Schedule
of
Investments
as
of
September
30,
2024
(Unaudited)
The
New
Germany
Fund,
Inc.
Shares
Value
($)
Germany
92.3%
Common
Stocks
88.3%
Aerospace
&
Defense
1.9%
Hensoldt
AG
100,000
3,287,147
Chemicals
4.7%
Covestro
AG
144A*
27,212
1,698,515
Evonik
Industries
AG
140,000
3,280,452
LANXESS
AG
47,500
1,504,154
Wacker
Chemie
AG
16,000
1,581,758
8,064,879
Commercial
Services
&
Supplies
2.8%
Bilfinger
SE
87,157
4,706,889
Consumer
Staples
Distribution
&
Retail
0.7%
HelloFresh
SE*
†
114,000
1,169,742
Diversified
Telecommunication
Services
1.3%
United
Internet
AG
(Registered)
109,992
2,266,806
Electrical
Equipment
0.6%
Nordex
SE*
†
64,000
994,044
Electronic
Equipment,
Instruments
&
Components
0.5%
Jenoptik
AG
28,500
877,688
Entertainment
2.9%
CTS
Eventim
AG
&
Co.
KGaA
47,000
4,895,517
Financial
Services
0.3%
GRENKE
AG†
19,852
530,513
Ground
Transportation
0.6%
Sixt
SE†
15,000
1,097,947
Health
Care
Equipment
&
Supplies
3.1%
Carl
Zeiss
Meditec
AG
46,342
3,679,053
Eckert
&
Ziegler
SE
30,000
1,500,974
5,180,027
Health
Care
Providers
&
Services
2.2%
Fresenius
Medical
Care
AG
90,000
3,835,116
Hotels,
Restaurants
&
Leisure
6.5%
Delivery
Hero
SE
''A''
144A*
166,000
6,708,770
TUI
AG*
580,000
4,426,602
11,135,372
Insurance
2.9%
Talanx
AG
58,000
4,892,560
Shares
Value
($)
Interactive
Media
&
Services
4.3%
Scout24
SE
144A
85,000
7,326,622
IT
Services
4.5%
Bechtle
AG
69,000
3,088,847
GFT
Technologies
SE
37,497
979,036
IONOS
Group
SE*
143,000
3,574,131
7,642,014
Life
Sciences
Tools
&
Services
2.1%
Evotec
SE*
†
81,130
581,622
Gerresheimer
AG
34,000
3,034,976
3,616,598
Machinery
19.6%
Deutz
AG
504,580
2,532,421
Duerr
AG
106,000
2,609,142
GEA
Group
AG
125,000
6,131,321
KION
Group
AG
60,000
2,363,934
Knorr-
Bremse
AG
88,000
7,840,503
Krones
AG
32,000
4,606,022
Rational
AG
1,140
1,163,891
RENK
Group
AG
109,000
2,700,013
Stabilus
SE
14,587
597,336
Vossloh
AG
52,640
2,878,050
33,422,633
Media
2.3%
Stroeer
SE
&
Co.
