742,653

—

—

22,742,653

Total

$

192,178,230

$

—

$

—

$

192,178,230

(d) See Schedule of Investments for additional detailed categorizations.

OBTAIN AN OPEN-END FUND PROSPECTUS

To obtain a summary prospectus, if available, or prospectus, download one from

fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise

you to carefully consider the product's objectives, risks, charges and expenses before

investing. The summary prospectus and prospectus contain this and other important

information about the investment product. Please read the prospectus carefully before

you invest.

CLOSED-END FUNDS

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.

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.

NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE

NGF-PH1

R-080548-3 (1/27)