N-CSRS 1 sr43024cee.htm THE CENTRAL AND EASTERN EUROPE FUND, INC.

UNITED STATES

SECURITIES

AND

EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number: 811-06041

The Central and Eastern Europe Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (212) 454-4500

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end: | 10/31
Date of reporting period: | 4/30/2024

ITEM 1. | REPORT TO STOCKHOLDERS
| (a)

April
30,
2024
Semiannual
Report
to
Shareholders
The
Central
and
Eastern
Europe
Fund,
Inc.
Ticker
Symbol:
CEE
Contents
2
The
Central
and
Eastern
Europe
Fund,
Inc.
The
brand
DWS
represents
DWS
Group
GmbH
&
Co.
KGaA
and
any
of
its
subsidiaries
such
as
DWS
Distributors,
Inc.
which
offers
investment
products
or
DWS
Investment
Management
Americas,
Inc.
and
RREEF
America
L.L.C.
which
offer
advisory
services.
NOT
FDIC/NCUA
INSURED
NO
BANK
GUARANTEE
MAY
LOSE
VALUE
NOT
A
DEPOSIT
NOT
INSURED
BY
ANY
FEDERAL
GOVERNMENT
AGENCY
5
Letter
to
the
Shareholders
11
Performance
Summary
13
Schedule
of
Investments
19
Statement
of
Assets
and
Liabilities
20
Statement
of
Operations
21
Statements
of
Changes
in
Net
Assets
22
Financial
Highlights
24
Notes
to
Financial
Statements
32
Additional
Information
The
Central
and
Eastern
Europe
Fund,
Inc.
3
The
Central
and
Eastern
Europe
Fund,
Inc.
(“the
Fund”)
seeks
long-term
capital
appreciation
through
investment
primarily
in
equity
and
equity-linked
securities
of
issuers
domiciled
in
Central
and
Eastern
Europe.
Investments
in
funds
involve
risks,
including
the
loss
of
principal.
The
shares
of
most
closed-end
funds,
including
the
Fund,
are
not
continuously
offered.
Once
issued,
shares
of
closed-end
funds
are
bought
and
sold
in
the
open
market.
Shares
of
closed-end
funds
frequently
trade
at
a
discount
to
net
asset
value.
The
price
of
the
Fund’s
shares
is
determined
by
a
number
of
factors,
several
of
which
are
beyond
the
control
of
the
Fund.
Therefore,
the
Fund
cannot
predict
whether
its
shares
will
trade
at,
below,
or
above
net
asset
value.
Investing
in
foreign
securities
presents
certain
risks,
such
as
currency
fluctuations,
political
and
economic
changes,
and
market
risks.
Emerging
markets
tend
to
be
more
volatile
and
less
liquid
than
the
markets
of
more
mature
economies,
and
generally
have
less
diverse
and
less
mature
economic
structures
and
less
stable
political
systems
than
those
of
developed
countries.
Any
fund
that
focuses
in
a
particular
segment
of
the
market
or
region
of
the
world
will
generally
be
more
volatile
than
a
fund
that
invests
more
broadly.
This
Fund
is
non-diversified
for
purposes
of
the
Investment
Company
Act
of
1940,
and
can
take
larger
positions
in
fewer
issuers,
increasing
its
potential
risk.
The
United
States,
the
European
Union,
the
United
Kingdom
and
other
countries
have
imposed
sanctions
on
Russia,
Russian
companies,
and
Russian
individuals
in
response
to
actions
taken
by
Russia
in
recent
years,
including
its
February
2022
invasion
of
Ukraine
and
subsequent
activities.
In
turn
Russia
has
imposed
sanctions
on
Western
individuals,
businesses
and
products,
and
the
Russian
central
bank
has
taken
actions
that
have
effectively
frozen
most
investments
by
Western
entities,
including
the
Fund,
in
Russian
companies.
These
sanctions
have
adversely
affected
not
only
the
Russian
economy
but
also
the
economies
of
many
countries
in
Europe,
including
countries
in
Central
and
Eastern
Europe,
and
the
continuation
of
sanctions,
or
the
imposition
of
new
sanctions,
may
have
further
adverse
effects
on
Russian
and
European
economies.
As
a
result
of
Russia’s
invasion
of
Ukraine
and
the
resulting
dislocations,
Western
sanctions
and
Russia’s
retaliatory
measures,
the
value
and
liquidity
of
the
Fund’s
portfolio
assets
have
been
severely
adversely
affected,
and
its
Russian
investments
(some
of
which
are
in
companies
that
are
subject
to
sanctions)
have
been
fair
valued
at
zero
since
March
14,
2022.
It
is
not
known
if
the
situation
will
improve,
although
the
Fund
has
observed
occasional
privately
negotiated
transactions
in
depositary
receipts
of
non-sanctioned
Russian
issuers
taking
place
(at
prices
that
are
deeply
discounted
from
those
taking
place
through
the
facilities
of
the
Moscow
Stock
Exchange).
In
May
2024,
the
Fund
was
successful
in
selling
depositary
receipts
of
one
non-sanctioned
Russian
issuer
in
such
a
privately
negotiated
transaction
resulting
in
positive
impact
to
the
Fund's
net
asset
value.
War,
terrorism,
sanctions,
economic
uncertainty,
trade
disputes,
public
health
crises,
natural
disasters,
climate
change
and
related
geopolitical
events
have
led
and,
in
the
future,
may
lead
to
significant
disruptions
in
U.S.
and
world
economies
and
markets,
which
may
lead
to
increased
market
volatility
and
may
have
significant
adverse
effects
4
The
Central
and
Eastern
Europe
Fund,
Inc.
on
the
Fund
and
its
investments.
In
the
case
of
the
Fund,
Russia’s
invasion
of
Ukraine
has
materially
adversely
affected,
and
may
continue
to
materially
adversely
affect,
the
value
and
liquidity
of
the
Fund’s
portfolio.
Letter
to
the
Shareholders
(Unaudited)
The
Central
and
Eastern
Europe
Fund,
Inc.
5
Dear
Shareholder,
For
its
most
recent
semiannual
period
ended
April
30,
2024,
the
Central
and
Eastern
Europe
Fund,
Inc.
(“the
Fund”)
posted
a
total
return
in
U.S.
dollars
(“USD”)
of
18.73%
based
on
net
asset
value
(“NAV”)
and
16.03%
based
on
market
price.
The
Fund’s
benchmark,
the
MSCI
Emerging
Markets
Eastern
Europe
Index,
returned
20.41%
during
the
same
period.
1
The
Fund
traded
at
an
average
discount
to
NAV
of
0.94%
for
the
period
in
review,
compared
with
an
average
premium
of
18.76%
for
the
same
period
a
year
earlier.
Performance
Discussion
With
the
removal
of
Russia
from
the
benchmark
in
March
of
2022,
Poland
is
by
far
the
biggest
country
in
our
Central
and
Eastern
Europe
(CEE)
market
investment
universe,
followed
by
Hungary
and
the
Czech
Republic.
The
CEE
markets
continued
to
rally
over
the
six-month
reporting
period
ending
April
30,
2024,
despite
the
ongoing
hostilities
in
Ukraine.
Sentiment
with
respect
to
Poland
continued
to
benefit
from
last
fall’s
election
of
a
government
anticipated
to
pursue
policies
that
should
be
significantly
more
market
friendly
and
supportive
of
the
European
Union
(EU)
framework
than
the
prior
government,
Polish
banks
continued
to
Country
Breakdown
(As
a
%
of
Net
Assets)
4/30/24
10/31/23
Poland
70%
67%
Hungary
18%
17%
Moldova
3%
4%
Czech
Republic
3%
5%
Austria
2%
2%
Portugal
1%
—
United
Kingdom
1%
2%
Kazakhstan
0%
0%
France
0%
0%
Russia
0%
0%
Cash*
2%
3%
100%
100%
*
Includes
Cash
Equivalents
and
Other
Assets
and
Liabilities,
Net.
6
The
Central
and
Eastern
Europe
Fund,
Inc.
be
the
strongest
driver
of
positive
returns
within
the
CEE
region,
and
our
significant
position
in
Polish
Alior
Bank
SA
was
among
the
Fund’s
leading
individual
contributors.
That
said,
the
Fund
has
a
fundamental
policy
of
not
concentrating
its
investments,
which
means
that
investment
into
any
single
industry
subsector
is
for
the
purposes
of
the
Investment
Company
Act
of
1940,
limited
to
a
maximum
of
25%
of
net
assets.
As
the
subsector
“Diversified
Banks”
constitutes
the
largest
weight
within
the
Fund’s
benchmark
at
well
over
25%
(44%
at
April
30,2024),
the
Fund
is
structurally
underweight
the
subsector,
and
this
weighed
down
on
relative
performance
for
the
six
months.
Another
leading
contributor
was
construction
firm
Budimex
SA,
which
has
continued
to
benefit
from
infrastructure-related
investments
and
increased
EU
funding.
Similarly,
results
for
aluminum
profile
and
component
producer
Grupa
Kety
SA
have
been
boosted
by
infrastructure
investments
and
the
stock
was
among
the
leading
contributors
as
well.
The
Fund
initiated
a
position
in
the
Warsaw
Stock
Exchange
in
anticipation
of
increased
activity
in
Polish
capital
markets
following
the
recent
change
of
government,
and
this
also
proved
beneficial.
