N-CSRS 1 sr43025cee.htm THE CENTRAL AND EASTERN EUROPE FUND, INC.

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

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: 4/30/2025

 

Item 1. Reports to Stockholders.
   
  (a)

April
30,
2025
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
4
Letter
to
the
Shareholders
8
Performance
Summary
10
Schedule
of
Investments
16
Statement
of
Assets
and
Liabilities
17
Statement
of
Operations
18
Statements
of
Changes
in
Net
Assets
19
Financial
Highlights
21
Notes
to
Financial
Statements
31
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
previously
reported,
certain
of
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.
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
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)
4
The
Central
and
Eastern
Europe
Fund,
Inc.
Dear
Shareholder,
For
its
most
recent
semiannual
period
ended
April
30,
2025,
The
Central
and
Eastern
Europe
Fund,
Inc.
(the
“Fund”)
posted
a
total
return
in
U.S.
dollars
(“USD”)
of
28.92%
based
on
net
asset
value
(“NAV”)
and
40.50%
based
on
market
price.
The
Fund’s
benchmark,
the
MSCI
Emerging
Markets
Eastern
Europe
Index,
returned
33.93%
during
the
same
period.
1
The
Fund
traded
at
an
average
premium
to
NAV
of
9.24%
for
the
period
in
review,
compared
with
an
average
discount
of
0.94%
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
the
Fund’s
benchmark
index,
followed
by
Hungary
and
the
Czech
Republic.
The
markets
in
the
benchmark
index
continued
to
rally
over
the
six-month
reporting
period
ending
April
30,
2025,
despite
the
ongoing
hostilities
in
Ukraine.
Sentiment
with
respect
to
Poland
benefited
from
the
approval
in
November
2024
of
a
record
European
Union
(“EU”)
funding
package.
In
Country
Breakdown
(As
a
%
of
Net
Assets)
4/30/25
10/31/24
Poland
66%
62%
Hungary
19%
18%
Czech
Republic
3%
4%
Moldova
3%
3%
Portugal
2%
2%
Netherlands
1%
6%
Turkey
1%
—
Kazakhstan
0%
0%
France
0%
0%
Austria
0%
2%
Russia
0%
0%
Cash*
5%
3%
100%
100%
*
Includes
Cash
Equivalents
and
Other
Assets
and
Liabilities,
Net.
The
Central
and
Eastern
Europe
Fund,
Inc.
5
addition,
Poland’s
economy
has
been
boosted
by
a
surge
of
investment
and
hiring
on
the
part
of
large
U.S.
technology
companies.
Polish
banks
continued
to
be
the
strongest
driver
of
positive
returns
within
the
CEE
region.
The
Fund
has
a
fundamental
policy
of
not
concentrating
its
investments,
which
means
that
investment
into
any
single
industry
is
for
the
purposes
of
the
Investment
Company
Act
of
1940
limited
to
a
maximum
of
25%
of
total
assets.
As
the
sub-industry
“Diversified
Banks”
constitutes
the
largest
weight
within
the
Fund’s
benchmark
at
well
over
25%
(approximately
46%
at
April
30,
2025),
the
Fund
is
underweight
the
sub-industry.
This
structural
underweight
to
banks
weighed
on
relative
performance
for
the
six
months,
with
an
underweight
to
Dino
Polska
SA
(2.0%)
acting
as
the
biggest
constraint.
In
addition,
an
overweight
to
InPost
SA
(2.2%)
detracted
from
performance.
Shares
of
the
Polish
operator
of
automated
courier,
package
delivery
and
express
mail
services
were
swept
up
in
a
sell-off
of
technology-related
stocks
seen
in
the
second
half
of
the
period.
Conversely,
overweights
to
Polish
electricity
generation
company
Tauron
Polska
Energia
SA
(1.3%)
and
Hungarian
telecommunication
services
provider
Magyar
Telekom
Telecommunications
PLC
(2.1%)
proved
additive,
along
with
a
lack
of
exposure
to
Polish
copper
mine
operator
KGHM.
Sector
Diversification
(As
a
%
of
Equity
Securities)
4/30/25
10/31/24
Financials
40%
35%
Energy
12%
13%
Industrials
11%
5%
Consumer
Discretionary
9%
10%
Consumer
Staples
7%
7%
Health
Care
5%
5%
Communication
Services
4%
10%
Materials
4%
6%
Utilities
4%
8%
Real
Estate
2%
1%
Information
Technology
2%
—
100%
100%
6
The
Central
and
Eastern
Europe
Fund,
Inc.
Market
Outlook
While
it
is
difficult
to
predict
the
ultimate
magnitude
and
duration
of
the
U.S.-China
trade
conflict,
its
impact
on
market
sentiment
has
been
significant.
While
any
resulting
U.S.
dollar
weakness
could
