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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>VIGO PHOTONICS SA /PLN/</name>
        <lei>259400UV4SDEMBUZ6J93</lei>
        <title>VIGO PHOTONICS SA /PLN/ 0.00000000</title>
        <cusip>X9797H104</cusip>
        <identifiers>
          <isin value="PLVIGOS00015"/>
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        <balance>2250.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLEGRO.EU SA /PLN/</name>
        <lei>222100VRLXV3FPMG4982</lei>
        <title>ALLEGRO.EU SA /PLN/ 144A 0.00000000</title>
        <cusip>L0R67D109</cusip>
        <identifiers>
          <isin value="LU2237380790"/>
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        <balance>675000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>PL</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BANK PEKAO SA /PLN/</name>
        <lei>5493000LKS7B3UTF7H35</lei>
        <title>BANK PEKAO SA /PLN/ 0.00000000</title>
        <cusip>X0R77T117</cusip>
        <identifiers>
          <isin value="PLPEKAO00016"/>
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        <balance>110000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>PL</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CD PROJEKT SA /PLN/</name>
        <lei>259400TYO5Q8SH8TL437</lei>
        <title>CD PROJEKT SA /PLN/ 0.00000000</title>
        <cusip>X0957E106</cusip>
        <identifiers>
          <isin value="PLOPTTC00011"/>
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        <balance>100.00000000</balance>
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        <currencyConditional curCd="PLN" exchangeRt="3.53690000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GRUPA PRACUJ SA /PLN/</name>
        <lei>259400BSBFEIIIDAAL82</lei>
        <title>GRUPA PRACUJ SA /PLN/ 0.00000000</title>
        <cusip>X324B6102</cusip>
        <identifiers>
          <isin value="PLGRPRC00015"/>
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        <balance>57500.00000000</balance>
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        <currencyConditional curCd="PLN" exchangeRt="3.53690000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ASTOR TRANSFORMATOR ENER /TRY/</name>
        <lei>N/A</lei>
        <title>ASTOR TRANSFORMATOR ENERJI T /TRY/ 0.00000000</title>
        <cusip>M1505L115</cusip>
        <identifiers>
          <isin value="TREASTR00013"/>
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        <balance>1000000.00000000</balance>
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        <currencyConditional curCd="TRY" exchangeRt="43.49810000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MO-BRUK J MOKRZYCKI LTD /PLN/</name>
        <lei>259400SF7M4PJCF1PN49</lei>
        <title>MO-BRUK J MOKRZYCKI LTD /PLN/ 0.00000000</title>
        <cusip>X5428X104</cusip>
        <identifiers>
          <isin value="PLMOBRK00013"/>
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        <balance>14000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALIOR BANK SA /PLN/</name>
        <lei>259400QHDOZWMJ103294</lei>
        <title>ALIOR BANK SA /PLN/ 0.00000000</title>
        <cusip>X0081M123</cusip>
        <identifiers>
          <isin value="PLALIOR00045"/>
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        <balance>145000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>PL</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PHOSAGRO PJSC</name>
        <lei>N/A</lei>
        <title>PHOSAGRO PJSC 0.00000000</title>
        <cusip>71922G407</cusip>
        <identifiers>
          <isin value="US71922G4073"/>
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        <balance>576.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GRUPA KETY SA /PLN/</name>
        <lei>2594007JKYYF3WGI0129</lei>
        <title>GRUPA KETY SA /PLN/ 0.00000000</title>
        <cusip>X32408100</cusip>
        <identifiers>
          <isin value="PLKETY000011"/>
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        <balance>6500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>PL</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MAGNIT PJSC</name>
        <lei>2534009KKPTVL99W2Y12</lei>
        <title>MAGNIT PJSC 0.00000000</title>
        <cusip>X51729105</cusip>
