<SEC-DOCUMENT>0001752724-22-043087.txt : 20220224
<SEC-HEADER>0001752724-22-043087.hdr.sgml : 20220224
<ACCEPTANCE-DATETIME>20220224133729
ACCESSION NUMBER:		0001752724-22-043087
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220224
PERIOD START:           	20211231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEW GERMANY FUND INC
		CENTRAL INDEX KEY:			0000858706
		IRS NUMBER:				133555471
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05983
		FILM NUMBER:		22669378

	BUSINESS ADDRESS:	
		STREET 1:		875 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022-6225
		BUSINESS PHONE:		212-454-4500

	MAIL ADDRESS:	
		STREET 1:		875 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022-6225

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LENOX FUND INC
		DATE OF NAME CHANGE:	19900115
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <regCik>0000858706</regCik>
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      <repPdEnd>2021-12-31</repPdEnd>
      <repPdDate>2021-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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        <cusip>D48164129</cusip>
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          <isin value="DE000KSAG888"/>
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        <balance>141893.00000000</balance>
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      </invstOrSec>
      <invstOrSec>
        <name>AMADEUS FIRE AG /EUR/</name>
        <lei>391200TJJ820ZDHNFJ33</lei>
        <title>AMADEUS FIRE AG /EUR/ 0.00000000</title>
        <cusip>D0349N105</cusip>
        <identifiers>
          <isin value="DE0005093108"/>
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        <balance>3336.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>NORDEX SE /EUR/</name>
        <lei>529900HVDYCUWVD0OE76</lei>
        <title>NORDEX SE /EUR/ 0.00000000</title>
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        <identifiers>
          <isin value="DE000A0D6554"/>
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        <balance>225835.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>DERMAPHARM HOLDING SE /EUR/</name>
        <lei>N/A</lei>
        <title>DERMAPHARM HOLDING SE /EUR/ 0.00000000</title>
        <cusip>D1T0ZJ103</cusip>
        <identifiers>
          <isin value="DE000A2GS5D8"/>
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        <balance>43727.00000000</balance>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>PROSIEBENSAT.1 MEDIA SE /EUR/</name>
        <lei>529900NY0WWQUKOMWQ37</lei>
        <title>PROSIEBENSAT.1 MEDIA SE /EUR/ 0.00000000</title>
        <cusip>D6216S143</cusip>
        <identifiers>
          <isin value="DE000PSM7770"/>
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        <balance>186672.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GEA GROUP AG /EUR/</name>
        <lei>549300PHUU0ZZWO8EO07</lei>
        <title>GEA GROUP AG /EUR/ 0.00000000</title>
        <cusip>D28304109</cusip>
        <identifiers>
          <isin value="DE0006602006"/>
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        <balance>100204.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VERBIO VEREINIGTE BIOENE /EUR/</name>
        <lei>529900W51PINCFFALS96</lei>
        <title>VERBIO VEREINIGTE BIOENERGI /EUR/ 0.00000000</title>
        <cusip>D86145105</cusip>
        <identifiers>
          <isin value="DE000A0JL9W6"/>
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        <balance>9077.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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      <invstOrSec>
        <name>RATIONAL AG /EUR/</name>
        <lei>529900K139N6UFJ1A758</lei>
        <title>RATIONAL AG /EUR/ 0.00000000</title>
        <cusip>D6349P107</cusip>
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          <isin value="DE0007010803"/>
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        <balance>2833.00000000</balance>
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      <invstOrSec>
        <name>TEAMVIEWER AG /EUR/</name>
        <lei>3912000FZ0R0KEK9JS42</lei>
        <title>TEAMVIEWER AG /EUR/ 0.00000000</title>
        <cusip>D8T895100</cusip>
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          <isin value="DE000A2YN900"/>
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        <balance>100983.00000000</balance>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>DEUTSCHE PFANDBRIEFBANK  /EUR/</name>
        <lei>DZZ47B9A52ZJ6LT6VV95</lei>
        <title>DEUTSCHE PFANDBRIEFBANK AG /EUR/ 144A 0.00000000</title>
        <cusip>D1R83Y100</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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      <invstOrSec>
        <name>SAF-HOLLAND SE /EUR/</name>
        <lei>222100QJQLUJHWREL058</lei>
        <title>SAF-HOLLAND SE /EUR/ 0.00000000</title>
        <cusip>L7999D106</cusip>
        <identifiers>
          <isin value="DE000SAFH001"/>
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        <balance>454753.00000000</balance>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>CANCOM SE /EUR/</name>