be
viewed
as
supportive,
periods
of
heightened
uncertainty
raise
risks
for
emerging
markets
broadly.
In
the
near
term,
the
trajectory
of
emerging
European
economies
is
likely
to
be
dictated
by
developments
around
global
trade
and
other
macro-
level
variables.
Russia’s
ongoing
war
against
Ukraine
has
not
proven
to
be
an
overwhelming
headwind
for
regional
valuations.
Plans
for
significantly
increased
spending
in
Western
Europe
triggered
by
Germany’s
shift
to
a
more
liberal
debt
policy
have
likely
helped
counter
to
a
degree
any
impact
on
sentiment
related
to
the
Ukraine
conflict.
Developments
in
Ukraine
and
on
the
European
fiscal
front
aside,
Eastern
Europe
appears
well
placed
given
its
favorable
labor
costs
along
with
available
manufacturing
and
servicing
centers.
In
our
view,
this
bodes
well
for
Polish
financials
which
should
benefit
from
strong
real
estate
and
consumer
fundamentals.
Declining
inflation
levels,
in
part
due
to
oil
price
Ten
Largest
Equity
Holdings
at
April
30,
2025
(62.2%
of
Net
Assets)
Country
Percent
1
.
Powszechny
Zaklad
Ubezpieczen
SA
Poland
10.9%
2
.
Bank
Polska
Kasa
Opieki
SA
Poland
8.9%
3
.
OTP
Bank
Nyrt
Hungary
8.2%
4
.
ORLEN
SA
Poland
7.6%
5
.
LPP
SA
Poland
5.5%
6
.
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
Poland
5.4%
7
.
Richter
Gedeon
Nyrt
Hungary
4.6%
8
.
Budimex
SA
Poland
4.2%
9
.
MOL
Hungarian
Oil
&
Gas
PLC
Hungary
4.0%
10
.
Allegro.eu
SA
Poland
2.9%
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.
The
Central
and
Eastern
Europe
Fund,
Inc.
7
weakness,
should
allow
for
central
banks
rate
cuts
even
as
EU
funding
supports
growth.
We
maintain
a
positive
view
on
all
three
markets
in
the
Fund’s
benchmark,
but
with
caveats
regarding
the
outlooks
for
Hungary
and
the
Czech
Republic.
Both
economies
are
significantly
driven
by
automobile
exports
which
are
being
confronted
with
highly
competitive
Chinese
offerings.
In
addition,
upcoming
elections
in
Hungary
could
result
in
a
more
populist
government,
leading
to
increased
regulation
and
pricing
headwinds
for
sectors
such
as
telecommunications.
Lastly,
on
May
9,
2025,
Mr.
Christian
M.
Zügel
retired
from
the
Fund’s
Board.
The
Board
thanks
Mr.
Zügel
for
his
excellent
service
for
many
years
to
the
Fund.
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.
Percentages
in
parentheses
are
based
on
the
Fund’s
net
assets
as
of
April
30,
2025.
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.
Sebastian
Kahlfeld
Portfolio
Manager
Hepsen
Uzcan
Interested
Director,
President
and
Chief
Executive
Officer
Performance
Summary
April
30,
2025
(Unaudited)
8
The
Central
and
Eastern
Europe
Fund,
Inc.
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
4/30/25
6-Month
‡
1-Year
5-Year
10-Year
Net
Asset
Value
(a)
28.92%
45.04%
(6.56)%
(2.83)%
Market
Price
(a)
40.50%
58.47%
(1.98)%
(1.32)%
MSCI
Emerging
Markets
Eastern
Europe
Index
(b)
33.93%
28.36%
(12.48)%
(5.65)%
Blended
Index
(c)
33.93%
28.36%
(12.48)%
(6.18)%
The
Central
and
Eastern
Europe
Fund,
Inc.
9
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,
2025
was
1.27%.
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,
2015
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
4/30/25
As
of
10/31/24
Net
Asset
Value
$    
13.88
$    
11.07
Market
Price
$    
14.58
$    
10.67
Prices
and
Net
Asset
Value
fluctuate
and
are
not
guaranteed.
Distribution
Information
Per
Share
Six
Months
as
of
4/30/25:
Income
Distribution
$    
0.35
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,
2025
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
10
The
Central
and
Eastern
Europe
Fund,
Inc.
Shares
Value
($)
Poland
66.3%
Common
Stocks
Air
Freight
&
Logistics
2.1%
InPost
SA*
115,000
1,935,004
Banks
15.7%
Alior
Bank
SA
45,000
1,222,469
Bank
Polska
Kasa
Opieki
SA*
160,000
8,006,589
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
250,000
4,807,513
14,036,571
Broadline
Retail
2.9%
Allegro.eu
SA
144A*
300,000
2,627,461
Capital
Markets
1.4%
Warsaw
Stock
Exchange
100,000
1,273,148
Commercial
Services
&
Supplies
0.9%
Mo-BRUK
SA
†
10,000
775,791