On
the
downside,
within
communication
services
video
game
developers
have
continued
to
struggle,
and
the
Fund’s
position
in
11
bit
studios
SA
and
lack
of
exposure
to
one
of
its
larger
competitors
weighed
on
performance.
The
Fund‘s
exposure
to
Polish
utilities
also
detracted,
although
this
was
partially
offset
by
a
significant
underweight
to
Czech
utility
CEZ
AS,
which
has
seen
its
results
suffer
from
weak
electricity
demand.
Sector
Diversification
(As
a
%
of
Equity
Securities)
4/30/24
10/31/23
Financials
36%
36%
Energy
16%
17%
Consumer
Discretionary
11%
11%
Consumer
Staples
8%
10%
Utilities
8%
8%
Industrials
5%
4%
Communication
Services
5%
4%
Health
Care
5%
5%
Materials
5%
5%
Real
Estate
1%
—
100%
100%
The
Central
and
Eastern
Europe
Fund,
Inc.
7
In
country
terms,
selection
within
Poland
weighed
most
heavily
on
performance,
while
an
underweight
to
the
Czech
Republic
led
contributions.
Market
Outlook
In
our
view,
the
outlook
for
emerging
European
economies
remains
promising
with
Poland
offering
the
broadest
range
of
potentially
supportive
catalysts
for
stock
performance.
Remnants
of
Poland’s
former
government
such
as
the
President
and
central
bank
governor
will
remain
in
place
for
some
time,
which
may
hinder
the
ambitions
of
the
new
coalition
government.
Nonetheless,
the
new
government
is
making
slow
but
steady
progress
in
moving
the
country
back
to
a
more
market-friendly
position,
replacing
managements
in
state-owned
companies
and
subsidizing
the
consumer
in
a
more
targeted
way
while
unlocking
significant
EU
funds.
More
broadly,
the
Polish
economy
is
bolstered
by
a
strong
small
and
medium-sized
company
segment,
a
large
domestic
market,
and
now
access
to
a
skilled
Ukrainian
labor
force.
Poland
attracts
roughly
the
same
amount
of
investment
as
neighboring
Germany,
despite
its
smaller
Ten
Largest
Equity
Holdings
at
April
30,
2024
(63.2%
of
Net
Assets)
Country
Percent
1
.
ORLEN
SA
Poland
10.4%
2
.
Powszechny
Zaklad
Ubezpieczen
SA
Poland
9.6%
3
.
Bank
Polska
Kasa
Opieki
SA
Poland
8.6%
4
.
LPP
SA
Poland
6.2%
5
.
OTP
Bank
Nyrt
Hungary
5.9%
6
.
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
Poland
5.4%
7
.
Richter
Gedeon
Nyrt
Hungary
5.1%
8
.
MOL
Hungarian
Oil
&
Gas
PLC
Hungary
4.7%
9
.
Dino
Polska
SA
Poland
3.8%
10
.
Purcari
Wineries
PLC
Moldova
3.5%
Portfolio
holdings
and
characteristics
are
subject
to
change
and
not
indicative
of
future
portfolio
composition.
For
more
details
about
the
Fund’s
investments,
see
the
Schedule
of
Investments
commencing
on
page
10.
For
additional
information
about
the
Fund,
including
performance,
dividends,
presentations,
press
releases,
market
updates,
daily
NAV
and
shareholder
reports,
please
visit
dws.com.
8
The
Central
and
Eastern
Europe
Fund,
Inc.
population
and
lower
per
capita
GDP.
Poland’s
lower
dependence
on
cheap
electricity
than
some
neighboring
countries
such
as
Germany
has
allowed
its
economy
to
adjust
more
quickly
to
the
impact
of
the
Russia-
Ukraine
conflict
even
as
it
has
benefited
from
the
integration
of
Ukrainian
workers.
All
of
this
bodes
well
for
corporate
activity
and
consumer
demand,
and
we
expect
the
Polish
stock
market
to
continue
to
attract
inflows
from
global
investors.
Of
course,
the
CEE
neighborhood
is
difficult,
and
any
further
deterioration
of
the
situation
in
Ukraine
would
put
the
risk
of
Russian
aggression
into
focus.
To
the
west,
the
weakened
German
economy
is
exacting
a
toll
on
those
economies
geared
towards
exports,
such
as
the
Czech
Republic
and
Hungary.
As
such,
the
Fund’s
portfolio
reflects
a
focus
on
companies
with
more
diversified
end
markets.
Russian
Holdings
Developments
As
previously
reported,
the
Fund's
Russian
holdings
have
been
valued
at
zero
since
March
14,
2022
in
light
of
measures
adopted
by
the
Russian
Central
Bank
and
Government,
as
well
as
sanctions
implemented
by
the
United
States
and
other
countries
in
response
to
Russia's
invasion
of
Ukraine.
The
effects
of
the
sanctions
and
measures
adopted
by
the
Russian
Central
Bank
and
Government
are
far-reaching
and
include,
among
others,
the
freezing
of
certain
Russian
assets
held
by
entities,
such
as
the
Fund,
that
are
organized
in
countries
viewed
as
“unfriendly”
by
the
Russian
Government.
We
have
been
monitoring
the
situation
closely
and
have
observed
occasional
privately
negotiated
transactions
in
depositary
receipts
of
non
sanctioned
Russian
issuers
taking
place
(at
prices
that
are
deeply
discounted
from
those
taking
place
through
the
facilities
of
the
Moscow
Stock
Exchange).
In
May
2024,
the
Fund
was
successful
in
selling
depositary
receipts
of
one
non-sanctioned
Russian
issuer
in
such
a
privately
negotiated
transaction,
resulting
in
positive
impact
to
the
Fund's
net
asset
value.
The
Fund
will
continue
to
monitor
developments
in
this
area
and
may
make
further
opportunistic
sales
of
depositary
receipts
for
Russian
securities
to
the
extent
that
such
sales
are
deemed
to
be
in
the
best
interests
of
the
Fund
and
its
stockholders
and
consistent
with
applicable
sanctions
and
other
laws
and
regulations.
However,
there
can
be
no
The
Central
and
Eastern
Europe
Fund,
Inc.
9
assurances
that
any
further
such
sales
will
be
feasible
or
considered
to
be
in
the
best
interests
of
the
Fund.
Also,
it
should
be
noted
that
three
of
the
Fund's
remaining
16
positions
in
Russian
securities
are
“local
shares”
which
cannot
currently
be
sold
by
the
Fund.
In
addition,
four
positions
are
in
securities
of
issuers
that
are
subject
to
U.S.
sanctions
such
that
it
would
not
be
possible
for
the
Fund
to
sell
them,
absent
receipt
of
special
permissions
granted
by
the
U.S.,
which
permissions
are
unlikely
to
be
forthcoming
if
requested
at
the
present
time.
Given
the
current
uncertainties,
the
Fund
continues
to
value
certain
Russian
securities
at
zero
unless
the
Fund
has
received
a
recent
bid
for
the
security
and
the
sale
of
the
security
would
be
permissible
under
applicable
sanctions
and
other
laws
and
regulations,
in
which
case
the
security
will
be
fair
valued
in
accordance
with
the
Fund's
valuation
procedures.
In
the
event
the
sale
of
a
specific
security
has
been
agreed
and
the
Fund
has
concluded
that
the
settlement
of
the
transaction
is
permissible
by
the
applicable
sanctions
and
other
laws
and
regulations
and
is
highly
likely,
the
security
then
will
be
valued
at
the
trade
price.
In
closing,
we
very
much
regret
to
report
the
recent
passing
of
Walter
C.
Dostmann,
who
served
as
a
Director
of
the
Fund
since
2015.
He
made
valuable
contributions
to
the
success
of
the
Fund
through
his
wise
counsel
as
a
Director
and
service
on
committees
of
the
Board,
including
as
Chairman
of
the
Audit
Committee.
Sincerely,
The
views
expressed
in
the
preceding
discussion
regarding
portfolio
management
matters
are
only
through
the
end
of
the
period
of
the
report
as
stated
on
the
cover.
Portfolio
management’s
views
are
subject
to
change
at
any
time
based
on
market
and
other
conditions
and
should
not
be
construed
as
recommendations.
Past
performance
is
no
guarantee
of
future
results.
Current
and
future
portfolio
holdings
are
subject
to
risk,
including
geopolitical
and
other
risks.
Sebastian
Kahlfeld
Portfolio
Manager
Hepsen
Uzcan
Interested
Director,
President
and
Chief
Executive
Officer
10
The
Central
and
Eastern
Europe
Fund,
Inc.
1
The
MSCI
Emerging
Markets
Eastern
Europe
Index
is
a
free-float
weighted
equity
Index
that
is
designed
to
capture
large-
and
mid-cap
representation
across
three
emerging
market
countries
in
Eastern
Europe
(Czech
Republic,
Hungary,
and
Poland).
MSCI
Inc.
is
a
provider
of
equity
and
fixed
income
market
indices.
Effective
March
9,
2022,
MSCI
Inc.
removed
Russian
securities
from
the
MSCI
Emerging
Markets
Eastern
Europe
Index.
Index
returns
assume
reinvestment
of
dividends
and,
unlike
Fund
returns,
do
not
reflect
any
fees
or
expenses.
It
is
not
possible
to
invest
directly
in
the
MSCI
Emerging
Markets
Eastern
Europe
Index.
