NPORT-EX 2 CEE_07.31.2025_html.htm SOI

Schedule

of

Investments

as

of

July

31,

2025

(Unaudited)

The

Central

and

Eastern

Europe

Fund,

Inc.

Shares

Value

($)

Poland

67.8%

Common

Stocks

Air

Freight

&

Logistics

2.4%

InPost

SA*

165,000

2,382,776

Banks

15.2%

Alior

Bank

SA

145,000

3,930,933

Bank

Polska

Kasa

Opieki

SA

110,000

6,028,971

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

237,500

5,238,634

15,198,538

Broadline

Retail

4.5%

Allegro.eu

SA

144A*

450,000

4,459,877

Capital

Markets

1.4%

Warsaw

Stock

Exchange

100,000

1,419,085

Commercial

Services

&

Supplies

1.0%

Mo-BRUK

SA

†

13,500

1,019,332

Construction

&

Engineering

4.1%

Budimex

SA

†

27,500

4,142,524

Consumer

Staples

Distribution

&

Retail

1.7%

Dino

Polska

SA

144A*

125,000

1,660,397

Diversified

Telecommunication

Services

2.0%

Orange

Polska

SA

850,000

1,990,950

Electric

Utilities

2.8%

Enea

SA

225,000

1,142,230

Tauron

Polska

Energia

SA*

750,000

1,674,387

2,816,617

Electronic

Equipment,

Instruments

&

Components

0.2%

VIGO

Photonics

SA*

1,750

209,449

Entertainment

0.0%

CD

Projekt

SA

100

6,726

Household

Durables

0.5%

Dom

Development

SA

8,500

534,835

Insurance

6.8%

Powszechny

Zaklad

Ubezpieczen

SA

400,000

6,749,491

Metals

&

Mining

3.4%

Grupa

Kety

SA

4,250

994,565

KGHM

Polska

Miedz

SA*

70,000

2,395,309

3,389,874

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

7.8%

ORLEN

SA

350,000

7,840,045

Professional

Services

3.6%

Benefit

Systems

SA

2,869

2,611,813

Grupa

Pracuj

SA

57,500

985,327

3,597,140

Real

Estate

Management

&

Development

1.5%

Develia

SA

275,000

616,298

Murapol

SA

85,000

904,667

1,520,965

Software

0.6%

Vercom

SA

''D''

17,500

596,016

Specialty

Retail

1.6%

CCC

SA*

30,000

1,557,111

Textiles,

Apparel

&

Luxury

Goods

6.7%

LPP

SA

1,500

6,703,170

Total

Poland

(Cost

$43,279,741)

67,794,918

Hungary

18.5%

Common

Stocks

Banks

9.0%

OTP

Bank

Nyrt

110,000

8,973,294

Diversified

Telecommunication

Services

1.9%

Magyar

Telekom

Telecommunications

PLC

(ADR)

390,000

1,944,586

Oil,

Gas

&

Consumable

Fuels

3.1%

MOL

Hungarian

Oil

&

Gas

PLC

350,000

3,055,500

Pharmaceuticals

4.5%

Richter

Gedeon

Nyrt

150,000

4,516,701

Total

Hungary

(Cost

$9,921,347)

18,490,081

Moldova

3.3%

Common

Stocks

Beverages

3.3%

Purcari

Wineries

PLC

(Registered)

(Cost

$1,551,236)*

700,000

3,302,334

Turkey

2.8%

Common

Stocks

Electrical

Equipment

1.3%

Astor

Transformator

Enerji

Turizm

Insaat

Ve

Petrol

Sanayi

Ticaret

AS*

''B''

500,000

1,288,346

Shares

Value

($)

Financial

Services

1.1%

Turkiye

Sinai

Kalkinma

Bankasi

AS*

3,250,000

1,102,422

Passenger

Airlines

0.4%

Pegasus

Hava

Tasimaciligi

AS*

75,000

465,578

Total

Turkey

(Cost

$2,716,392)