Construction
&
Engineering
4.2%
Budimex
SA
22,500
3,785,170
Consumer
Staples
Distribution
&
Retail
2.0%
Dino
Polska
SA
144A*
12,500
1,756,157
Diversified
Telecommunication
Services
2.0%
Orange
Polska
SA
700,000
1,803,608
Electric
Utilities
2.2%
Enea
SA*
225,000
852,440
Tauron
Polska
Energia
SA*
750,000
1,177,635
2,030,075
Entertainment
0.0%
CD
Projekt
SA
100
6,188
Household
Durables
0.5%
Dom
Development
SA
8,500
495,696
Insurance
10.9%
Powszechny
Zaklad
Ubezpieczen
SA
625,000
9,770,451
Metals
&
Mining
3.7%
Grupa
Kety
SA
†
3,750
860,809
KGHM
Polska
Miedz
SA
75,000
2,382,170
3,242,979
Oil,
Gas
&
Consumable
Fuels
7.6%
ORLEN
SA
375,000
6,797,803
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
Central
and
Eastern
Europe
Fund,
Inc.
11
Shares
Value
($)
Professional
Services
2.7%
Benefit
Systems
SA
2,250
1,948,776
Grupa
Pracuj
SA
†
27,500
442,759
2,391,535
Real
Estate
Management
&
Development
1.5%
Develia
SA
†
275,000
545,046
Murapol
SA
76,200
824,982
1,370,028
Software
0.5%
Vercom
SA
''D''
15,000
462,286
Textiles,
Apparel
&
Luxury
Goods
5.5%
LPP
SA
†
1,200
4,909,801
Total
Poland
(Cost
$37,263,712)
59,469,752
Hungary
18.9%
Common
Stocks
Banks
8.2%
OTP
Bank
Nyrt
100,000
7,384,926
Diversified
Telecommunication
Services
2.1%
Magyar
Telekom
Telecommunications
PLC
(ADR)*
390,000
1,849,941
Oil,
Gas
&
Consumable
Fuels
4.0%
MOL
Hungarian
Oil
&
Gas
PLC
425,000
3,599,590
Pharmaceuticals
4.6%
Richter
Gedeon
Nyrt
135,000
4,097,117
Total
Hungary
(Cost
$9,435,189)
16,931,574
Czech
Republic
2.8%
Common
Stocks
Banks
1.6%
Komercni
Banka
AS
30,000
1,455,913
Moneta
Money
Bank
AS
144A
1,000
6,170
1,462,083
Electric
Utilities
1.2%
CEZ
AS
20,000
1,017,088
Total
Czech
Republic
(Cost
$1,591,687)
2,479,171
Moldova
2.7%
Common
Stocks
Beverages
2.7%
Purcari
Wineries
PLC
(Registered)
(Cost
$1,551,236)
700,000
2,406,849
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
12
The
Central
and
Eastern
Europe
Fund,
Inc.
Shares
Value
($)
Portugal
2.0%
Common
Stocks
Consumer
Staples
Distribution
&
Retail
2.0%
Jeronimo
Martins
SGPS
SA
(Cost
$1,556,413)
75,000
1,817,903
Netherlands
1.3%
Common
Stocks
Software
1.3%
Nebius
Group
NV
''A''
(Cost
$3,191,161)*
†
50,000
1,126,000
Turkey
1.2%
Common
Stocks
Electrical
Equipment
0.4%
Astor
Transformator
Enerji
Turizm
Insaat
Ve
Petrol
Sanayi
Ticaret
AS
''B''
135,000
352,689
Financial
Services
0.4%
Turkiye
Sinai
Kalkinma
Bankasi
AS*
1,500,000
407,863
Passenger
Airlines
0.4%
Pegasus
Hava
Tasimaciligi
AS*
60,000
347,658
Total
Turkey
(Cost
$1,259,775)
1,108,210
Kazakhstan
0.3%
Common
Stocks
Metals
&
Mining
0.3%
Solidcore
Resources
PLC
(Cost
$1,244,170)*
75,000
281,250
France
0.0%
Common
Stocks
Oil,
Gas
&
Consumable
Fuels
0.0%
TotalEnergies
SE
(Cost
$4,732)
100
5,817
Austria
0.0%
Common
Stocks
Oil,
Gas
&
Consumable
Fuels
0.0%
OMV
AG
(Cost
$4,475)
100
5,180
Russia
0.0%
Common
Stocks
Banks
0.0%
Sberbank
of
Russia
PJSC**
(a)
3,600,000
0
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
Central
and
Eastern
Europe
Fund,
Inc.
13
Shares
Value
($)
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
0
Metals
&
Mining
0.0%
Alrosa
PJSC**
(a)
1,670,000
0
GMK
Norilskiy
Nickel
PAO
(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
Tatneft
PJSC
(ADR)*
†
(a)
26,400
0
0
Total
Russia
(Cost
$30,722,586)
0
Securities
Lending
Collateral
7.2%
DWS
Government
&
Agency
Securities
Portfolio
''DWS
Government
Cash
Institutional
Shares'',
4.24%
(Cost
$6,455,929)
(b)
(c)
6,455,929
6,455,929
Cash
Equivalents
3.7%
DWS
Central
Cash
Management
Government
Fund,
4.36%
(Cost
$3,300,921)
(c)
3,300,921
3,300,921
%
of
Net
Assets
Value
($)
Total
Investment
Portfolio
(Cost
$97,581,986)
106.
4
95,388,556
Other
Assets
and
Liabilities,
Net
(6.
4
)
(5,772,309)
Net
Assets
100.0
89,616,247
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
14
The
Central
and
Eastern
Europe
Fund,
Inc.
For
purposes
of
its
industry
concentration
policy,
the
Fund
classifies
issuers
of
portfolio
securities
at
the
industry
sub-group
level.
Certain
of
the
categories
in
the
above
Schedule
of
Investments
consist
of
multiple