Performance
Summary
April
30,
2024
(Unaudited)
The
Central
and
Eastern
Europe
Fund,
Inc.
11
All
performance
shown
is
historical,
assumes
reinvestment
of
all
dividend
and
capital
gain
distributions,
and
does
not
guarantee
future
results.
Investment
return
and
net
asset
value
fluctuate
with
changing
market
conditions
so
that,
when
sold,
shares
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Please
visit
dws.com
for
the
most
recent
performance
of
the
Fund.
Fund
specific
data
and
performance
are
provided
for
informational
purposes
only
and
are
not
intended
for
trading
purposes.
Growth
of
an
Assumed
$10,000
Investment
Yearly
periods
ended
April
30
The
growth
of
$10,000
is
cumulative.
Average
Annual
Total
Returns
as
of
4/30/24
6-Month
‡
1-Year
5-Year
10-Year
Net
Asset
Value
(a)
18.73%
27.95%
(15.95)%
(7.09)%
Market
Price
(a)
16.03%
20.89%
(14.79)%
(6.42)%
MSCI
Emerging
Markets
Eastern
Europe
Index
(b)
20.41%
30.92%
(19.52)%
(8.66)%
Blended
Index
N/A
N/A
N/A
(9.52)%
(c)
12
The
Central
and
Eastern
Europe
Fund,
Inc.
a
Total
return
based
on
net
asset
value
reflects
changes
in
the
Fund’s
net
asset
value
during
each
period.
Total
return
based
on
market
value
reflects
changes
in
market
value
during
each
period.
Each
figure
includes
reinvestments
of
income
and
capital
gain
distributions,
if
any.
Total
returns
based
on
net
asset
value
and
market
price
will
differ
depending
upon
the
level
of
any
discount
from
or
premium
to
net
asset
value
at
which
the
Fund’s
shares
trade
during
the
period.
Expenses
of
the
Fund
include
investment
advisory
and
administration
fees
and
other
fund
expenses.
Total
returns
shown
take
into
account
these
fees
and
expenses.
The
annualized
expense
ratio
of
the
Fund
for
the
six
months
ended
April
30,
2024
was
1.26%.
b
The
MSCI
Emerging
Markets
Eastern
Europe
Index
is
a
free-float
weighted
equity
index
that
is
designed
to
capture
large
and
mid
cap
representation
across
three
emerging
markets
countries
in
Eastern
Europe
(Czech
Republic,
Hungary,
and
Poland).
Effective
March
9,
2022,
MSCI
Inc.
removed
Russian
securities
from
the
MSCI
Emerging
Markets
Eastern
Europe
Index.
c
Blended
Index
represents:
MSCI
Emerging
Markets
Europe
Index
from
May
1,
2014
through
February
29,
2016;
MSCI
Emerging
Markets
Europe
ex
Greece
Index
from
March
1,
2016
through
July
31,
2017;
and
the
current
index,
MSCI
Emerging
Markets
Eastern
Europe
Index
since
August
1,
2017.
Index
returns
do
not
reflect
any
fees
or
expenses
and
it
is
not
possible
to
invest
directly
into
an
index.
‡
Total
returns
shown
for
periods
less
than
one
year
are
not
annualized.
Net
Asset
Value
and
Market
Price
As
of
4/30/24
As
of
10/31/23
Net
Asset
Value
$
9.85
$
8.60
Market
Price
$
9.46
$
8.46
Prices
and
Net
Asset
Value
fluctuate
and
are
not
guaranteed.
Distribution
Information
Per
Share
Six
Months
as
of
4/30/24:
Income
Distribution
$
0.37
Distributions
are
historical,
not
guaranteed
and
will
fluctuate.
Distributions
do
not
include
return
of
capital
or
other
non-income
sources.
Schedule
of
Investments
as
of
April
30,
2024
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
Central
and
Eastern
Europe
Fund,
Inc.
13
Shares
Value
($)
Poland 69.5%
Common
Stocks
Air
Freight
&
Logistics
0.5%
InPost
SA*
20,000
323,510
Banks
16.1%
Alior
Bank
SA*
52,500
1,346,387
Bank
Polska
Kasa
Opieki
SA
130,000
5,428,042
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
225,000
3,374,305
10,148,734
Broadline
Retail
3.3%
Allegro.eu
SA
144A*
247,775
2,082,289
Capital
Markets
1.3%
Warsaw
Stock
Exchange
71,430
794,157
Commercial
Services
&
Supplies
1.0%
Mo-BRUK
SA
7,500
603,150
Construction
&
Engineering
2.7%
Budimex
SA
10,000
1,698,579
Consumer
Staples
Distribution
&
Retail
3.8%
Dino
Polska
SA
144A*
25,000
2,408,277
Diversified
Telecommunication
Services
2.2%
Orange
Polska
SA
700,000
1,359,358
Electric
Utilities
4.7%
Enea
SA*
375,000
784,744
PGE
Polska
Grupa
Energetyczna
SA*
1,100,000
1,654,552
Tauron
Polska
Energia
SA*
750,000
540,148
2,979,444
Entertainment
0.5%
11
bit
studios
SA*
2,250
310,747
CD
Projekt
SA
100
2,928
313,675
Household
Durables
0.5%
Dom
Development
SA
7,500
326,868
Insurance
9.6%
Powszechny
Zaklad
Ubezpieczen
SA
475,000
6,018,036
Interactive
Media
&
Services
0.5%
Wirtualna
Polska
Holding
SA
(Registered)
11,000
325,584
Machinery
0.1%
Grenevia
SA*
150,000
90,056
Metals
&
Mining
4.3%
Grupa
Kety
SA
3,750
781,501
KGHM
Polska
Miedz
SA
55,000
1,911,241
2,692,742
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
14
The
Central
and
Eastern
Europe
Fund,
Inc.
Shares
Value
($)
Oil,
Gas
&
Consumable
Fuels
10.4%
ORLEN
SA
400,000
6,566,028
Professional
Services
0.5%
Benefit
Systems
SA
500
340,951
Real
Estate
Management
&
Development
1.3%
Develia
SA
275,000
451,143
Murapol
SA*
32,500
342,866
794,009
Textiles,
Apparel
&
Luxury
Goods
6.2%
LPP
SA†
1,000
3,886,350
Total
Poland
(Cost
$30,363,252)
43,751,797
Hungary 17.7%
Common
Stocks
Banks
5.9%
OTP
Bank
Nyrt
75,000
3,732,057
Diversified
Telecommunication
Services
2.0%
Magyar
Telekom
Telecommunications
PLC
(ADR)
500,000
1,265,892
Oil,
Gas
&
Consumable
Fuels
4.7%
MOL
Hungarian
Oil
&
Gas
PLC
360,000
2,962,680
Pharmaceuticals
5.1%
Richter
Gedeon
Nyrt
125,000
3,192,071
Total
Hungary
(Cost
$7,449,212)
11,152,700
Moldova 3.5%
Common
Stocks
Beverages
3.5%
Purcari
Wineries
PLC
(Registered)
(Cost
$1,561,230)
704,312
2,178,238
Czech
Republic 2.7%
Common
Stocks
Banks
0.0%
Komercni
Banka
AS*
500
18,462
Moneta
Money
Bank
AS
144A
1,000
4,039
22,501
Electric
Utilities
2.7%
CEZ
AS
45,000
1,662,561
Total
Czech
Republic
(Cost
$1,677,295)
1,685,062
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
Central
and
Eastern
Europe
Fund,
Inc.
15
Shares
Value
($)
Austria 2.4%
Common
Stocks
Banks
2.4%
Erste
Group
Bank
AG
32,500
1,524,296
Oil,
Gas
&
Consumable
Fuels
0.0%
OMV
AG
100
4,777
Total
Austria
(Cost
$985,731)
1,529,073
Portugal 1.0%
Common
Stocks
Consumer
Staples
Distribution
&
Retail
1.0%
Jeronimo
Martins
SGPS
SA
(Cost
$665,930)
30,000
620,612
United
Kingdom 0.8%
Common
Stocks
Broadline
Retail
0.8%
Pepco
Group
NV
(Registered)
(Cost
$886,438)*
†
100,000
476,590
Kazakhstan 0.4%
Common
Stocks
Metals
&
Mining
0.4%
Polymetal
International
PLC
(Cost
$1,244,170)*
75,000
264,750
France 0.0%
Common
Stocks
Oil,
Gas
&
Consumable
Fuels
0.0%
TotalEnergies
SE
(Cost
$4,732)
100
7,333
Russia 0.0%
Common
Stocks
Banks
0.0%
Sberbank
of
Russia
PJSC**
(a)
3,600,000
0
TCS
Group
Holding
PLC
(GDR)
(Registered)*
(a)
87,331
0
0
Broadline
Retail
0.0%
Ozon
Holdings
PLC
(ADR)*
(a)
60,000
0
Chemicals
0.0%
PhosAgro
PJSC
(GDR)
(Registered)*
(a)
90,000
0
Consumer
Staples
Distribution
&
Retail
0.0%
Fix
Price
Group
PLC
(GDR)
(Registered)
(a)
125,000
0
Magnit
PJSC**
(a)
63,909
0
X5
Retail
Group
NV
(GDR)
(Registered)*
(a)
137,884
0
0
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
16
The
Central
and
Eastern
Europe
Fund,
Inc.
