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      <invstOrSec>
        <name>VOSSLOH AG /EUR/</name>
        <lei>5299003HAEOUVX3HWX43</lei>
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      <invstOrSec>
        <name>HOCHTIEF AG /EUR/</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>BILFINGER SE /EUR/</name>
        <lei>529900H0HULEN2BZ4604</lei>
        <title>BILFINGER SE /EUR/ 0.00000000</title>
        <cusip>D11648108</cusip>
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      <invstOrSec>
        <name>DEUTSCHE LUFTHANSA-REG /EUR/</name>
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      <invstOrSec>
        <name>SALZGITTER AG /EUR/</name>
        <lei>529900E12Z6HXIMHFA15</lei>
        <title>SALZGITTER AG /EUR/ 0.00000000</title>
        <cusip>D80900109</cusip>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AIXTRON SE /EUR/ /PERPETUAL/</name>
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        <title>AIXTRON SE /EUR/ /PERPETUAL/ 0.00000000</title>
        <cusip>D0257Y135</cusip>
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          <isin value="DE000A0WMPJ6"/>
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      <invstOrSec>
        <name>AURUBIS AG /EUR/</name>
        <lei>5299005SHIN9ZK7GW242</lei>
        <title>AURUBIS AG /EUR/ 0.00000000</title>
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      <invstOrSec>
        <name>KRONES AG /EUR/</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <name>NEMETSCHEK SE  /EUR/</name>
        <lei>529900R0S2IX1S358J38</lei>
        <title>NEMETSCHEK SE /EUR/ 0.00000000</title>
        <cusip>D56134105</cusip>
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        <assetCat>EC</assetCat>
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        <name>THYSSENKRUPP AG /EUR/</name>
        <lei>549300UDG16DOYUPR330</lei>
        <title>THYSSENKRUPP AG /EUR/ 0.00000000</title>
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        <name>BASLER AG /EUR/</name>
        <lei>5299006OKY4JQTOWH448</lei>
        <title>BASLER AG /EUR/ 0.00000000</title>
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        <name>ELMOS SEMICONDUCTOR SE /EUR/</name>
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        <title>ELMOS SEMICONDUCTOR SE /EUR/ 0.00000000</title>
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        <name>PVA TEPLA AG /EUR/</name>
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        <title>PVA TEPLA AG /EUR/ 0.00000000</title>
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        <name>TAG IMMOBILIEN AG /EUR/</name>
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        <name>CTS EVENTIM AG &amp; CO KGAA /EUR/</name>
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        <name>INFINEON TECHNOLOGIES AG /EUR/</name>
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        <name>ATOSS SOFTWARE SE /EUR/</name>
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        <name>BECHTLE AG /EUR/</name>
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        <lei>529900HVDYCUWVD0OE76</lei>
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        <name>PATRIZIA SE /EUR/</name>
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      </invstOrSec>
      <invstOrSec>
        <name>WACKER CHEMIE AG /EUR/</name>
        <lei>N/A</lei>
        <title>WACKER CHEMIE AG /EUR/ 0.00000000</title>
        <cusip>D9540Z106</cusip>
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          <isin value="DE000WCH8881"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>SFC ENERGY AG-BR /EUR/</name>
        <lei>3912003HZPSTWYICYA50</lei>
        <title>SFC ENERGY AG-BR /EUR/ 0.00000000</title>
        <cusip>D8288L113</cusip>
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          <isin value="DE0007568578"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>RTL GROUP /EUR/</name>
        <lei>N/A</lei>
        <title>RTL GROUP /EUR/ 0.00000000</title>
        <cusip>L80326108</cusip>
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          <isin value="LU0061462528"/>
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        <invCountry>LU</invCountry>
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      <invstOrSec>
        <name>FREENET AG /EUR/</name>
        <lei>5299003GLDODCVP8DO20</lei>
        <title>FREENET AG /EUR/ 0.00000000</title>
        <cusip>D3689Q134</cusip>
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          <isin value="DE000A0Z2ZZ5"/>
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        <payoffProfile>Long</payoffProfile>
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      <invstOrSec>
        <name>SMA SOLAR TECHNOLOGY AG /EUR/</name>
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        <title>SMA SOLAR TECHNOLOGY AG /EUR/ 0.00000000</title>
        <cusip>D7008K108</cusip>
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          <isin value="DE000A0DJ6J9"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>STROEER MEDIA AG /EUR/_</name>