industry
sub-groups
or
industries.
A
summary
of
the
Fund’s
transactions
in
affiliated
investments
during
the
period
ended
April
30,
2025
are
as
follows:
Net
Change
Value
($)
at
10/31/2024
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
4/30/2025
Value
($)
at
4/30/2025
Securities
Lending
Collateral
7.2%
DWS
Government
&
Agency
Securities
Portfolio
''DWS
Government
Cash
Institutional
Shares'',
4.24%
(b)
(c)
705,400
5,750,529(d)
–
–
–
21,436
–
6,455,929
6,455,929
Cash
Equivalents
3.7%
DWS
Central
Cash
Management
Government
Fund,
4.36%
(c)
2,355,938
9,272,991
8,328,008
–
–
48,258
–
3,300,921
3,300,921
3,061,338
15,023,520
8,328,008
–
–
69,694
–
9,756,850
9,756,850
*
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,
2025
amounted
to
$5,770,719,
which
is
6.4%
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,
2025.
144A:
Securities
exempt
from
registration
under
Rule
144A
under
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.
The
Central
and
Eastern
Europe
Fund,
Inc.
15
(e)
See
Schedule
of
Investments
for
additional
detailed
categorizations
.
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,
2025
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
$
59,469,752
$
—
$
—
$
59,469,752
Hungary
16,931,574
—
—
16,931,574
Czech
Republic
2,479,171
—
—
2,479,171
Moldova
2,406,849
—
—
2,406,849
Portugal
1,817,903
—
—
1,817,903
Netherlands
1,126,000
—
—
1,126,000
Turkey
1,108,210
—
—
1,108,210
Kazakhstan
281,250
—
—
281,250
France
5,817
—
—
5,817
Austria
5,180
—
—
5,180
Russia
—
—
0
0
Short-Term
Instruments
(e)
9,756,850
—
—
9,756,850
Total
$
95,388,556
$
—
$
0
$
95,388,556
Statement
of
Assets
and
Liabilities
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
16
The
Central
and
Eastern
Europe
Fund,
Inc.
as
of
April
30,
2025
(Unaudited)
Assets
Investments
in
non-affiliated
securities,
at
value
(cost
$87,825,136)
—
including
$5,770,719
of
securities
loaned
$
85,631,706
Investment
in
DWS
Central
Cash
Management
Government
Fund
(cost
$3,300,921)
3,300,921
Investment
in
DWS
Government
&
Agency
Securities
Portfolio
(cost
$6,455,929)
*
6,455,929
Foreign
currency,
at
value
(cost
$526,360)
528,707
Dividends
receivable
387
Foreign
taxes
recoverable
266,438
Interest
receivable
14,041
Other
assets
30,843
Total
assets
96,228,972
Liabilities
Payable
upon
return
of
securities
loaned
6,455,929
Investment
advisory
fee
payable
26,022
Administration
fee
payable
13,878
Payable
for
Directors'
fees
and
expenses
3,320
Accrued
expenses
and
other
liabilities
113,576
Total
liabilities
6,612,725
Net
assets
$
89,616,247
Net
Assets
Consist
of
Distributable
earnings
(loss)
(92,247,033)
Paid-in
capital
181,863,280
Net
assets
$
89,616,247
Net
Asset
Value
Net
assets
value
per
share
($89,616,247
÷
6,458,365
shares
of
common
stock
issued
and
outstanding,
$.001
par
value,
80,000,000
shares
authorized)
$
13.88
*  
Represents
cash
collateral
on
securities
loaned.
Statement
of
Operations
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
Central
and
Eastern
Europe
Fund,
Inc.
17
for
the
six
months
ended
April
30,
2025
(Unaudited)
Net
Investment
Income
Income:
Dividends
(net
of
foreign
withholding
taxes
of
$29,660)
$
175,969
Income
distributions
—
DWS
Central
Cash
Management
Government
Fund
48,258
Securities
lending
income,
net
of
borrower
rebates
21,436
Total
investment
income
245,663
Expenses:
Investment
advisory
fee
283,108
Administration
fee
75,496
Custody
and
accounting
fee
58,660
Services
to
shareholders
5,896
Reports
to
shareholders
and
shareholder
meeting
expenses
21,782
Directors'
fees
and
expenses
40,182
Legal
fees
70,463
Audit
and
tax
fees
27,512
NYSE
listing
fee
11,771
Insurance
11,715
Miscellaneous
18,088
Total
expenses
before
expense
reductions
624,673
Expense
reductions
(141,554)
Total
expenses
after
expense
reductions
483,119
Net
investment
loss
(237,456)
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from:
Investments
(4,597,167)
Foreign
currency
(37,876)
Net
realized
gain
(loss)
(4,635,043)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
25,116,694
Foreign