Shares
Value
($)
Interactive
Media
&
Services
0.0%
Yandex
NV
''A''*
(a)
188,000
0
Metals
&
Mining
0.0%
Alrosa
PJSC**
(a)
1,670,000
0
MMC
Norilsk
Nickel
PJSC
(ADR)*
(a)
50,000
0
Magnitogorsk
Iron
&
Steel
Works
PJSC
(GDR)
(Registered)*
(a)
74,569
0
Polyus
PJSC
(GDR)
(Registered)*
(a)
20,000
0
0
Oil,
Gas
&
Consumable
Fuels
0.0%
Gazprom
PJSC**
(a)
5,000,000
0
Lukoil
PJSC**
(a)
209,500
0
Novatek
PJSC
(GDR)
(Registered)*
(a)
37,500
0
Tatneft
PJSC
(ADR)*
†
(a)
100,000
0
0
Wireless
Telecommunication
Services
0.0%
Mobile
Telesystems
PJSC
(ADR)*
(a)
250,000
0
Total
Russia
(Cost
$64,669,421)
0
Securities
Lending
Collateral
7.4%
DWS
Government
&
Agency
Securities
Portfolio
''DWS
Government
Cash
Institutional
Shares'',
5.23%
(Cost
$4,684,233)
(b)
(c)
4,684,233
4,684,233
Cash
Equivalents
1.1%
DWS
Central
Cash
Management
Government
Fund,
5.35%
(Cost
$690,381)
(c)
690,381
690,381
%
of
Net
Assets
Value
($)
Total
Investment
Portfolio
(Cost
$114,882,025)
106.5
67,040,769
Other
Assets
and
Liabilities,
Net
(6.5)
(4,075,985)
Net
Assets
100.0
62,964,784
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
Central
and
Eastern
Europe
Fund,
Inc.
17
For
purposes
of
its
industry
concentration
policy,
the
Fund
classifies
issuers
of
portfolio
securities
at
the
industry
sub-
group
level.
Certain
of
the
categories
in
the
above
Schedule
of
Investments
consist
of
multiple
industry
sub-groups
or
industries.
A
summary
of
the
Fund’s
transactions
with
affiliated
investments
during
the
period
ended
April
30,
2024
are
as
follows:
Net
Change
Value
($)
at
10/31/2023
Purchases
Cost
($)
Sales
Proceeds
($)
Net
Real-
ized
Gain/
(Loss)
($)
in
Unreal-
ized
Appreci
-
ation
/
(
Depreci
-
ation
)
($)
Income
($)
Capital
Gain
Distri
-
butions
($)
Number
of
Shares
at
4/30/2024
Value
($)
at
4/30/2024
Securities
Lending
Collateral
7.4%
DWS
Government
&
Agency
Securities
Portfolio
''DWS
Government
Cash
Institutional
Shares'',
5.23%
(b)
(c)
1,788,397
2,895,836(d)
–
–
–
9,929
–
4,684,233
4,684,233
Cash
Equivalents
1.1%
DWS
Central
Cash
Management
Government
Fund,
5.35%
(c)
2,025,993
6,423,624
7,759,236
–
–
39,221
–
690,381
690,381
3,814,390
9,319,460
7,759,236
–
–
49,150
–
5,374,614
5,374,614
*
Non-income
producing
security.
**
Non-income
producing
security;
due
to
applicable
sanctions,
dividend
income
was
not
recorded.
†
All
or
a
portion
of
these
securities
were
on
loan.
The
value
of
all
securities
loaned
at
April
30,
2024
amounted
to
$4,163,857,
which
is
6.6%
of
net
assets.
(a)
Investment
was
valued
using
significant
unobservable
inputs.
(b)
Represents
cash
collateral
held
in
connection
with
securities
lending.
Income
earned
by
the
Fund
is
net
of
borrower
rebates.
(c)
Affiliated
fund
managed
by
DWS
Investment
Management
Americas,
Inc.
The
rate
shown
is
the
annualized
seven-day
yield
at
period
end.
(d)
Represents
the
net
increase
(purchases
cost)
or
decrease
(sales
proceeds)
in
the
amount
invested
in
cash
collateral
for
the
period
ended
April
30,
2024.
144A:
Securities
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
ADR:
American
Depositary
Receipt
(See
Note
E
in
the
Notes
to
the
Financial
Statements)
GDR:
Global
Depositary
Receipt
(See
Note
E
in
the
Notes
to
the
Financial
Statements)
PJSC:
Public
Joint
Stock
Company
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
18
The
Central
and
Eastern
Europe
Fund,
Inc.
(e)
See
Schedule
of
Investments
for
additional
detailed
categorizations
.
During
the
period
ended
April
30,
2024,
the
amount
of
transfers
between
Level
3
and
Level
1
was
$210,938.
The
investments
were
transferred
from
Level
3
to
Level
1
due
to
increase
in
market
activity.
Transfers
between
price
levels
are
recognized
at
the
beginning
of
the
reporting
period.
Fair
Value
Measurements
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
three
broad
levels.
Level
1
includes
quoted
prices
in
active
markets
for
identical
securities.
Level
2
includes
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds
and
credit
risk).
Level
3
includes
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments).
The
level
assigned
to
the
securities
valuations
may
not
be
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
following
is
a
summary
of
the
inputs
used
as
of
April
30,
2024
in
valuing
the
Fund’s
investments.
For
information
on
the
Fund’s
policy
regarding
the
valuation
of
investments,
please
refer
to
the
Security
Valuation
section
of
Note
A
in
the
accompanying
Notes
to
the
Financial
Statements.
Assets
Level
1
Level
2
Level
3
Total
Common
Stocks
(e)
Poland
$
43,751,797
$
—
$
—
$
43,751,797
Hungary
11,152,700
—
—
11,152,700
Moldova
2,178,238
—
—
2,178,238
Czech
Republic
1,685,062
—
—
1,685,062
Austria
1,529,073
—
—
1,529,073
Portugal
620,612
—
—
620,612
United
Kingdom
476,590
—
—
476,590
Kazakhstan
264,750
—
—
264,750
France
7,333
—
—
7,333
Russia
—
—
0
0
Short-Term
Instruments
(e)
5,374,614
—
—
5,374,614
Total
$
67,040,769
$
—
$
0
$
67,040,769
Statement
of
Assets
and
Liabilities
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
Central
and
Eastern
Europe
Fund,
Inc.
19
as
of
April
30,
2024
(Unaudited)
Assets
Investments
in
non-affiliated
securities,
at
value
(cost
$109,507,411)
—
including
$4,163,857
of
securities
loaned
$
61,666,155
Investment
in
DWS
Central
Cash
Management
Government
Fund
(
cost
$690,381)
690,381
Investment
in
DWS
Government
&
Agency
Securities
Portfolio
(cost
$
4,684,233)*
4,684,233
Foreign
currency,
at
value
(cost
$34,420)
30,289
Receivable
for
investments
sold
173,135
Dividends
receivable
630,923
Foreign
taxes
recoverable
227,930
Interest
receivable
9,060
Other
assets
30,944
Total
assets
68,143,050
Liabilities
Payable
upon
return
of
securities
loaned
4,684,233
Payable
for
investments
purchased
378,004
Investment
advisory
fee
payable
19,189
Administration
fee
payable
10,234
Payable
for
Directors'
fees
and
expenses
4,913
Accrued
expenses
and
other
liabilities
81,693
Total
liabilities
5,178,266
Net
assets
$
62,964,784
Net
Assets
Consist
of
Distributable
earnings
(loss)
(118,113,393)
Paid-in
capital
181,078,177
Net
assets
$
62,964,784
Net
Asset
Value
Net
assets
value
per
share
($62,964,784
÷
6,395,607
shares
of
common
stock
issued
and
outstanding,
$.001
par
value,
80,000,000
shares
authorized)
$
9.85
*
Represents
collateral
on
securities
loaned.
Statement
of
Operations
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
20
The
Central
and
Eastern
Europe
Fund,
Inc.
for
the
six
months
ended
April
30,
2024
(Unaudited)
Net
Investment
Income
Income:
Dividends
(net
of
foreign
withholding
taxes
of
$115,578)
$
729,285
Income
distributions
—
DWS
Central
Cash
Management
Government
Fund
39,221
Securities
lending
income,
net
of
borrower
rebates
9,929
Total
investment
income
778,435
Expenses:
Investment
advisory
fee
225,354
Administration
fee
60,095
Custody
and
accounting
fee
46,496
Services
to
shareholders
5,170
Reports
to
shareholders
and
shareholder
meeting
expenses
21,643
Directors'
fees
and
expenses
34,762
Legal
fees
38,938
Audit
and
tax
fees
26,208
NYSE
listing
fee
11,820
Insurance
8,084
Miscellaneous
13,404
Total
expenses
before
expense
reductions
491,974
Expense
reductions
(112,677)
Total
expenses
after
expense
reductions
379,297
Net
investment
income
399,138
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from:
Investments
(626,612)
Foreign
currency
(6,421)
Net
realized
gain
(loss)
(633,033)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
10,380,397
Foreign
currency
10,247
Change
in
net
unrealized
appreciation
(depreciation)
10,390,644
Net
gain
(loss)
9,757,611
Net
increase
(decrease)
in
net
assets
resulting
from
operations
$
10,156,749
Statements
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
Central
and
Eastern
Europe
Fund,
Inc.
