<SEC-DOCUMENT>0001752724-22-195741.txt : 20220826
<SEC-HEADER>0001752724-22-195741.hdr.sgml : 20220826
<ACCEPTANCE-DATETIME>20220826113212
ACCESSION NUMBER:		0001752724-22-195741
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220630
FILED AS OF DATE:		20220826
DATE AS OF CHANGE:		20220826
PERIOD START:           	20221231

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:		221201464

	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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      <repPdDate>2022-06-30</repPdDate>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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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>3234.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
        <valUSD>402356.49000000</valUSD>
        <pctVal>0.243247235673</pctVal>
        <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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
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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>STRATEC SE /EUR/</name>
        <lei>529900ZZJWANAFSPGV30</lei>
        <title>STRATEC SE /EUR/ 0.00000000</title>
        <cusip>D8T6E3103</cusip>
        <identifiers>
          <isin value="DE000STRA555"/>
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        <balance>4916.00000000</balance>
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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>AIXTRON SE /EUR/ /PERPETUAL/</name>
        <lei>5299004UJ4D51M25LD67</lei>
        <title>AIXTRON SE /EUR/ /PERPETUAL/ 0.00000000</title>
        <cusip>D0257Y135</cusip>
        <identifiers>
          <isin value="DE000A0WMPJ6"/>
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        <balance>190770.00000000</balance>
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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>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>159142.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
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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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          <isLoanByFund>N</isLoanByFund>
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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>53471.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
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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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>13499.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TEAMVIEWER AG /EUR/</name>
        <lei>3912000FZ0R0KEK9JS42</lei>
        <title>TEAMVIEWER AG /EUR/ 0.00000000</title>
        <cusip>D8T895100</cusip>
        <identifiers>
          <isin value="DE000A2YN900"/>
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        <balance>97908.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
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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>
        <name>DEUTSCHE PFANDBRIEFBANK  /EUR/</name>
        <lei>DZZ47B9A52ZJ6LT6VV95</lei>
        <title>DEUTSCHE PFANDBRIEFBANK AG /EUR/ 144A 0.00000000</title>
        <cusip>D1R83Y100</cusip>
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          <isin value="DE0008019001"/>
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        <balance>111807.00000000</balance>
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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>
        <name>CTS EVENTIM AG &amp; CO KGAA /EUR/</name>
        <lei>529900FDHSN08UBJII80</lei>
        <title>CTS EVENTIM AG &amp; CO KGAA /EUR/ 0.00000000</title>
        <cusip>D1648T108</cusip>
        <identifiers>
          <isin value="DE0005470306"/>
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        <balance>29480.00000000</balance>
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        <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>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>110807.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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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>25754.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AAREAL BANK AG /EUR/</name>
        <lei>EZKODONU5TYHW4PP1R34</lei>
        <title>AAREAL BANK AG /EUR/ 0.00000000</title>
        <cusip>D00379111</cusip>
        <identifiers>
          <isin value="DE0005408116"/>
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        <balance>36930.00000000</balance>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>SIEMENS ENERGY AG /EUR/</name>
        <lei>5299005CHJZ14D4FDJ62</lei>
        <title>SIEMENS ENERGY AG /EUR/ 0.00000000</title>
        <cusip>D6T47E106</cusip>
        <identifiers>
          <isin value="DE000ENER6Y0"/>
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        <assetCat>EC</assetCat>
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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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        <name>PFEIFFER VACUUM TECHNOLO /EUR/</name>
        <lei>8945004AW6QK8JHNQP69</lei>
        <title>PFEIFFER VACUUM TECHNOLOGY /EUR/ 0.00000000</title>
        <cusip>D6058X101</cusip>
        <identifiers>
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        <balance>3864.00000000</balance>
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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>LANXESS AG /EUR/</name>
        <lei>529900PTLRE72EMYIJ77</lei>
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        <cusip>D5032B102</cusip>
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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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        <name>LEG IMMOBILIEN SE /EUR/</name>
        <lei>391200SO40AKONBO0Z96</lei>
        <title>LEG IMMOBILIEN SE /EUR/ 0.00000000</title>
        <cusip>D4960A103</cusip>
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        <assetCat>EC</assetCat>
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        <name>DUERR AG /EUR/</name>
        <lei>5299003APZ54EDTSRO20</lei>
        <title>DUERR AG /EUR/ 0.00000000</title>
        <cusip>D23279108</cusip>
        <identifiers>