        <lei>391200T4AUN1BPBXAO14</lei>
        <title>CANCOM SE /EUR/ 0.00000000</title>
        <cusip>D8238N102</cusip>
        <identifiers>
          <isin value="DE0005419105"/>
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        <balance>68537.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BRENNTAG SE /EUR/</name>
        <lei>NNROIXVWJ7CPSR27SV97</lei>
        <title>BRENNTAG SE /EUR/ 0.00000000</title>
        <cusip>D12459117</cusip>
        <identifiers>
          <isin value="DE000A1DAHH0"/>
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      <invstOrSec>
        <name>PFEIFFER VACUUM TECHNOLO /EUR/</name>
        <lei>8945004AW6QK8JHNQP69</lei>
        <title>PFEIFFER VACUUM TECHNOLOGY /EUR/ 0.00000000</title>
        <cusip>D6058X101</cusip>
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        <name>ZALANDO SE /EUR/</name>
        <lei>529900YRFFGH5AXU4S86</lei>
        <title>ZALANDO SE /EUR/ 144A 0.00000000</title>
        <cusip>D98423102</cusip>
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        <name>AROUNDTOWN SA /EUR/</name>
        <lei>529900H4DWG3KWMBMQ39</lei>
        <title>AROUNDTOWN SA /EUR/ 0.00000000</title>
        <cusip>L0269F109</cusip>
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        <name>NEMETSCHEK SE  /EUR/</name>
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        <cusip>D56134105</cusip>
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        <name>HANNOVER RUECKVERSICHERU SE /EUR/</name>
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        <cusip>D3015J135</cusip>
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        <name>LEG IMMOBILIEN SE /EUR/</name>
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        <name>DUERR AG /EUR/</name>
        <lei>5299003APZ54EDTSRO20</lei>
        <title>DUERR AG /EUR/ 0.00000000</title>
        <cusip>D23279108</cusip>
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        <balance>63104.00000000</balance>
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        <name>TAG IMMOBILIEN AG /EUR/</name>
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        <title>TAG IMMOBILIEN AG /EUR/ 0.00000000</title>
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        <payoffProfile>Long</payoffProfile>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WACKER CHEMIE AG /EUR/</name>
        <lei>N/A</lei>
        <title>WACKER CHEMIE AG /EUR/ 0.00000000</title>
        <cusip>D9540Z106</cusip>
        <identifiers>
          <isin value="DE000WCH8881"/>
        </identifiers>
        <balance>21211.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>3174343.23000000</valUSD>
        <pctVal>1.233015982622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BEFESA SA /EUR/</name>
        <lei>222100VXGA8L6J4ZWG61</lei>
        <title>BEFESA SA /EUR/ 144A 0.00000000</title>
        <cusip>L0R30V103</cusip>
        <identifiers>
          <isin value="LU1704650164"/>
        </identifiers>
        <balance>136397.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>10454459.05000000</valUSD>
        <pctVal>4.060844768297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AUTO1 GROUP SE /EUR/</name>
        <lei>391200S2LPXG5ZD5G304</lei>
        <title>AUTO1 GROUP SE /EUR/ 144A 0.00000000</title>
        <cusip>D0R06D102</cusip>
        <identifiers>
          <isin value="DE000A2LQ884"/>
        </identifiers>
        <balance>143632.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>3175296.75000000</valUSD>
        <pctVal>1.233386360151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PATRIZIA AG /EUR/</name>
        <lei>N/A</lei>
        <title>PATRIZIA AG /EUR/ 0.00000000</title>
        <cusip>D5988D110</cusip>
        <identifiers>
          <isin value="DE000PAT1AG3"/>
        </identifiers>
        <balance>62004.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>1445474.45000000</valUSD>
        <pctVal>0.561468300742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INSTONE REAL ESTATE GROU /EUR/</name>
        <lei>391200DINUIRPDZQHX03</lei>
        <title>INSTONE REAL ESTATE GROUP SE /EUR/ 144A 0.00000000</title>
        <cusip>D3706C100</cusip>
        <identifiers>
          <isin value="DE000A2NBX80"/>
        </identifiers>
        <balance>315139.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>5963377.82000000</valUSD>
        <pctVal>2.316365821121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CARL ZEISS MEDITEC AG -  /EUR/</name>
        <lei>N/A</lei>
        <title>CARL ZEISS MEDITEC AG - BR /EUR/ 0.00000000</title>
        <cusip>D14895102</cusip>
        <identifiers>
          <isin value="DE0005313704"/>
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        <balance>31626.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>6648146.37000000</valUSD>
        <pctVal>2.582351729188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIELMANN AG /EUR/</name>
        <lei>N/A</lei>
        <title>FIELMANN AG /EUR/ 0.00000000</title>
        <cusip>D2617N114</cusip>
        <identifiers>