21
Increase
(Decrease)
in
Net
Assets
Six
Months
Ended
April
30,
2024
(Unaudited)
Year
Ended
October
31,
2023
Operations:
Net
investment
income
(loss)
$
399,138
$
1,827,198
Net
realized
gain
(loss)
(633,033)
(2,161,06
4
)
Change
in
net
unrealized
appreciation
(depreciation)
10,390,644
18,200,01
6
Net
increase
(decrease)
in
net
assets
resulting
from
operations
10,156,749
17,866,150
Distributions
to
shareholders
(2,300,273)
(1,484,719)
Fund
share
transactions:
Net
proceeds
from
reinvestment
of
distributions
923,591
735,381
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
923,591
735,381
Total
increase
(decrease)
in
net
assets
8,780,067
17,116,812
Net
assets
at
beginning
of
period
54,184,717
37,067,905
Net
assets
at
end
of
period
$
62,964,784
$
54,184,717
Other
Information
Shares
outstanding
at
beginning
of
period
6,300,392
6,220,022
Shares
issued
from
reinvestment
of
distributions
95,215
80,370
Shares
outstanding
at
end
of
period
6,395,607
6,300,392
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
22
The
Central
and
Eastern
Europe
Fund,
Inc.
Six
Months
Ended
4/30/24
Years
Ended
October
31,
(Unaudited)
2023
2022
2021
2020
2019
Per
Share
Operating
Performance
Net
asset
value,
beginning
of
period
$
8.60
$
5.96
$
35.19
$
22.01
$
31.60
$
26.98
Income
(loss)
from
investment
operations:
Net
investment
income
(loss)
a
.06
.29
.31
.90
1.00
d
1.32
Net
realized
and
unrealized
gain
(loss)
on
investments
and
foreign
currency
1.55
2.57
(28.64)
13.01
(9.21)
4.24
Total
from
investment
operations
1.61
2.86
(28.33)
13.91
(8.21)
5.56
Less
distributions
from:
Net
investment
income
(.37)
(.24)
(.95)
(.92)
(1.46)
(1.01)
Increase
(dilution)
in
net
asset
value
from
dividend
reinvestment
.01
.02
(.02)
(.02)
(.03)
(.03)
Increase
resulting
from
share
repurchases
—
—
.07
.21
.11
.10
Net
asset
value,
end
of
period
$
9.85
$
8.60
$
5.96
$
35.19
$
22.01
$
31.60
Market
value,
end
of
period
$
9.46
$
8.46
$
7.05
$
31.32
$
18.33
$
27.34
Total
Investment
Return
for
the
Period
b
Based
upon
market
value
(%)
16.03
**
23.13
(76.57)
77.46
(29.42)
23.97
Based
upon
net
asset
value
c
(%)
18.73
**
47.81
(82.33)
65.86
(26.61)
21.90
Financial
Highlights
(continued)
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
Central
and
Eastern
Europe
Fund,
Inc.
23
Six
Months
Ended
4/30/24
Years
Ended
October
31,
(Unaudited)
2023
2022
2021
2020
2019
Ratios
to
Average
Net
Assets
Total
expenses
before
expense
reductions
(%)
1.63
*
1.71
1.67
1.18
1.24
1.29
Total
expenses
after
expense
reductions
(%)
1.26
*
1.34
1.51
1.18
1.24
1.29
Net
investment
income
(%)
0.66
**
3.76
2.12
2.95
3.71
d
4.59
Portfolio
turnover
(%)
13
**
40
35
31
43
32
Net
assets
at
end
of
period
($
thousands)
62,965
54,185
37,068
221,580
144,813
212,094
a
Based
on
average
shares
outstanding
during
the
period.
b
Total
investment
return
based
on
net
asset
value
reflects
changes
in
the
Fund's
net
asset
value
during
each
period.
Total
return
based
on
market
value
reflects
changes
in
market
value
during
each
period.
Each
figure
includes
reinvestments
of
dividend
and
capital
gain
distributions,
if
any.
These
figures
will
differ
depending
upon
the
level
of
any
discount
from
or
premium
to
net
asset
value
at
which
the
Fund's
shares
trade
during
the
period.
c
Total
return
would
have
been
lower
had
certain
expenses
not
been
reduced.
d
Net
investment
income
per
share
includes
$258,629
of
non-recurring
foreign
dividend
reclaims
and
$5,373
of
non-recurring
related
interest
amounting
to
$0.04
per
share.
Excluding
these
non-recurring
amounts,
the
net
investment
income
ratio
would
have
been
3.57%.
*
Annualized.
**
Not
annualized.
24
The
Central
and
Eastern
Europe
Fund,
Inc.
Notes
to
Financial
Statements
(Unaudited)
A.
Accounting
Policies
The
Central
and
Eastern
Europe
Fund,
Inc.
(the
“Fund”)
is
a
non-diversified,
closed-end
management
investment
company
incorporated
in
Maryland.
The
Fund
commenced
investment
operations
on
March
6,
1990.
The
preparation
of
financial
statements
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”)
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
and
disclosures
in
the
financial
statements.
Actual
results
could
differ
from
those
estimates.
The
Fund
qualifies
as
an
investment
company
under
Topic
946
of
Accounting
Standards
Codification
of
U.S.
GAAP.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Fund
in
the
preparation
of
its
financial
statements.
Security
Valuation.
The
Fund
calculates
its
net
asset
value
(“NAV”)
per
share
for
publication
at
the
close
of
regular
trading
on
Deutsche
Börse
XETRA,
normally
at
11:30
a.m.,
New
York
time.
The
Fund’s
Board
has
designated
DWS
International
GmbH
(the
“Advisor”)
as
the
valuation
designee
for
the
Fund
pursuant
to
Rule
2a-5
under
the
1940
Act.
The
Advisor’s
Pricing
Committee
(the
“Pricing
Committee”)
typically
values
securities
using
readily
available
market
quotations
or
prices
supplied
by
independent
pricing
services
(which
are
considered
fair
values
under
Rule
2a-5).
The
Advisor
has
adopted
fair
valuation
procedures
that
provide
methodologies
for
fair
valuing
securities.
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
three
broad
levels.
Level
1
includes
quoted
prices
in
active
markets
for
identical
securities.
Level
2
includes
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds
and
credit
risk).
Level
3
includes
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments).
The
level
assigned
to
the
securities
valuations
may
not
be
an
indication
of
the
risk
or
liquidity
associated
with
investing
in
those
securities.
Equity
securities
are
valued
at
the
most
recent
sale
price
or
official
closing
price
reported
on
the
exchange
(U.S.
or
foreign)
or
over-the-counter
market
on
which
they
trade
prior
to
the
time
of
valuation.
Securities
for
which
no
sales
are
reported
are
valued
at
the
calculated
mean
between
the
most
recent
bid
and
asked
quotations
on
the
relevant
market
or,
if
a
mean
cannot
be
determined,
at
the
most
recent
bid
quotation.
Equity
securities
are
generally
categorized
as
Level
1.
Investments
in
open-end
investment
companies
are
valued
and
traded
at
their
NAV
each
business
day
and
are
categorized
as
Level
1.
The
Central
and
Eastern
Europe
Fund,
Inc.
25
Securities
and
other
assets
for
which
market
quotations
are
not
readily
available
or
for
which
the
above
valuation
procedures
are
deemed
not
to
reflect
fair
value
are
valued
in
a
manner
that
is
intended
to
reflect
their
fair
value
as
determined
in
accordance
with
procedures
approved
by
the
Pricing
Committee
and
are
generally
categorized
as
Level
3.
In
accordance
with
the
Fund’s
valuation
procedures,
factors
considered
in
determining
value
may
include,
but
are
not
limited
to,
the
type
of
the
security;
the
size
of
the
holding;
the
initial
cost
of
the
security;
the
existence
of
any
contractual
restrictions
on
the
security’s
disposition;
the
price
and
extent
of
public
trading
in
similar
securities
of
the
issuer
or
of
comparable
companies;
quotations
or
evaluated
prices
from
broker-dealers
and/or
the
appropriate
stock
exchange
(for
exchange-traded
securities);
an
analysis
of
the
company’s
or
issuer’s
financial
statements;
an
evaluation
of
the
forces
that
influence
the
issuer
and
the
market(s)
in
which
the
security
is
purchased
and
sold;
and,
with
respect
to
debt
securities,
the
maturity,
coupon,
creditworthiness,
currency
denomination,
and
the
movement
of
the
market
in
which
the
security
is
normally
traded.
The
value
determined
under
these
procedures
may
differ
from
published
values
for
the
same
securities.
Disclosure
about
the
classification
of
the
fair
value
measurements
is
included
in
a
table
following
the
Fund’s
Schedule
of
Investments.
Securities
Transactions
and
Investment
Income.
Investment
transactions
are
accounted
for
on
a
trade
date
plus
one
basis
for
daily
NAV
calculation.
However,
for
financial
reporting
purposes,
investment
security
transactions
are
reported
on
trade
date.
Interest
income
is
recorded
on
the
accrual
basis.
Dividend
income
is
recorded
on
the
ex-dividend
date
net
of
foreign
withholding
taxes.
Certain
dividends
from
foreign
securities
may
be
recorded
subsequent
to
the
ex-dividend
date
as
soon
as
the
Fund
is
informed
of
such
dividends.
Due
to
the
impact
of
sanctions
and
other
regulations
and
requirements,
dividend
income
may
not
be
recorded.