        <identifiers>
          <isin value="RU000A0JKQU8"/>
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        <balance>63909.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CCC SA /PLN/</name>
        <lei>259400NWPQ2HCSMZP970</lei>
        <title>CCC SA /PLN/ 0.00000000</title>
        <cusip>X5818P109</cusip>
        <identifiers>
          <isin value="PLCCC0000016"/>
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        <balance>40000.00000000</balance>
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      <invstOrSec>
        <name>ULKER BISKUVI SANAYI /TRY/</name>
        <lei>7890009HEU9BS7J3DA93</lei>
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        <cusip>M90358108</cusip>
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          <isin value="TREULKR00015"/>
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        <assetCat>EC</assetCat>
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        <invCountry>TR</invCountry>
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      <invstOrSec>
        <name>KOMERCNI BANKA AS /CZK/</name>
        <lei>N/A</lei>
        <title>KOMERCNI BANKA AS /CZK/ 0.00000000</title>
        <cusip>X45471111</cusip>
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          <isin value="CZ0008019106"/>
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      <invstOrSec>
        <name>POWSZECHNY ZAKLAD UBEZPI /PLN/</name>
        <lei>QLPCKOOKVX32FUELX240</lei>
        <title>POWSZECHNY ZAKLAD UBEZPIECZE /PLN/ 0.00000000</title>
        <cusip>X6919T107</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>PL</invCountry>
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      <invstOrSec>
        <name>DEVELIA SA /PLN/</name>
        <lei>259400HUJAX3D4W3RL34</lei>
        <title>DEVELIA SA /PLN/ 0.00000000</title>
        <cusip>X48986107</cusip>
        <identifiers>
          <isin value="PLLCCRP00017"/>
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      <invstOrSec>
        <name>ALROSA CO/OFAC FAIL/</name>
        <lei>894500DKUWVBYZLLE651</lei>
        <title>ALROSA CO 0.00000000</title>
        <cusip>X0085A109</cusip>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>MAGNITOGORS-SPON GDR REGS</name>
        <lei>N/A</lei>
        <title>MAGNITOGORS-SPON GDR REG REG S 0.00000000</title>
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      <invstOrSec>
        <name>INPOST SA /EUR/</name>
        <lei>2221003M23QLERR89585</lei>
        <title>INPOST SA /EUR/ 0.00000000</title>
        <cusip>L5125Z108</cusip>
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        <assetCat>EC</assetCat>
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        <name>MAGYAR TELEKOM TELECOMMU /HUF/</name>
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        <title>MAGYAR TELEKOM TELECOMMUNICA /HUF/ 0.00000000</title>
        <cusip>X5187V109</cusip>
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        <name>CEZ AS /CZK/</name>
        <lei>N/A</lei>
        <title>CEZ AS /CZK/ 0.00000000</title>
        <cusip>X2337V121</cusip>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>ORLEN SA /PLN/</name>
        <lei>259400VVMM70CQREJT74</lei>
        <title>ORLEN SA /PLN/ 0.00000000</title>
        <cusip>X6922W204</cusip>
        <identifiers>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FIX PRICE GROUP PLC-GDR REGS</name>
        <lei>549300EXJV1RPGZNH608</lei>
        <title>FIX PRICE GROUP PLC-GDR REGS REG S 0.00000000</title>
        <cusip>33835G205</cusip>
        <identifiers>
          <isin value="US33835G2057"/>
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        <balance>125000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BUDIMEX /PLN/</name>
        <lei>N/A</lei>
        <title>BUDIMEX /PLN/ 0.00000000</title>
        <cusip>X0788V103</cusip>
        <identifiers>
          <isin value="PLBUDMX00013"/>
        </identifiers>
        <balance>32500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.53690000"/>
        <valUSD>6329271.40000000</valUSD>
        <pctVal>5.090663660414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="5331244.03000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOLIDCORE RESOURCES PLC</name>
        <lei>213800JKJ5HJWYS4GR61</lei>