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        <balance>21465.00000000</balance>
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        <name>TAG IMMOBILIEN AG /EUR/</name>
        <lei>529900TAE68USJNXLR59</lei>
        <title>TAG IMMOBILIEN AG /EUR/ 0.00000000</title>
        <cusip>D8283Q174</cusip>
        <identifiers>
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        <balance>138222.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <name>FUCHS PETROLUB SE-PREF /EUR/</name>
        <lei>529900SNF9E1P5ZO4P98</lei>
        <title>FUCHS PETROLUB SE-PREF /EUR/ 0.00000000</title>
        <cusip>D27462379</cusip>
        <identifiers>
          <isin value="DE000A3E5D64"/>
        </identifiers>
        <balance>28435.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
        <valUSD>790785.88000000</valUSD>
        <pctVal>0.478074752367</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>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>13609.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
        <valUSD>1957801.63000000</valUSD>
        <pctVal>1.183601722183</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>FREENET AG /EUR/</name>
        <lei>5299003GLDODCVP8DO20</lei>
        <title>FREENET AG /EUR/ 0.00000000</title>
        <cusip>D3689Q134</cusip>
        <identifiers>
          <isin value="DE000A0Z2ZZ5"/>
        </identifiers>
        <balance>110968.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
        <valUSD>2746123.43000000</valUSD>
        <pctVal>1.660186798943</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"/>
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        <balance>89049.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
        <valUSD>4319873.85000000</valUSD>
        <pctVal>2.611607861657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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"/>
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        <balance>34224.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
        <valUSD>403611.85000000</valUSD>
        <pctVal>0.244006171735</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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          <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"/>
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        <balance>34763.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
        <valUSD>411422.19000000</valUSD>
        <pctVal>0.248727963633</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>
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      </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>28797.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
        <valUSD>3429217.31000000</valUSD>
        <pctVal>2.073155651553</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>16489.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
        <valUSD>818864.35000000</valUSD>
        <pctVal>0.495049774217</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"/>
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        <balance>73463.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
        <valUSD>1663608.57000000</valUSD>
        <pctVal>1.005745392341</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="11935.01000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>CHERRY AG /EUR/</name>
        <lei>984500DF98AA2E011444</lei>
        <title>CHERRY AG /EUR/ 0.00000000</title>
        <cusip>D1T3GZ102</cusip>
        <identifiers>
          <isin value="DE000A3CRRN9"/>
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        <balance>180253.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
        <valUSD>1567941.54000000</valUSD>
        <pctVal>0.947909266490</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>14275.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
        <valUSD>812191.97000000</valUSD>
        <pctVal>0.491015943446</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COMMERZBANK AG /EUR/</name>
        <lei>851WYGNLUQLFZBSYGB56</lei>
        <title>COMMERZBANK AG /EUR/ 0.00000000</title>
        <cusip>D172W1279</cusip>
        <identifiers>
          <isin value="DE000CBK1001"/>
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        <balance>989353.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
        <valUSD>6915788.20000000</valUSD>
        <pctVal>4.180984783311</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>
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      </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"/>
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        <balance>11189.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
        <valUSD>992232.80000000</valUSD>
        <pctVal>0.599860799424</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</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>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>34657.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
        <valUSD>2047214.98000000</valUSD>
        <pctVal>1.237657145073</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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          <isLoanByFund>N</isLoanByFund>
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      </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>20084.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
        <valUSD>394234.11000000</valUSD>
        <pctVal>0.238336797962</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JENOPTIK AG /EUR/</name>
        <lei>529900P34GDHGXK6VB37</lei>
        <title>JENOPTIK AG /EUR/ 0.00000000</title>
        <cusip>D3S19K104</cusip>
        <identifiers>
          <isin value="DE000A2NB601"/>
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        <balance>35077.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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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      <invstOrSec>
        <name>EVOTEC SE /EUR/</name>
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        <title>EVOTEC SE /EUR/ 0.00000000</title>
        <cusip>D1646D105</cusip>
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        <name>HENSOLDT AG /EUR/</name>
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        <title>HENSOLDT AG /EUR/ 0.00000000</title>