Realized
gains
and
losses
from
investment
transactions
are
recorded
on
an
identified
cost
basis.
Proceeds
from
litigation
payments,
if
any,
are
included
in
net
realized
gain
(loss)
for
investments.
Securities
Lending.
National
Financial
Services
LLC
(Fidelity
Agency
Lending),
as
lending
agent,
lends
securities
of
the
Fund
to
certain
financial
institutions
under
the
terms
of
its
securities
lending
agreement.
During
the
term
of
the
loans,
the
Fund
continues
to
receive
interest
and
dividends
generated
by
the
securities
and
to
participate
in
any
changes
in
their
market
value.
The
Fund
requires
the
borrowers
of
the
securities
to
maintain
collateral
with
the
Fund
consisting
of
either
cash
or
liquid,
unencumbered
assets
having
a
value
at
least
equal
to
the
value
of
the
securities
loaned.
When
the
collateral
falls
below
specified
amounts,
the
securities
lending
agent
will
use
its
best
effort
to
obtain
additional
collateral
on
the
next
business
day
to
meet
required
amounts
under
the
26
The
Central
and
Eastern
Europe
Fund,
Inc.
securities
lending
agreement.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash.
During
the
six
months
ended
April
30,
2024,
the
Fund
invested
the
cash
collateral
into
a
joint
trading
account
in
an
affiliated
money
market
funds,
including
DWS
Government
&
Agency
Securities
Portfolio,
managed
by
DWS
Investment
Management
Americas,
Inc.
DWS
Investment
Management
Americas,
Inc.
receives
a
management/
administration
fee
(0.12%
annualized
effective
rate
as
of
April
30,
2024)
on
the
cash
collateral
invested
in
DWS
Government
&
Agency
Securities
Portfolio.
The
Fund
receives
compensation
for
lending
its
securities
either
in
the
form
of
fees
or
by
earning
interest
on
invested
cash
collateral
net
of
borrower
rebates
and
fees
paid
to
a
securities
lending
agent.
Either
the
Fund
or
the
borrower
may
terminate
the
loan
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
a
standard
time
period.
There
may
be
risks
of
delay
and
costs
in
recovery
of
securities
or
even
loss
of
rights
in
the
collateral
should
the
borrower
of
the
securities
fail
financially.
If
the
Fund
is
not
able
to
recover
securities
lent,
the
Fund
may
sell
the
collateral
and
purchase
a
replacement
investment
in
the
market,
incurring
the
risk
that
the
value
of
the
replacement
security
is
greater
than
the
value
of
the
collateral.
The
Fund
is
also
subject
to
all
investment
risks
associated
with
the
reinvestment
of
any
cash
collateral
received,
including,
but
not
limited
to,
interest
rate,
credit
and
liquidity
risk
associated
with
such
investments.
As
of
April
30,
2024,
the
Fund
had
securities
on
loan
which
were
classified
as
common
stock
in
the
Schedule
of
Investments.
The
value
of
the
related
collateral
exceeded
the
value
of
the
securities
loaned
at
period
end.
As
of
period
end,
the
remaining
contractual
maturity
of
the
collateral
agreements
were
overnight
and
continuous.
Foreign
Currency
Translation.
The
books
and
records
of
the
Fund
are
maintained
in
United
States
dollars.
Assets
and
liabilities
denominated
in
foreign
currency
are
translated
into
United
States
dollars
at
the
prevailing
exchange
rates
at
period
end.
Purchases
and
sales
of
investment
securities,
income
and
expenses
are
translated
at
the
rate
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Net
realized
and
unrealized
gains
and
losses
on
foreign
currency
transactions
represent
net
gains
and
losses
between
trade
and
settlement
dates
on
securities
transactions,
the
acquisition
and
disposition
of
foreign
currencies,
and
the
difference
between
the
amount
of
net
investment
income
accrued
and
the
U.S.
dollar
amount
actually
received.
The
portion
of
both
realized
and
unrealized
gains
and
losses
on
investments
that
results
from
fluctuations
in
foreign
currency
exchange
rates
is
not
separately
disclosed
but
is
included
with
net
realized
and
unrealized
gain/appreciation
and
loss/depreciation
on
investments.
Contingencies.
In
the
normal
course
of
business,
the
Fund
may
enter
into
contracts
with
service
providers
that
contain
general
indemnification
The
Central
and
Eastern
Europe
Fund,
Inc.
27
clauses.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund
that
have
not
yet
occurred.
However,
based
on
experience,
the
Fund
expects
the
risk
of
loss
to
be
remote.
Taxes.
The
Fund’s
policy
is
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
which
are
applicable
to
regulated
investment
companies,
and
to
distribute
all
of
its
taxable
income
to
its
shareholders.
Additionally,
the
Fund
may
be
subject
to
taxes
imposed
by
the
governments
of
countries
in
which
it
invests.
Such
taxes
are
generally
based
on
income
and/or
capital
gains
earned
or
repatriated.
Estimated
tax
liabilities
on
certain
foreign
securities
are
recorded
on
an
accrual
basis
and
are
reflected
as
components
of
interest
income
or
net
change
in
unrealized
gain/loss
on
investments.
Tax
liabilities
realized
as
a
result
of
security
sales
are
reflected
as
a
component
of
net
realized
gain/loss
on
investments.
At
October
31,
2023,
the
Fund
had
a
net
tax
basis
capital
loss
carryforward
of
approximately
$69,398,000,
which
may
be
applied
against
realized
net
taxable
capital
gains
indefinitely,
including
short-term
losses
($17,384,000)
and
long-term
losses
($52,014,000).
At
April
30,
2024,
the
aggregate
cost
of
investments
for
federal
income
tax
purposes
was
$115,019,782.
The
net
unrealized
depreciation
for
all
investments
based
on
tax
cost
was
$47,979,013.
This
consisted
of
aggregate
gross
unrealized
appreciation
for
all
investments
for
which
there
was
an
excess
of
value
over
tax
cost
of
$20,419,281
and
aggregate
gross
unrealized
depreciation
for
all
investments
for
which
there
was
an
excess
of
tax
cost
over
value
of
$68,398,294.
The
Fund
has
reviewed
the
tax
positions
for
the
open
tax
years
as
of
October
31,
2023
and
has
determined
that
no
provision
for
income
tax
and/or
uncertain
tax
positions
is
required
in
the
Fund’s
financial
statements.
The
Fund’s
federal
tax
returns
for
the
prior
three
fiscal
years
remain
open
subject
to
examinations
by
the
Internal
Revenue
Service.
Dividends
and
Distributions
to
Shareholders.
The
Fund
records
dividends
and
distributions
to
its
shareholders
on
the
ex-dividend
date.
The
timing
and
character
of
certain
income
and
capital
gain
distributions
are
determined
annually
in
accordance
with
United
States
federal
income
tax
regulations,
which
may
differ
from
accounting
principles
generally
accepted
in
the
United
States
of
America.
These
differences
primarily
relate
to
certain
securities
sold
at
a
loss.
As
a
result,
net
investment
income
(loss)
and
net
realized
gain
(loss)
on
investment
transactions
for
a
reporting
period
may
differ
significantly
from
distributions
during
such
period.
Accordingly,
the
Fund
may
periodically
make
reclassifications
28
The
Central
and
Eastern
Europe
Fund,
Inc.
among
certain
of
its
capital
accounts
without
impacting
the
NAV
of
the
Fund.
The
tax
character
of
current
year
distributions
will
be
determined
at
the
end
of
the
current
fiscal
year.
B.
Investment
Advisory
and
Administration
Agreements
The
Fund
is
party
to
an
Investment
Advisory
Agreement
with
DWS
International
GmbH
(“DWSI”).
The
Fund
also
has
an
Administration
Agreement
with
DWS
Investment
Management
Americas,
Inc.
(“DIMA”).
DWSI
and
DIMA
are
affiliated
companies.
Under
the
Investment
Advisory
Agreement
with
DWSI,
DWSI
directs
the
investments
of
the
Fund
in
accordance
with
its
investment
objectives,
policies
and
restrictions.
DWSI
determines
the
securities,
instruments
and
other
contracts
relating
to
investments
to
be
purchased,
sold
or
entered
into
by
the
Fund.
The
Investment
Advisory
Agreement
provides
DWSI
with
a
fee,
computed
weekly
and
payable
monthly,
at
the
annual
rate
of
0.75%
of
the
Fund’s
average
weekly
net
assets
up
to
and
including
$100
million,
0.60%
of
such
assets
in
excess
of
$100
million
and
up
to
and
including
$500
million,
0.55%
of
such
assets
in
excess
of
$500
million
and
up
to
and
including
$750
million,
and
0.50%
of
such
assets
in
excess
of
$750
million.
In
addition,
DWSI
has
agreed
to
implement
a
temporary
partial
fee
waiver.
Effective
February
24,
2022,
the
fee
payable
by
the
Fund
to
DWSI
was
reduced
by
50%
until
further
notice
(but
through
at
least
December
31,
2024)
by
DWSI
to
the
Fund.
Accordingly,
for
the
six
months
ended
April
30,
2024,
the
fee
pursuant
to
the
Investment
Advisory
Agreement
aggregated
$225,354,
of
which
$112,677
was
waived
resulting
in
an
annualized
rate
of
0.37%
of
the
Fund’s
average
weekly
net
assets.
Under
the
Administration
Agreement
with
DIMA,
DIMA
provides
certain
fund
administration
services
to
the
Fund.