        <title>SOLIDCORE RESOURCES PLC 0.00000000</title>
        <cusip>G7179S101</cusip>
        <identifiers>
          <isin value="JE00B6T5S470"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>555000.00000000</valUSD>
        <pctVal>0.446389189683</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORANGE POLSKA SA /PLN/</name>
        <lei>N/A</lei>
        <title>ORANGE POLSKA SA /PLN/ 0.00000000</title>
        <cusip>X5984X100</cusip>
        <identifiers>
          <isin value="PLTLKPL00017"/>
        </identifiers>
        <balance>850000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.53690000"/>
        <valUSD>2767324.49000000</valUSD>
        <pctVal>2.225772498524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POLYUS PJSC-REG S-GDR</name>
        <lei>N/A</lei>
        <title>POLYUS PJSC-REG S-GDR REG S 0.00000000</title>
        <cusip>73181M117</cusip>
        <identifiers>
          <isin value="US73181M1172"/>
        </identifiers>
        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JERONIMO MARTINS /EUR/</name>
        <lei>N/A</lei>
        <title>JERONIMO MARTINS /EUR/ 0.00000000</title>
        <cusip>X40338109</cusip>
        <identifiers>
          <isin value="PTJMT0AE0001"/>
        </identifiers>
        <balance>25000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84061869"/>
        <valUSD>592123.40000000</valUSD>
        <pctVal>0.476247720213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SBERBANK OF RUSSIA /USD/OFAC FAIL/</name>
        <lei>N/A</lei>
        <title>SBERBANK OF RUSSIA /USD/OFAC FAIL/ 0.00000000</title>
        <cusip>X76317100</cusip>
        <identifiers>
          <isin value="RU0009029540"/>
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        <balance>3600000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RICHTER GEDEON NYRT /HUF/</name>
        <lei>549300J6ZJW5IH4WEE46</lei>
        <title>RICHTER GEDEON NYRT /HUF/ 0.00000000</title>
        <cusip>X3124S107</cusip>
        <identifiers>
          <isin value="HU0000123096"/>
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        <balance>150000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="320.28000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TAURON POLSKA ENERGIA SA /PLN/</name>
        <lei>259400NAPDFBOTNCRL54</lei>
        <title>TAURON POLSKA ENERGIA SA /PLN/ 0.00000000</title>
        <cusip>X893AL104</cusip>
        <identifiers>
          <isin value="PLTAURN00011"/>
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        <balance>450000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.53690000"/>
        <valUSD>1398258.36000000</valUSD>
        <pctVal>1.124625975293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MMC NORILSK NICKEL PJSC-ADR</name>
        <lei>253400JPTEEW143W3E47</lei>
        <title>MMC NORILSK NICKEL PJSC-ADR 0.00000000</title>
        <cusip>55315J102</cusip>
        <identifiers>
          <isin value="US55315J1025"/>
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        <balance>5000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VERCOM SA- D /PLN/</name>
        <lei>259400P9VT804CUH6G16</lei>
        <title>VERCOM SA- D /PLN/ 0.00000000</title>
        <cusip>X9754C106</cusip>
        <identifiers>
          <isin value="PLVRCM000016"/>
        </identifiers>
        <balance>17500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.53690000"/>
        <valUSD>671916.08000000</valUSD>
        <pctVal>0.540425359434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OTP BANK PLC /HUF/</name>
        <lei>529900W3MOO00A18X956</lei>
        <title>OTP BANK PLC /HUF/ 0.00000000</title>
        <cusip>X60746181</cusip>
        <identifiers>
          <isin value="HU0000061726"/>
        </identifiers>
        <balance>115000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="320.28000000"/>
        <valUSD>14556325.71000000</valUSD>
        <pctVal>11.70772331252</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LUKOIL PJSC</name>
        <lei>549300LCJ1UJXHYBWI24</lei>
        <title>LUKOIL PJSC 0.00000000</title>
        <cusip>X6983S100</cusip>
        <identifiers>
          <isin value="RU0009024277"/>
        </identifiers>
        <balance>209500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LPP SA /PLN/</name>