currency
38,345
Change
in
net
unrealized
appreciation
(depreciation)
25,155,039
Net
gain
(loss)
20,519,996
Net
increase
(decrease)
in
net
assets
resulting
from
operations
$
20,282,540
Statements
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
18
The
Central
and
Eastern
Europe
Fund,
Inc.
Increase
(Decrease)
in
Net
Assets
Six
Months
Ended
April
30,
2025
(Unaudited)
Year
Ended
October
31,
2024
Operations:
Net
investment
income
(loss)
  $
(237,456)
  $
2,188,035
Net
realized
gain
(loss)
(4,635,043)
(15,099,139)
Change
in
net
unrealized
appreciation
(depreciation)
25,155,039
30,910,602
Net
increase
(decrease)
in
net
assets
resulting
from
operations
20,282,540
17,999,498
Distributions
to
shareholders
(2,258,929)
(2,300,273)
Fund
share
transactions:
Net
proceeds
from
reinvestment
of
distributions
785,103
923,591
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
785,103
923,591
Total
increase
(decrease)
in
net
assets
18,808,714
16,622,816
Net
assets
at
beginning
of
period
70,807,533
54,184,717
Net
assets
at
end
of
period
  $
89,616,247
  $
70,807,533
Other
Information
Shares
outstanding
at
beginning
of
period
6,395,607
6,300,392
Shares
issued
from
reinvestment
of
distributions
62,758
95,215
Shares
outstanding
at
end
of
period
6,458,365
6,395,607
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
Central
and
Eastern
Europe
Fund,
Inc.
19
Six
Months    
Ended
4/30/25
Years
Ended
October
31,
(Unaudited)  
2024
2023
2022
2021
2020
Per
Share
Operating
Performance
Net
asset
value,
beginning
of
period
$
11.07
$
8.60
$
5.96
$
35.19
$
22.01
$
31.60
Income
(loss)
from
investment
operations:
Net
investment
income
(loss)
a
(.04)
.34
.29
.31
.90
1
.
0
0
d
Net
realized
and
unrealized
gain
(loss)
on
investments
and
foreign
currency
3.19
2.49
2.57
(28.64)
13.01
(9.21)
Total
from
investment
operations
3.15
2.83
2.86
(28.33)
13.91
(8.21)
Less
distributions
from:
Net
investment
income
(.35)
(.37)
(.24)
(.95)
(.92)
(1.46)
Increase
(dilution)
in
net
asset
value
from
dividend
reinvestment
.01
.01
.02
(.02)
(.02)
(.03)
Increase
resulting
from
share
repurchases
—
—
—
.07
.21
.11
Net
asset
value,
end
of
period
$
13.88
$
11.07
$
8.60
$
5.96
$
35.19
$
22.01
Market
value,
end
of
period
$
14.58
$
10.67
$
8.46
$
7.05
$
31.32
$
18.33
Total
Investment
Return
for
the
Period
b
Based
upon
market
value
(%)
40.50
**
30.87
23.13
(76.57)
77.46
(29.42)
Based
upon
net
asset
value
c
(%)
28.92
**
33.57
47.81
(82.33)
65.86
(26.61)
Financial
Highlights
(continued)
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
20
The
Central
and
Eastern
Europe
Fund,
Inc.
Six
Months    
Ended
4/30/25
Years
Ended
October
31,
(Unaudited)  
2024
2023
2022
2021
2020
Ratios
to
Average
Net
Assets
Total
expenses
before
expense
reductions
(%)
1.64
*
1.85
1.71
1.67
1.18
1.24
Total
expenses
after
expense
reductions
(%)
1.27
*
1.48
1.34
1.51
1.18
1.24
Net
investment
income
(loss)
(%)
(0.31)
**
3.34
3.76
2.12
2.95
3
.
71
d
Portfolio
turnover
(%)
14
**
30
40
35
31
43
Net
assets
at
end
of
period
($
thousands)
89,616
70,808
54,185
37,068
221,580
144,813
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.
The
Central
and
Eastern
Europe
Fund,
Inc.
21
Notes
to
Financial
Statements
(Unaudited)
A.
Accounting
Policies
The
Central
and
Eastern
Europe
Fund,
Inc.
(the
“Fund”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”)
and
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.
Subsequent
events,
if
any,
through
the
date
that
the
financial
statements
were
issued
have
been
evaluated
in
the
preparation
of
the
financial
statements.
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.
Operating
Segment.
In
this
reporting
period,
the
Fund
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures
(“ASU
2023-07”).
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund’s
financial
position
or
the
results
of
its
operations.
An
operating
segment
is
defined
in
Topic
280
as
a
component
of
a
public
entity
that
engages
in
business
activities
from
which
it
may
recognize
revenues
and
incur
expenses,
has
operating
results
that
are
regularly