          <isin value="DE0005772206"/>
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        <balance>20474.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>1377191.39000000</valUSD>
        <pctVal>0.534944986084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUSE SA /EUR/</name>
        <lei>N/A</lei>
        <title>SUSE SA /EUR/ 0.00000000</title>
        <cusip>L62573107</cusip>
        <identifiers>
          <isin value="LU2333210958"/>
        </identifiers>
        <balance>73463.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>3358393.37000000</valUSD>
        <pctVal>1.304506917213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHERRY AG /EUR/</name>
        <lei>984500DF98AA2E011444</lei>
        <title>CHERRY AG /EUR/ 0.00000000</title>
        <cusip>D1T3GZ102</cusip>
        <identifiers>
          <isin value="DE000A3CRRN9"/>
        </identifiers>
        <balance>191980.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>5436159.43000000</valUSD>
        <pctVal>2.111577411645</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KNORR-BREMSE AG /EUR/</name>
        <lei>N/A</lei>
        <title>KNORR-BREMSE AG /EUR/ 0.00000000</title>
        <cusip>D4S43E114</cusip>
        <identifiers>
          <isin value="DE000KBX1006"/>
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        <balance>84857.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>8385796.16000000</valUSD>
        <pctVal>3.257310234942</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMMERZBANK AG /EUR/</name>
        <lei>851WYGNLUQLFZBSYGB56</lei>
        <title>COMMERZBANK AG /EUR/ 0.00000000</title>
        <cusip>D172W1279</cusip>
        <identifiers>
          <isin value="DE000CBK1001"/>
        </identifiers>
        <balance>1276225.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>9707900.02000000</valUSD>
        <pctVal>3.770857470370</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHOP APOTHEKE EUROPE NV /EUR/</name>
        <lei>529900JK6UXHY1YKZ082</lei>
        <title>SHOP APOTHEKE EUROPE NV /EUR/ 144A 0.00000000</title>
        <cusip>N7975Z103</cusip>
        <identifiers>
          <isin value="NL0012044747"/>
        </identifiers>
        <balance>21890.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>2820411.80000000</valUSD>
        <pctVal>1.095537745922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KWS SAAT SE AND CO KGAA /EUR/</name>
        <lei>529900FR2K4P9L9XLV21</lei>
        <title>KWS SAAT SE AND CO KGAA /EUR/ 0.00000000</title>
        <cusip>D39062100</cusip>
        <identifiers>
          <isin value="DE0007074007"/>
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        <balance>60709.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>5039794.06000000</valUSD>
        <pctVal>1.957616481538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORPHOSYS AG /EUR/</name>
        <lei>529900493806K77LRE72</lei>
        <title>MORPHOSYS AG /EUR/ 0.00000000</title>
        <cusip>D55040105</cusip>
        <identifiers>
          <isin value="DE0006632003"/>
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        <balance>20715.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>785629.22000000</valUSD>
        <pctVal>0.305163403730</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KRONES AG /EUR/</name>
        <lei>N/A</lei>
        <title>KRONES AG /EUR/ 0.00000000</title>
        <cusip>D47441171</cusip>
        <identifiers>
          <isin value="DE0006335003"/>
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        <balance>12690.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>1383939.42000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PORSCHE AUTOMOBIL HLDG-P /EUR/</name>
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        <title>PORSCHE AUTOMOBIL HLDG-PRF /EUR/ 0.00000000</title>
        <cusip>D6240C122</cusip>
        <identifiers>
          <isin value="DE000PAH0038"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>EVOTEC SE /EUR/</name>
        <lei>529900F9KI6OYITO9B12</lei>
        <title>EVOTEC SE /EUR/ 0.00000000</title>
        <cusip>D1646D105</cusip>
        <identifiers>
          <isin value="DE0005664809"/>
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        <balance>166483.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HENSOLDT AG /EUR/</name>
        <lei>894500686FYLLZD3M624</lei>
        <title>HENSOLDT AG /EUR/ 0.00000000</title>
        <cusip>D3R14P109</cusip>
        <identifiers>
          <isin value="DE000HAG0005"/>
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        <balance>30414.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>433026.75000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HYPOPORT SE /EUR/</name>
        <lei>391200GNIFXXP6KRYQ46</lei>
        <title>HYPOPORT SE /EUR/ 0.00000000</title>
        <cusip>D3149E101</cusip>
        <identifiers>
          <isin value="DE0005493365"/>
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        <balance>7268.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UNITED INTERNET AG-REG S /EUR/</name>
        <lei>3VEKWPJHTD4NKMBVG947</lei>