The
Administration
Agreement
provides
DIMA
with
an
annual
fee,
computed
weekly
and
payable
monthly,
of
0.20%
of
the
Fund’s
average
weekly
net
assets.
C.
Transactions
with
Affiliates
DWS
Service
Company
(“DSC”),
an
affiliate
of
DIMA,
is
the
transfer
agent,
dividend-paying
agent
and
shareholder
service
agent
of
the
Fund.
Pursuant
to
a
sub-transfer
agency
agreement
between
DSC
and
SS&C
GIDS,
Inc.
(“SS&C”),
DSC
has
delegated
certain
transfer
agent
and
dividend-paying
agent
functions
to
SS&C.
DSC
compensates
SS&C
out
of
the
fee
it
receives
from
the
Fund.
For
the
six
months
ended
April
30,
2024,
the
amount
charged
to
the
Fund
by
DSC
included
in
the
Statement
of
The
Central
and
Eastern
Europe
Fund,
Inc.
29
Operations
under
“Services
to
shareholders”
aggregated
$4,513,
of
which
$763
is
unpaid.
Under
an
agreement
with
the
Fund,
DIMA
is
compensated
for
providing
certain
pre-press
and
regulatory
filing
services
to
the
Fund.
For
the
six
months
ended
April
30,
2024,
the
amount
charged
to
the
Fund
by
DIMA
included
in
the
Statement
of
Operations
under
“Reports
to
shareholders
and
shareholder
meeting
expenses”
aggregated
$4,600,
of
which
all
is
unpaid.
Deutsche
Bank
AG,
the
majority
shareholder
in
the
DWS
Group,
and
its
affiliates
may
receive
brokerage
commissions
as
a
result
of
executing
agency
transactions
in
portfolio
securities
on
behalf
of
the
Fund,
that
the
Board
determined
were
effected
in
compliance
with
the
Fund’s
Rule
17e-1
procedures.
For
the
six
months
ended
April
30,
2024,
Deutsche
Bank
did
not
receive
brokerage
commissions
from
the
Fund.
Certain
Officers
of
the
Fund
are
also
officers
of
DIMA.
The
Fund
pays
each
Director
who
is
not
an
“interested
person”
of
DIMA
or
DWS
International
GmbH
retainer
fees
plus
specified
amounts
for
attended
board
and
committee
meetings.
The
Fund
may
invest
cash
balances
in
DWS
Central
Cash
Management
Government
Fund,
which
is
managed
by
DIMA.
The
Fund
indirectly
bears
its
proportionate
share
of
the
expenses
of
DWS
Central
Cash
Management
Government
Fund.
DWS
Central
Cash
Management
Government
Fund
does
not
pay
DIMA
an
investment
management
fee.
DWS
Central
Cash
Management
Government
Fund
seeks
maximum
current
income
to
the
extent
consistent
with
stability
of
principal.
D.
Portfolio
Securities
Purchases
and
sales
of
investment
securities,
excluding
short-term
investments,
for
the
six
months
ended
April
30,
2024
were
$7,768,903
and
$8,246,401,
respectively.
E.
Investing
in
Emerging
Markets
in
Central
and
Eastern
Europe
Investing
in
emerging
markets
may
involve
special
risks
and
considerations
not
typically
associated
with
investing
in
developed
markets.
These
risks
include
currency
fluctuations,
high
rates
of
inflation
or
deflation,
repatriation
restrictions
on
income
and
capital,
and
adverse
political,
social
and
economic
developments.
Moreover,
securities
issued
in
these
markets
may
be
less
liquid,
may
be
subject
to
government
ownership
controls
or
delayed
settlements
and
may
have
prices
that
are
more
volatile
or
less
easily
assessed
than
those
of
comparable
securities
of
issuers
in
developed
markets.
30
The
Central
and
Eastern
Europe
Fund,
Inc.
The
United
States,
the
European
Union,
the
United
Kingdom
and
other
countries
have
imposed
sanctions
on
Russia
in
response
to
Russian
military
and
other
actions,
including
Russia’s
February
2022
invasion
of
Ukraine.
Countermeasures
imposed
by
Russia
have
had,
and
continue
to
have,
an
adverse
impact
on
the
local
operating
conditions
and
introduced
severe
limitations
on
the
activities
available
to
non-resident
investors
in
the
Russian
market
and
with
any
holdings
of
Russian
domestic
and
non-
domestic
securities
held
in
other
locations.
These
events
have
negatively
affected
the
value
of
many
of
the
Fund’s
portfolio
investments,
particularly
its
Russian
investments
(some
of
which
are
in
companies
affected
by
the
sanctions),
most
of
which
have
been
valued
at
zero
since
March
14,
2022,
and
may
continue
to
be
so
valued
for
an
indefinite
period.
For
more
information
on
the
valuation
of
the
Fund's
Russian
investments,
see
Russian
Holdings
Developments
in
the
Letter
of
Shareholders,
above.
These
circumstances
have
resulted
in
market
disruptions,
inability
to
conduct
normal
market
purchase
and
sale
transactions,
impacts
to
receipt
of
dividend
income
as
well
as
the
introduction
of
asset
transfer
restrictions
and
the
adoption
of
currency
restrictions
prohibiting
the
repatriation
of,
or
further
investment
of,
Russian
ruble
income
received
on
securities.
On
April
16,
2022,
the
Russian
Federation
adopted
Federal
Law
No.
114-FZ,
which
relates
to
the
mandatory
termination
by
Russian
incorporated
issuers
of
depository
receipt
(“DR”)
programs
(the
“DR
Law”).
The
DR
Law
provides
for
the
mandatory
termination
of
DR
programs
by
all
Russian
incorporated
issuers
unless
an
express
permission
is
obtained
by
the
issuer
from
the
relevant
Russian
authority
to
retain
the
issuer’s
DR
program.
Since
April
27,
2022,
the
DR
Law’s
effective
date,
all
voting
and
dividend
rights
attached
to
the
shares
underlying
outstanding
DRs
have
been
suspended.
With
respect
to
its
holdings
of
Russian
DRs,
the
Fund
participated
in
four
mandatory
share
conversion
schemes
while
complying
with
restrictions
imposed
by
sanctions.
Due
to
the
frequently
changing
regulatory
and
market
environment
and
complexity
in
processing,
no
assurance
can
be
given
that
additional
DR
exchanges
will
occur.
The
various
sanctions
have
adversely
affected,
and
may
continue
to
adversely
affect,
not
only
Russian
individuals,
Russian
issuers,
and
the
Russian
economy,
but
also
the
economies
of
many
countries
in
Europe,
including
Central
and
Eastern
Europe.
Russia’s
invasion
of
Ukraine
and
the
resulting
sanctions
have
adversely
affected,
and
may
continue
to
adversely
affect,
global
energy
and
financial
markets,
as
well
as
markets
for
some
agricultural
products,
potentially
affecting
the
value
of
the
Fund’s
investments
even
beyond
any
direct
exposure
the
Fund
may
have
to
Russian
issuers
or
the
adjoining
geographic
regions.
The
continuation
of
current
sanctions
or
the
imposition
of
additional
sanctions
may
further
materially
adversely
affect
the
value
and
liquidity
of
the
Fund’s
portfolio,
and
measures
taken
since
Russia’s
invasion
of
Ukraine
have
resulted
in
the
freezing
of
Russian
assets
held
by
the
Fund
and
it
is
not
known
when
or
if
this
situation
will
improve,
although
the
Fund
has
observed
occasional
The
Central
and
Eastern
Europe
Fund,
Inc.
31
privately
negotiated
transactions
in
depositary
receipts
of
non-sanctioned
Russian
issuers
taking
place
(at
prices
that
are
deeply
discounted
from
those
taking
place
through
the
facilities
of
the
Moscow
Stock
Exchange).
The
situation
with
Russia
continues
to
evolve
and
remains
fluid.
The
severity
and
duration
of
Russia’s
military
actions,
resulting
sanctions
and
resulting
market
disruptions
are
impossible
to
predict,
but
they
continue
to
be
substantial.
F.
Capital
During
the
six
months
ended
April
30,
2024,
and
the
year
ended
October
31,
2023,
the
Fund
did
not
purchase
any
shares
of
its
common
stock.
During
the
six
months
ended
April
30,
2024
and
the
year
ended
October
31,
2023,
the
Fund
issued
for
dividend
reinvestment
95,215
and
80,370
shares,
respectively.
The
average
premium
of
these
issued
shares,
comparing
the
issue
price
to
the
NAV
per
share
at
the
time
of
issuance,
was
4.52%
and
22.42%,
respectively.
G.
Share
Repurchases
On
July
29,
2022,
the
Fund
announced
that
the
Board
of
Directors
approved
an
extension
of
the
current
repurchase
authorization
permitting
the
Fund
to
repurchase
up
to
622,066
shares
during
the
period
from
August
1,
2022
through
July
31,
2023.
On
July
28,
2023,
the
Fund
announced
that
the
Board
of
Directors
approved
an
extension
of
the
current
repurchase
authorization
permitting
the
Fund
to
repurchase
up
to
630,039
shares
during
the
period
from
August
1,
2023
through
July
31,
2024.
The
Fund
did
not
repurchase
shares
between
November
1,
2022
and
April
30,
2024.
Repurchases
will
be
made
from
time
to
time
when
they
are
believed
to
be
in
the
best
interests
of
the
Fund.