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        <title>STROEER MEDIA AG /EUR/_ 0.00000000</title>
        <cusip>D8169G100</cusip>
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          <isin value="DE0007493991"/>
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      <invstOrSec>
        <name>SUSS MICROTEC SE /EUR/</name>
        <lei>529900C3KRUTSYDK7N87</lei>
        <title>SUSS MICROTEC SE /EUR/ 0.00000000</title>
        <cusip>D82791167</cusip>
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          <isin value="DE000A1K0235"/>
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      <invstOrSec>
        <name>TALANX AG /EUR/</name>
        <lei>N/A</lei>
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          <isin value="DE000TLX1005"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KION GROUP AG /EUR/</name>
        <lei>5299005KY91C4C6U9H17</lei>
        <title>KION GROUP AG /EUR/ 0.00000000</title>
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          <isin value="DE000KGX8881"/>
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      <invstOrSec>
        <name>KNORR-BREMSE AG /EUR/</name>
        <lei>N/A</lei>
        <title>KNORR-BREMSE AG /EUR/ 0.00000000</title>
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        <assetCat>EC</assetCat>
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        <name>JOST WERKE SE /EUR/</name>
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        <name>JENOPTIK AG /EUR/</name>
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        <name>ALZCHEM GROUP AG /EUR/</name>
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        <name>AUTO1 GROUP SE /EUR/</name>
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        <name>SIEMENS ENERGY AG /EUR/</name>
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        <name>HENSOLDT AG /EUR/</name>
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        <name>TUI AG /EUR/</name>
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        <name>TONIES SE - A /EUR/</name>
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        <name>TKMS AG&amp; CO KGAA /EUR/</name>
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        <name>OTTOBOCK SE &amp; CO KGAA /EUR/</name>
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        <cusip>D5S6LY112</cusip>
        <identifiers>
          <isin value="DE000BCK2223"/>
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      <invstOrSec>
        <name>SCHAEFFLER AG /EUR/</name>
        <lei>N/A</lei>
        <title>SCHAEFFLER AG /EUR/ 0.00000000</title>
        <cusip>D6T0B6155</cusip>
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          <isin value="DE000SHA0100"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.87496719"/>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OHB SE RTS 07/08/26/EUR/</name>
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        <cusip>D58941135</cusip>
        <identifiers>
          <isin value="DE000A41YFG5"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.87496719"/>
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        <pctVal>0.000371762277</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FLATEXDEGIRO SE /EUR/</name>
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      </invstOrSec>
      <invstOrSec>
        <name>SILTRONIC AG /EUR/</name>
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        <currencyConditional curCd="EUR" exchangeRt="0.87496719"/>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REDCARE PHARMACY NV /EUR/</name>
        <lei>529900JK6UXHY1YKZ082</lei>
        <title>REDCARE PHARMACY NV /EUR/ 144A 0.00000000</title>
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          <isin value="NL0012044747"/>
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        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87496719"/>
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        <pctVal>1.051561179848</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DELIVERY HERO SE /EUR/</name>
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        <title>DELIVERY HERO SE /EUR/ 0.00000000</title>
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        <currencyConditional curCd="EUR" exchangeRt="0.87496719"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DWS</name>
        <lei>N/A</lei>
        <title>DWS Gov and Agency Sec Portfolio DWS Gov Cash Inst Shs</title>
        <cusip>147539670</cusip>
        <identifiers>
          <isin value="US1475396701"/>
        </identifiers>
        <balance>18504400.50000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18504400.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="18504400.50000000" isCashCollateral="Y"/>
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        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>The New Germany Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Diane Kenneally </ncom:signature>
      <ncom:signerName>Diane Kenneally </ncom:signerName>
      <ncom:title>Treasurer and Chief Financial Officer </ncom:title>
    </signature>
  </formData>
</edgarSubmission>