        <title>UNITED INTERNET AG-REG SHARE /EUR/ 0.00000000</title>
        <cusip>D8542B125</cusip>
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          <isin value="DE0005089031"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>THYSSENKRUPP AG /EUR/</name>
        <lei>549300UDG16DOYUPR330</lei>
        <title>THYSSENKRUPP AG /EUR/ 0.00000000</title>
        <cusip>D8398Q119</cusip>
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        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>11723962.54000000</valUSD>
        <pctVal>4.553960345205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SCOUT24 SE /EUR/</name>
        <lei>5493007EIKM2ENQS7U66</lei>
        <title>SCOUT24 SE /EUR/ 144A 0.00000000</title>
        <cusip>D345XT105</cusip>
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        <balance>104270.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>7282928.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW WORK SE /EUR/</name>
        <lei>N/A</lei>
        <title>NEW WORK SE /EUR/ 0.00000000</title>
        <cusip>D5S1L6106</cusip>
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      </invstOrSec>
      <invstOrSec>
        <name>KION GROUP AG /EUR/</name>
        <lei>5299005KY91C4C6U9H17</lei>
        <title>KION GROUP AG /EUR/ 0.00000000</title>
        <cusip>D4S14D103</cusip>
        <identifiers>
          <isin value="DE000KGX8881"/>
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        <balance>120141.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>GERRESHEIMER AG /EUR/</name>
        <lei>5299006GD4UWSYZOKC28</lei>
        <title>GERRESHEIMER AG /EUR/ 0.00000000</title>
        <cusip>D2852S109</cusip>
        <identifiers>
          <isin value="DE000A0LD6E6"/>
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        <balance>36255.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>JUNGHEINRICH - PRFD /EUR/</name>
        <lei>529900PHZORTU6FSXE73</lei>
        <title>JUNGHEINRICH - PRFD /EUR/ 0.00000000</title>
        <cusip>D37552102</cusip>
        <identifiers>
          <isin value="DE0006219934"/>
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        <balance>200241.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>FLATEXDEGIRO AG /EUR/</name>
        <lei>529900IRBZTADXJB6757</lei>
        <title>FLATEXDEGIRO AG /EUR/ 0.00000000</title>
        <cusip>D3763G127</cusip>
        <identifiers>
          <isin value="DE000FTG1111"/>
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        <balance>124376.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
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        <invCountry>DE</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL FASHION GROUP SA /EUR/</name>
        <lei>5493001035L29EQRO222</lei>
        <title>GLOBAL FASHION GROUP SA /EUR/ 0.00000000</title>
        <cusip>L4379H104</cusip>
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          <isin value="LU2010095458"/>
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        <balance>138282.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
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        <assetCat>EC</assetCat>
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        <invCountry>LU</invCountry>
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      <invstOrSec>
        <name>VOSSLOH AG /EUR/</name>
        <lei>5299003HAEOUVX3HWX43</lei>
        <title>VOSSLOH AG /EUR/ 0.00000000</title>
        <cusip>D9494V101</cusip>
        <identifiers>
          <isin value="DE0007667107"/>
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        <balance>22899.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>HELLA GMBH &amp; CO KGAA /EUR/</name>
        <lei>529900PLX4ADJFWIY024</lei>
        <title>HELLA GMBH &amp; CO KGAA /EUR/ 0.00000000</title>
        <cusip>D3R112160</cusip>
        <identifiers>
          <isin value="DE000A13SX22"/>
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        <balance>102386.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>SECUNET SECURITY NETWORK /EUR/</name>
        <lei>N/A</lei>
        <title>SECUNET SECURITY NETWORKS AG /EUR/ 0.00000000</title>
        <cusip>D69074108</cusip>
        <identifiers>
          <isin value="DE0007276503"/>
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        <balance>765.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JOST WERKE AG /EUR/</name>
        <lei>N/A</lei>
        <title>JOST WERKE AG /EUR/ 144A 0.00000000</title>
        <cusip>D3S57J100</cusip>
        <identifiers>
          <isin value="DE000JST4000"/>
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        <balance>102064.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>5745325.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>TALANX AG /EUR/</name>
        <lei>N/A</lei>
        <title>TALANX AG /EUR/ 0.00000000</title>
        <cusip>D82827110</cusip>
        <identifiers>
          <isin value="DE000TLX1005"/>
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        <balance>49800.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>2409149.10000000</valUSD>