There
can
be
no
assurance
that
the
Fund’s
repurchases
will
reduce
the
spread
between
the
market
price
of
the
Fund’s
shares
referred
to
below
and
its
NAV
per
share.
Monthly
updates
concerning
the
Fund’s
repurchase
program
are
available
on
its
Web
site
at
dws.com
.
H.
Concentration
of
Ownership
From
time
to
time,
the
Fund
may
have
a
concentration
of
several
shareholder
accounts
holding
a
significant
percentage
of
shares
outstanding.
Investment
activities
of
these
shareholders
could
have
a
material
impact
on
the
Fund.
At
April
30,
2024,
there
were
two
shareholders
that
each
held
approximately
6%
of
the
outstanding
shares
of
the
Fund.
Additional
Information
32
The
Central
and
Eastern
Europe
Fund,
Inc.
Automated
Information
Lines
DWS
Closed-End
Fund
Info
Line
(800)
349-4281
Web
Site
dws.com
Obtain
fact
sheets,
financial
reports,
press
releases
and
webcasts
when
available.
Written
Correspondence
DWS
Attn:
Secretary
of
the
DWS
Funds
100
Summer
Street
Boston,
MA
02110
Legal
Counsel
Sullivan
&
Cromwell
LLP
125
Broad
Street
New
York,
NY
10004
Dividend
Reinvestment
Plan Agent
SS&C
GIDS,
Inc.
333
W.
11th
Street,
5th
Floor
Kansas
City,
MO
64105
Shareholder
Service
Agent
and
Transfer
Agent
DWS
Service
Company
P.O.
Box
219066
Kansas
City,
MO
64121-9066
(800)
437-6269
Custodian
Brown
Brothers
Harriman
&
Company
50
Post
Office
Square
Boston,
MA
02110
Independent
Registered
Public
Accounting
Firm
Ernst
&
Young
LLP
200
Clarendon
Street
Boston,
MA
02116
Proxy
Voting
A
description
of
the
Fund's
policies
and
procedures
for
voting
proxies
for
portfolio
securities
and
information
about
how
the
Fund
voted
proxies
related
to
its
portfolio
securities
during
the
most
recent
12-month
period
ended
June
30
is
available
on
our
web
site
—
dws.com/en-us/resources/proxy-voting
—
or
on
the
SEC's
web
site
—
sec.gov.
To
obtain
a
written
copy
of
the
Fund's
policies
and
procedures
without
charge,
upon
request,
call
us
toll
free
at
(800)
437-6269.
The
Central
and
Eastern
Europe
Fund,
Inc.
33
Portfolio
Holdings
Following
the
Fund's
fiscal
first
and
third
quarter-end,
a
complete
portfolio
holdings
listing
is
posted
on
dws.com,
and
is
available
free
of
charge
by
contacting
your
financial
intermediary,
or
if
you
are
a
direct
investor,
by
calling
(800)
728-3337.
In
addition,
the
portfolio
holdings
listing
is
filed
with
the
SEC
on
the
Fund's
Form
N-PORT
and
will
be
available
on
the
SEC's
Web
site
at
sec.gov.
Additional
portfolio
holdings
for
the
Fund
are
also
posted
on
dws.com
from
time
to
time.
Investment
Management
DWS
International
GmbH,
which
is
part
of
DWS
Group,
is
the
investment
advisor
for
the
Fund.
DWS
International
GmbH
provides
a
full
range
of
investment
advisory
services
to
both
institutional
and
retail
clients.
DWS
International
GmbH
is
a
direct,
wholly
owned
subsidiary
of
DWS
Group.
DWS
Group
is
a
global
organization
that
offers
a
wide
range
of
investing
expertise
and
resources,
including
hundreds
of
portfolio
managers
and
analysts
and
an
office
network
that
reaches
the
world's
major
investment
centers.
This
well-resourced
global
investment
platform
brings
together
a
wide
variety
of
experience
and
investment
insight
across
industries,
regions,
asset
classes
and
investing
styles.
Voluntary
Cash
Purchase
Program
and
Dividend
Reinvestment
Plan
The
Fund
offers
shareholders
a
Voluntary
Cash
Purchase
Program
and
Dividend
Reinvestment
Plan
(“Plan”)
which
provides
for
optional
cash
purchases
and
for
the
automatic
reinvestment
of
dividends
and
distributions
payable
by
the
Fund
in
additional
Fund
shares.
Plan
participants
may
invest
as
little
as
$100
in
any
month
and
may
invest
up
to
$36,000
annually.
The
Plan
allows
current
shareholders
who
are
not
already
participants
in
the
Plan
and
first
time
investors
to
enroll
in
the
Plan
by
making
an
initial
cash
deposit
of
at
least
$250
with
the
plan
agent.
Share
purchases
are
combined
to
receive
a
beneficial
brokerage
fee.
A
brochure
is
available
by
writing
or
telephoning
the
transfer
agent:
DWS
Service
Company
P.O.
Box
219066
Kansas
City,
MO
64121-9066
Tel.:
1-800-437-6269
NYSE
Symbol
CEE
Nasdaq
Symbol
XCEEX
CUSIP
Number
153436100
Notes
There
are
three
closed-end
funds
investing
in
European
equities
advised
and
administered
by
wholly
owned
subsidiaries
of
the
DWS
Group:
The
Central
and
Eastern
Europe
Fund,
Inc.
—
investing
primarily
in
equity
or
equity-linked
securities
of
issuers
domiciled
in
Central
and
Eastern
Europe
(with
normally
at
least
80%
in
securities
of
issuers
domiciled
in
countries
in
Central
and
Eastern
Europe).
The
European
Equity
Fund,
Inc.
—
investing
primarily
in
equity
or
equity-linked
securities
of
issuers
domiciled
in
Europe
(with
normally
at
least
80%
in
securities
of
issuers
domiciled
in
Europe).
The
New
Germany
Fund,
Inc.
—
investing
primarily
in
equity
or
equity-linked
securities
of
middle
market
German
companies
with
up
to
20%
in
other
Western
European
companies
(with
no
more
than
15%
in
any
single
country).
Please
consult
your
broker
for
advice
on
any
of
the
above
or
call
(1-800-437-6269)
for
shareholder
reports.
875
Third
Avenue
New
York,
NY
10022
CEE-3
(R-027581-13
6/24)

| (b) Not applicable
ITEM 2. | CODE OF ETHICS
| Not applicable.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT
| Not applicable
ITEM 4. | PRINCIPAL ACCOUNTANT FEES
| Not applicable
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS
| Not applicable
ITEM 6. | INVESTMENTS
| Not applicable
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES
| Not applicable
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
| Not applicable
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY

Period | (a) Total Number of Shares Purchased | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs |  |
November 1 through November 30 | 0 | n/a | 0 | 630,039 |  |
December 1 through December 31 | 0 | n/a | 0 | 630,039 |  |
January 1 through January 31 | 0 | n/a | 0 | 630,039 |  |
February 1 through February 28 | 0 | n/a | 0 | 630,039 |  |
March 1 through March 31 | 0 | n/a | 0 | 630,039 |  |
April 1 through April 30 | 0 | n/a | 0 | 630,039 |  |
Total | 0 | n/a | 0 |  |  |
On July 29, 2022, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to repurchase up to 622,066 shares during the period from August 1, 2022 through July 31, 2023. The Fund did not repurchase shares between August 1, 2022 and July 31, 2023. |  |
On July 28, 2023, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to repurchase up to 630,039 shares during the period from August 1, 2023 through July 31, 2024. The Fund did not repurchase shares between August 1, 2023 and April 30, 2024. |  |

ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
| There were no material changes to the procedures by which stockholders may recommend nominees to the Fund’s Board. The Nominating and Governance Committee will consider nominee candidates properly submitted by stockholders in accordance with applicable law, the Fund's Articles of Incorporation or By-laws, resolutions of the Board and the qualifications and procedures set forth in the Nominating and Governance Committee Charter and this proxy statement. The Nominating and Governance Committee's Charter requires that a stockholder or group of stockholders seeking to submit a nominee candidate (i) must have beneficially owned at least 5% of the Fund's common stock for at least two years, (ii) may submit only one nominee candidate for any particular meeting of stockholders, and (iii) may submit a nominee candidate for only an annual meeting or other meeting of stockholders at which directors will be elected. The stockholder or group of stockholders must provide notice of the proposed nominee pursuant to the requirements found in the Fund's By-laws. Generally, this notice must be received not less than 90 days nor more than 120 days prior to the first anniversary of the date of mailing of the notice for the preceding year's annual meeting. Such notice shall include the specific information required by the Fund's By-laws. The Nominating and Governance Committee will evaluate nominee candidates properly submitted by stockholders on the same basis as it considers and evaluates candidates recommended by other sources.
ITEM 11. | CONTROLS
| (a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
| (b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
| Not applicable
ITEM 13. | EXHIBITS
| (a)(1) | Not applicable
| (a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
| (b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: | The Central and Eastern Europe Fund, Inc.
By: | /s/Hepsen Uzcan Hepsen Uzcan Principal Executive
Date: | 6/28/2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: | /s/Hepsen Uzcan Hepsen Uzcan Principal Executive
Date: | 6/28/2024
By: | /s/Diane Kenneally Diane Kenneally Principal Financial Officer
Date: | 6/28/2024