        <cusip>D3R14P109</cusip>
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      <invstOrSec>
        <name>HYPOPORT SE /EUR/</name>
        <lei>391200GNIFXXP6KRYQ46</lei>
        <title>HYPOPORT SE /EUR/ 0.00000000</title>
        <cusip>D3149E101</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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      <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="0.95648015"/>
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        <assetCat>EC</assetCat>
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        <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>
        <identifiers>
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        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
        <valUSD>4074088.85000000</valUSD>
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        <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>
        <name>SCOUT24 SE /EUR/</name>
        <lei>5493007EIKM2ENQS7U66</lei>
        <title>SCOUT24 SE /EUR/ 144A 0.00000000</title>
        <cusip>D345XT105</cusip>
        <identifiers>
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        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
        <valUSD>7538777.58000000</valUSD>
        <pctVal>4.557617069121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
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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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          <isin value="DE000NWRK013"/>
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      </invstOrSec>
      <invstOrSec>
        <name>AURUBIS AG /EUR/</name>
        <lei>5299005SHIN9ZK7GW242</lei>
        <title>AURUBIS AG /EUR/ 0.00000000</title>
        <cusip>D10004105</cusip>
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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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        <identifiers>
          <isin value="DE000KGX8881"/>
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      <invstOrSec>
        <name>GERRESHEIMER AG /EUR/</name>
        <lei>5299006GD4UWSYZOKC28</lei>
        <title>GERRESHEIMER AG /EUR/ 0.00000000</title>
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        <identifiers>
          <isin value="DE000A0LD6E6"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>SALZGITTER AG /EUR/</name>
        <lei>529900E12Z6HXIMHFA15</lei>
        <title>SALZGITTER AG /EUR/ 0.00000000</title>
        <cusip>D80900109</cusip>
        <identifiers>
          <isin value="DE0006202005"/>
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        <balance>17922.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
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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>
        <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>167174.00000000</balance>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>FLATEXDEGIRO AG /EUR/</name>
        <lei>529900IRBZTADXJB6757</lei>
        <title>FLATEXDEGIRO AG /EUR/ 0.00000000</title>
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          <isin value="DE000FTG1111"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>FRAPORT AG FRANKFURT AIR /EUR/</name>
        <lei>5299001ERX0K10IZUL40</lei>
        <title>FRAPORT AG FRANKFURT AIRPORT /EUR/ 0.00000000</title>
        <cusip>D3856U108</cusip>
        <identifiers>
          <isin value="DE0005773303"/>
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        <balance>17696.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>1&amp;1 AG /EUR/</name>
        <lei>N/A</lei>
        <title>1&amp;1 AG /EUR/ 0.00000000</title>
        <cusip>D5934B101</cusip>
        <identifiers>
          <isin value="DE0005545503"/>
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        <balance>26047.00000000</balance>
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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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        <currencyConditional curCd="EUR" exchangeRt="0.95648015"/>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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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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        <assetCat>EC</assetCat>
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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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        <name>TALANX AG /EUR/</name>
        <lei>N/A</lei>
        <title>TALANX AG /EUR/ 0.00000000</title>
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        <name>RTL GROUP /EUR/</name>
        <lei>N/A</lei>
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        <name>ABOUT YOU HOLDING SE /EUR/</name>
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        <name>STEICO SE /EUR/</name>
        <lei>5299007UCGLCBLO3OE49</lei>
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        <name>HUGO BOSS AG  -ORD /EUR/</name>
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        <name>SIXT SE /EUR/</name>
        <lei>N/A</lei>
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        <name>DWS</name>
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        <name>STABILUS SE /EUR/</name>
        <lei>529900JOSL94HJN4VZ28</lei>
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        <name>DWS</name>
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        <name>KLOECKNER &amp; CO SE /EUR/</name>
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        <name>SOFTWARE AG /EUR/</name>
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        <title>SOFTWARE AG /EUR/ 0.00000000</title>
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        <name>NOVEM GROUP SA /EUR/</name>
        <lei>222100KIY63U7PV8N251</lei>
        <title>NOVEM GROUP SA /EUR/ 0.00000000</title>
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      </invstOrSec>
      <invstOrSec>
        <name>STROEER MEDIA AG /EUR/_</name>
        <lei>529900MBF3N1ATE55378</lei>
        <title>STROEER MEDIA AG /EUR/_ 0.00000000</title>
        <cusip>D8169G100</cusip>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-07-29</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>