KGaA
60,057
3,849,817
Metals
&
Mining
1.3%
Aurubis
AG†
15,700
1,153,564
thyssenkrupp
AG
278,000
1,077,919
2,231,483
Passenger
Airlines
2.9%
Deutsche
Lufthansa
AG
(Registered)
664,089
4,875,718
Professional
Services
0.4%
Amadeus
Fire
AG
7,400
763,765
Real
Estate
Management
&
Development
6.2%
LEG
Immobilien
SE
64,000
6,696,942
PATRIZIA
SE
52,822
525,734
TAG
Immobilien
AG*
180,000
3,336,019
10,558,695
Semiconductors
&
Semiconductor
Equipment
2.4%
AIXTRON
SE†
79,000
1,406,405
Elmos
Semiconductor
SE†
20,000
1,475,087
Siltronic
AG†
15,000
1,143,974
4,025,466
Shares
Value
($)
Software
2.9%
Nemetschek
SE
36,000
3,735,698
TeamViewer
SE
144A*
97,908
1,247,586
4,983,284
Specialty
Retail
2.6%
Auto1
Group
SE
144A*
100,000
1,132,537
Fielmann
Group
AG
62,000
3,209,934
4,342,471
Textiles,
Apparel
&
Luxury
Goods
3.6%
HUGO
BOSS
AG†
51,000
2,338,259
Puma
SE
90,000
3,765,825
6,104,084
Transportation
Infrastructure
0.7%
Fraport
AG
Frankfurt
Airport
Services
Worldwide*
†
20,000
1,116,916
Wireless
Telecommunication
Services
1.5%
1&1
AG
19,578
298,404
Freenet
AG
78,000
2,325,506
2,623,910
Total
Common
Stocks
(Cost
$145,263,190)
150,417,723
Preferred
Stocks
4.0%
Chemicals
2.0%
FUCHS
SE
70,500
3,428,173
Machinery
2.0%
Jungheinrich
AG
116,000
3,502,451
Total
Preferred
Stocks
(Cost
$5,428,048)
6,930,624
Total
Germany
(Cost
$150,691,238)
157,348,347
Netherlands
3.7%
Common
Stocks
Consumer
Staples
Distribution
&
Retail
3.7%
Redcare
Pharmacy
NV
144A*
†
(Cost
$4,085,408)
44,000
6,362,738
Luxembourg
1.6%
Common
Stocks
Commercial
Services
&
Supplies
1.1%
Befesa
SA
144A
67,000
1,943,724
Media
0.5%
RTL
Group
SA†
22,873
777,135
Total
Luxembourg
(Cost
$4,572,785)
2,720,859
Shares
Value
($)
Securities
Lending
Collateral
8.7%
DWS
Government
&
Agency
Securities
Portfolio
''DWS
Government
Cash
Institutional
Shares'',
4.82%
(Cost
$14,853,829)
(a)
(b)
14,853,829
14,853,829
Cash
Equivalents
1.8%
DWS
Central
Cash
Management
Government
Fund,
4.93%
(Cost
$3,102,795)
(b)
3,102,795
3,102,795
%
of
Net
Assets
Value
($)
Total
Investment
Portfolio
(Cost
$177,306,055)
108.1
184,388,568
Other
Assets
and
Liabilities,
Net
(8.1)
(13,833,540)
Net
Assets
100.0
170,555,028
For
information
on
the
Fund’s
policies
regarding
the
valuation
of
investments
and
other
significant
accounting
policies,
please
refer
to
the
Fund’s
most
recent
semi-annual
or
annual
financial
statements.
A
summary
of
the
Fund’s
transactions
with
affiliated
investments
during
the
period
ended
September
30,
2024
are
as
follows:
Net
Change
Value
($)
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
9/30/2024
Value
($)
at
9/30/2024
Securities
Lending
Collateral
8.7%
DWS
Government
&
Agency
Securities
Portfolio
''DWS
Government
Cash
Institutional
Shares'',
4.82%
(a)
(b)
5,067,060
9,786,769
(c)
–
–
–
15,152
–
14,853,829
14,853,829
Cash
Equivalents
1.8%
DWS
Central
Cash
Management
Government
Fund,
4.93%
(b)
527,370
24,470,331
21,894,906
–
–
52,579
–
3,102,795
3,102,795
5,594,430
34,257,100
21,894,906
–
–
67,731
–
17,956,624
17,956,624
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
September
30,
2024
amounted
to
$13,810,021,
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
September
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
September
30,
2024
in
valuing
the
Fund’s
investments.
Assets
Level
1
Level
2
Level
3
Total
Common
Stocks
and/or
Other
Equity
Investments
(d)
Germany
$
157,348,347
$
—
$
—
$
157,348,347
Netherlands
6,362,738
—
—
6,362,738
Luxembourg
2,720,859
—
—
2,720,859
Short-Term
Instruments
(d)
17,956,624
—
—
17,956,624
Total
$
184,388,568
$
—
$
—
$
184,388,568
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
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