reviewed
by
the
public
entity’s
chief
operating
decision
maker
(“CODM”)
to
make
decisions
about
resources
to
be
allocated
to
the
segment
and
assess
its
performance,
and
has
discrete
financial
information
available.
The
President
and
Chief
Executive
Officer,
acts
as
the
Fund’s
CODM.
The
Fund
represents
a
single
operating
segment,
as
the
CODM
monitors
the
operating
results
of
the
Fund
as
a
whole
and
the
Fund’s
long-term
strategic
asset
allocation
is
pre-determined
in
accordance
with
the
terms
of
its
investment
objective,
investment
policies
and
principal
risks,
based
on
a
defined
investment
strategy
which
is
executed
by
the
Fund’s
portfolio
managers
as
a
team.
The
financial
information
in
the
form
of
the
Fund’s
portfolio
composition,
total
returns,
expense
ratios
and
changes
in
net
asset
(i.e.,
changes
in
net
assets
resulting
from
operations),
which
are
used
by
the
CODM
to
assess
the
segment’s
performance
versus
the
Fund’s
comparative
benchmarks
and
to
make
resource
allocation
decisions
for
the
Fund’s
single
segment,
is
consistent
with
that
presented
within
the
Fund’s
financial
statements.
Segment
assets
are
reflected
on
the
accompanying
statement
of
assets
and
liabilities
as
“total
assets”
and
22
The
Central
and
Eastern
Europe
Fund,
Inc.
results
of
operations
and
significant
segment
expenses
are
listed
on
the
accompanying
statement
of
operations.
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.
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
The
Central
and
Eastern
Europe
Fund,
Inc.
23
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
securities
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
cash
and/
or
securities
issued
or
guaranteed
by
the
U.S.
Government,
its
agencies
or
instrumentalities
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
efforts
to
obtain
additional
collateral
on
the
next
business
day
to
meet
required
amounts
under
the
securities
lending
agreement.
During
the
six
months
ended
April
30,
2025,
the
Fund
invested
the
cash
collateral,
if
any,
into
a
joint
trading
account
in
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,
2025)
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
24
The
Central
and
Eastern
Europe
Fund,
Inc.
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,
2025,
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
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.
Tax
Information.
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
The
Central
and
Eastern
Europe
Fund,
Inc.
25
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,
2024,
the
Fund
had
a
net
tax
basis
capital
loss
carryforward
of
approximately
$84,560,000,
which
may
be
applied
against
realized
net
taxable
capital
gains
indefinitely,
including
short-term
losses
($16,129,000)
and
long-term
losses
($68,431,000).
At
April
30,
2025,
the
aggregate
cost
of
investments
for
federal
income
tax
purposes
was
$97,637,510.
The
net
unrealized
depreciation
for
all
investments
based
on
tax
cost
was
$2,248,954.
This
consisted
of
aggregate
gross
unrealized
appreciation
for
all
investments
for
which
there
was
an
excess
of
value
over
tax
cost
of
$33,217,320
and
aggregate
gross
unrealized
depreciation
for
all
investments
for
which
there
was
an
excess
of
tax
cost
over
value
of
$35,466,274.
The
Fund
files
tax
returns
with
the
Internal
Revenue
Service,
the
State
of
New
York,
and
various
other
states.
Specific
to
U.S.
federal
and
state
taxes,
generally,
each
of
the
tax
years
in
the
four-year
period
ended
October
31,
2024,
remains
subject
to
examination
by
taxing
authorities.
Specific
to
foreign
countries
in
which
the
Fund
invests,
all
open
tax
years
remain
subject
to
examination
by
taxing
authorities
in
the
respective
jurisdictions.
The
open
tax
years
vary
by
each
jurisdiction
in
which
the
Fund
invests.
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
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.
26
The
Central
and
Eastern
Europe
Fund,
Inc.
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
September
30,
2025)
by
DWSI
to
the