2,856,346

Czech

Republic

2.5%

Common

Stocks

Banks

1.3%

Komercni

Banka

AS

27,500

1,316,163

Moneta

Money

Bank

AS

144A

1,000

6,986

1,323,149

Electric

Utilities

1.2%

CEZ

AS

20,000

1,162,791

Total

Czech

Republic

(Cost

$1,504,715)

2,485,940

Portugal

1.8%

Common

Stocks

Consumer

Staples

Distribution

&

Retail

1.8%

Jeronimo

Martins

SGPS

SA

(Cost

$1,556,413)

75,000

1,836,601

Cyprus

0.5%

Common

Stocks

Aerospace

&

Defense

0.5%

Theon

International

PLC

(Cost

$501,547)

15,000

457,434

Kazakhstan

0.3%

Common

Stocks

Metals

&

Mining

0.3%

Solidcore

Resources

PLC

(Cost

$1,244,170)*

75,000

281,250

Austria

0.0%

Common

Stocks

Oil,

Gas

&

Consumable

Fuels

0.0%

OMV

AG

(Cost

$4,475)

100

5,113

Russia

0.0%

Common

Stocks

Banks

0.0%

Sberbank

of

Russia

PJSC**

(a)

3,600,000

0

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

2.2%

DWS

Government

&

Agency

Securities

Portfolio

''DWS

Government

Cash

Institutional

Shares'',

4.25%

(Cost

$2,248,083)

(b)

(c)

2,248,083

2,248,083

Cash

Equivalents

2.0%

DWS

Central

Cash

Management

Government

Fund,

4.37%

(Cost

$1,968,691)

(c)

1,968,691

1,968,691

%

of

Net

Assets

Value

($)

Total

Investment

Portfolio

(Cost

$97,219,396)

101.7

101,726,791

Other

Assets

and

Liabilities,

Net

(1.7)

(1,739,926)

Net

Assets

100.0

99,986,865

For

information

on

the

Fund’s

policies

regarding

the

valuation

of

investments

and

other

significant

accounting

policies,

please

refer

to

the

Fund’s

most

recent

semi-annual

or

annual

financial

statements.

A

summary

of

the

Fund’s

transactions

in

affiliated

investments

during

the

period

ended

July

31,

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

7/31/2025

Value

($)

at

7/31/2025

Securities

Lending

Collateral

2.2%

DWS

Government

&

Agency

Securities

Portfolio

''DWS

Government

Cash

Institutional

Shares'',

4.25%

(b)

(c)

705,400

1,542,683(d)

–

–

–

31,829

–

2,248,083

2,248,083

Cash

Equivalents

2.0%

DWS

Central

Cash

Management

Government

Fund,

4.37%

(c)

2,355,938

17,472,808

17,860,055

–

–

90,455

–

1,968,691

1,968,691

3,061,338

19,015,491

17,860,055

–

–

122,284

–

4,216,774

4,216,774

*

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

July

31,

2025

amounted

to

$1,868,541,

which

is

1.9%

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

July

31,

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

GDR:

Global

Depositary

Receipt

PJSC:

Public

Joint

Stock

Company

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.

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

s

anctions

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.

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.

CEE-PH3

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

July

31,

2025

in

valuing

the

Fund’s

investments.

Assets

Level

1

Level

2

Level

3

Total

Common

Stocks

(e)

Poland

$

67,794,918

$

—

$

—

$

67,794,918

Hungary

18,490,08

1

—

—

18,490,08

1

Moldova

3,302,334

—

—

3,302,334

Turkey

2,856,346

—

—

2,856,346

Czech

Republic

2,485,940

—

—

2,485,940

Portugal

1,836,601

—

—

1,836,601

Cyprus

457,434

—

—

457,434

Kazakhstan

281,250

—

—

281,250

Austria

5,113

—

—

5,113

Russia

—

—

0

0

Short-Term

Instruments

(e)

4,216,774

—

—

4,216,774

Total

$

101,726,79

1

$

—

$

0

$

101,726,79

1

(e)

See

Schedule

of

Investments

for

additional

detailed

categorizations.