        <pctVal>0.935790218508</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RTL GROUP /EUR/</name>
        <lei>N/A</lei>
        <title>RTL GROUP /EUR/ 0.00000000</title>
        <cusip>L80326108</cusip>
        <identifiers>
          <isin value="LU0061462528"/>
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        <balance>30818.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>LU</invCountry>
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      <invstOrSec>
        <name>ABOUT YOU HOLDING SE /EUR/</name>
        <lei>894500DKEE3GY8870322</lei>
        <title>ABOUT YOU HOLDING SE /EUR/ 0.00000000</title>
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          <isin value="DE000A3CNK42"/>
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        <name>AIRBUS SE /EUR/</name>
        <lei>MINO79WLOO247M1IL051</lei>
        <title>AIRBUS SE /EUR/ 0.00000000</title>
        <cusip>N0280G100</cusip>
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        <name>BECHTLE AG /EUR/</name>
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        <title>BECHTLE AG /EUR/ 0.00000000</title>
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        <name>STEICO SE /EUR/</name>
        <lei>5299007UCGLCBLO3OE49</lei>
        <title>STEICO SE /EUR/ 0.00000000</title>
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          <isin value="DE000A0LR936"/>
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        <name>UNIPER SE /EUR/</name>
        <lei>549300UXRTWGIBZQ4J67</lei>
        <title>UNIPER SE /EUR/ 0.00000000</title>
        <cusip>D8530Z100</cusip>
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        <name>HUGO BOSS AG  -ORD /EUR/</name>
        <lei>529900LFVU534EBRXD13</lei>
        <title>HUGO BOSS AG  -ORD /EUR/ 0.00000000</title>
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        <name>SIXT SE /EUR/</name>
        <lei>N/A</lei>
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        <name>DWS</name>
        <lei>N/A</lei>
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        <name>STABILUS SA /EUR/</name>
        <lei>529900JOSL94HJN4VZ28</lei>
        <title>STABILUS SA /EUR/ 0.00000000</title>
        <cusip>L8750H104</cusip>
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        <name>DWS</name>
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      <invstOrSec>
        <name>EVONIK INDUSTRIES AG /EUR/</name>
        <lei>N/A</lei>
        <title>EVONIK INDUSTRIES AG /EUR/ 0.00000000</title>
        <cusip>D2R90Y117</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FRIEDRICH VORWERK GROUP  /EUR/</name>
        <lei>529900NBM89YAM5ENI18</lei>
        <title>FRIEDRICH VORWERK GROUP SE /EUR/ 0.00000000</title>
        <cusip>D2R9Z3109</cusip>
        <identifiers>
          <isin value="DE000A255F11"/>
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        <balance>15913.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
        <valUSD>516829.29000000</valUSD>
        <pctVal>0.200752952243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE LUFTHANSA-REG /EUR/</name>
        <lei>529900PH63HYJ86ASW55</lei>
        <title>DEUTSCHE LUFTHANSA-REG /EUR/ 0.00000000</title>
        <cusip>D1908N106</cusip>
        <identifiers>
          <isin value="DE0008232125"/>
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        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>DEUTZ AG /EUR/</name>
        <lei>5299005DETTV58V2PP63</lei>
        <title>DEUTZ AG /EUR/ 0.00000000</title>
        <cusip>D39176108</cusip>
        <identifiers>
          <isin value="DE0006305006"/>
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        <balance>1007388.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KNAUS TABBERT AG /EUR/</name>
        <lei>391200V57NOSGK8UVW09</lei>
        <title>KNAUS TABBERT AG /EUR/ 0.00000000</title>
        <cusip>D4S484103</cusip>
        <identifiers>
          <isin value="DE000A2YN504"/>
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        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NOVEM GROUP SA /EUR/</name>
        <lei>222100KIY63U7PV8N251</lei>
        <title>NOVEM GROUP SA /EUR/ 0.00000000</title>
        <cusip>L14547100</cusip>
        <identifiers>
          <isin value="LU2356314745"/>
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        <balance>151003.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIEMENS HEALTHINEERS AG /EUR/</name>
        <lei>N/A</lei>
        <title>SIEMENS HEALTHINEERS AG /EUR/ 144A 0.00000000</title>
        <cusip>D6T479107</cusip>
        <identifiers>
          <isin value="DE000SHL1006"/>
        </identifiers>
        <balance>82451.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87935279"/>
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        <pctVal>2.397206679118</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-01-31</ncom:dateSigned>
      <ncom:nameOfApplicant>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>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