Fund.
Accordingly,
for
the
six
months
ended
April
30,
2025,
the
fee
pursuant
to
the
Investment
Advisory
Agreement
aggregated
$283,108,
of
which
$141,554
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,
2025,
the
amount
charged
to
the
Fund
by
DSC
included
in
the
Statement
of
Operations
under
“Services
to
shareholders”
aggregated
$4,496,
of
which
$746
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,
2025,
the
amount
charged
to
the
Fund
by
DIMA
The
Central
and
Eastern
Europe
Fund,
Inc.
27
included
in
the
Statement
of
Operations
under
“Reports
to
shareholders
and
shareholder
meeting
expenses”
aggregated
$296,
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,
2025,
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.
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,
2025
were
$10,226,653
and
$13,225,473,
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.
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-
28
The
Central
and
Eastern
Europe
Fund,
Inc.
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.
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.
On
October
2,
2024,
the
Russia
Federation
issued
Decree
No.
840
prescribing
that
all
securities
held
at
the
Fund's
sub-custodian
in
Russia
be
moved
from
the
central
depository,
the
Russian
National
Settlement
Depository
(“NSD”),
directly
to
the
books
of
the
issuers'
registrars.
As
a
result,
five
securities
were
transferred
from
the
NSD
to
local
registrars.
AO
Citibank,
the
Fund’s
local
sub-custodian,
has
established
a
separate
account
for
each
of
its
clients
on
its
books
and
records
to
reflect
these
transfers.
The
local
registrars
are
not
securities
depositories
but
rather
are
agents
of
the
respective
issuers
which
creates
a
new
custody
chain
with
new
risks,
including
the
risk
that
the
Fund's
ownership
rights
in
portfolio
securities
could
be
lost
through
fraud
or
negligence
as
a
result
of
the
fact
that
ownership
is
recorded
by
registrars
rather
than
a
sub-custodian
and
a
central
registration
system
in
accordance
with
applicable
SEC
rules.
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
The
Central
and
Eastern
Europe
Fund,
Inc.
29
materially
adversely
affect
the
value,
ownership
rights
or
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.
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,
2025,
and
the
year
ended
October
31,
2024,
the
Fund
did
not
purchase
any
shares
of
its
common
stock.
During
the
six
months
ended
April
30,
2025
and
the
year
ended
October
31,
2024,
the
Fund
issued
for
dividend
reinvestment
62,758
and
95,215
shares,
respectively.
The
average
premium
of
these
issued
shares,
comparing
the
issue
price
to
the
NAV
per
share
at
the
time
of
issuance,
was
7.89%
and
4.52%,
respectively.
G.
Share
Repurchases
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.
On
July
25,
2024,
the
Fund
announced
that
the
Board
of
Directors
approved
an
extension
of
the
current
repurchase
authorization
permitting
the
Fund
to
continue
to
purchase
outstanding
shares
of
its
common
stock
in
open-market
transactions
over
the
twelve-month
period
from
August
1,
2024
through
July
31,
2025.
The
Fund
did
not
repurchase
shares
between
November
1,
2023
and
April
30,
2025.
Repurchases
will
be
made
from
time
to
time
when
they
are
believed
to
be
in
the
best
interests
of
the
Fund.
As
noted
above,
no
such
purchases
were
made
by
the
Fund
in
its
fiscal
years
ended
October
31,
2024
and
the
six
months
ended
April
30,
2025.
There
can
be
no
assurance
that
the
Fund’s
repurchases
will
reduce
any
discount
that
may
from
time
to
time
exist
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
30
The
Central
and
Eastern
Europe
Fund,
Inc.
material
impact
on
the
Fund.
At
April
30,
2025,
there
was
one
shareholder
that
held
approximately
6%
of
the
outstanding
shares
of
the
Fund.
Additional
Information
The
Central
and
Eastern
Europe
Fund,
Inc.
31
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.
32
The
Central
and
Eastern
Europe
Fund,
Inc.
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-027581-14
6/25)

   
  (b) Not applicable
   
Item 2. Code of Ethics.
   
  Not applicable
   
Item 3. Audit Committee Financial Expert.
   
  Not applicable
   
Item 4. Principal Accountant Fees and Services.
   
  Not applicable
   
Item 5. Audit Committee of Listed Registrants.
   
  Not applicable
   
Item 6. Investments.
   
  Not applicable
   
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
   
  Not applicable
   
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
   
  Not applicable
   
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
   
  Not applicable
   
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
   
  Not applicable
   
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
   
  Not applicable
   
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
   
  Not applicable
   
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
   
  Not applicable
   
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
   

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 n/a    
December 1 through December 31 0  n/a 0 n/a    
January 1 through January 31 0  n/a 0 n/a    
February 1 through February 28 0  n/a 0 n/a    
March 1 through March 31 0  n/a 0 n/a    
April 1 through April 30 0  n/a 0 n/a    
             
Total 0  n/a 0 n/a    
             
On July 25, 2024, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to continue to purchase outstanding shares of its common stock in open-market transactions over the twelve-month period from August 1, 2024 through July 31, 2025. Repurchases will be made when the Fund’s shares trade at a discount to net asset value and such purchases are deemed to be in the best interests of the Fund. The Fund did not repurchase shares between August 1, 2024 and April 30. 2025.    
   
   
   

 

   
Item 15. 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 16. Controls and Procedures.
   
  (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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
   
  Not applicable
   
Item 18. Recovery of Erroneously Awarded Compensation.
   
  Not applicable
   
Item 19. 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 Officer

   
Date: 6/27/2025

 

 

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 Officer

   
Date: 6/27/2025
   
   
   
By:

/s/Diane Kenneally

Diane Kenneally

Principal Financial Officer

   
Date: 6/27/2025