        <lei>259400NUS7MKGPJL4752</lei>
        <title>LPP SA /PLN/ 0.00000000</title>
        <cusip>X5053G103</cusip>
        <identifiers>
          <isin value="PLLPP0000011"/>
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        <balance>900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.53690000"/>
        <valUSD>5000141.37000000</valUSD>
        <pctVal>4.021637935955</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CSG NV /EUR/</name>
        <lei>31570078IM9ILNPQUB16</lei>
        <title>CSG NV /EUR/ 0.00000000</title>
        <cusip>N2365Q102</cusip>
        <identifiers>
          <isin value="NL0015073TS8"/>
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        <balance>29524.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84061869"/>
        <valUSD>1073145.08000000</valUSD>
        <pctVal>0.863135788601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>THEON INTERNATIONAL PLC /EUR/</name>
        <lei>2138002Y6CEIWHLN8775</lei>
        <title>THEON INTERNATIONAL PLC /EUR/ 0.00000000</title>
        <cusip>M878AK117</cusip>
        <identifiers>
          <isin value="CY0200751713"/>
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        <balance>52500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84061869"/>
        <valUSD>1945442.10000000</valUSD>
        <pctVal>1.564728509178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PHOSAGRO PJSC-GDR REG S</name>
        <lei>25340053KRUNNYUWF472</lei>
        <title>PHOSAGRO PJSC-GDR REG S REG S 0.00000000</title>
        <cusip>71922G308</cusip>
        <identifiers>
          <isin value="US71922G3083"/>
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        <balance>89424.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MONETA MONEY BANK AS /CZK/</name>
        <lei>I6USJ58BDV2BO5KP3C31</lei>
        <title>MONETA MONEY BANK AS /CZK/ 144A 0.00000000</title>
        <cusip>X3R0GS100</cusip>
        <identifiers>
          <isin value="CZ0008040318"/>
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        <balance>1000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CZK" exchangeRt="20.47500000"/>
        <valUSD>10061.05000000</valUSD>
        <pctVal>0.008092151273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DWS</name>
        <lei>N/A</lei>
        <title>DWS Gov and Agency Sec Portfolio DWS Gov Cash Inst Shs</title>
        <cusip>147539670</cusip>
        <identifiers>
          <isin value="US1475396701"/>
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        <balance>8394700.10000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8394700.10000000</valUSD>
        <pctVal>6.751897973461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="8394700.10000000" isCashCollateral="Y"/>
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      </invstOrSec>
      <invstOrSec>
        <name>DOM DEVELOPMENT SA /PLN/</name>
        <lei>N/A</lei>
        <title>DOM DEVELOPMENT SA /PLN/ 0.00000000</title>
        <cusip>X1889P102</cusip>
        <identifiers>
          <isin value="PLDMDVL00012"/>
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        <balance>8500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.53690000"/>
        <valUSD>646470.07000000</valUSD>
        <pctVal>0.519959010273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DWS</name>
        <lei>N/A</lei>
        <title>DWS CENTRAL CASH MANAGEMENT GOVERNMENT FUND 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="495583"/>
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        <balance>1228037.35000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1228037.35000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ANADOLU EFES BIRACILIK V /TRY/</name>
        <lei>7890006LGARYVIPOJX03</lei>
        <title>ANADOLU EFES BIRACILIK VE /TRY/ 0.00000000</title>
        <cusip>M10225106</cusip>
        <identifiers>
          <isin value="TRAAEFES91A9"/>
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        <assetCat>EC</assetCat>
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        <invCountry>TR</invCountry>
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        <name>MLP SAGLIK HIZMETLERI AS /TRY/</name>
        <lei>N/A</lei>
        <title>MLP SAGLIK HIZMETLERI AS /TRY/ 144A 0.00000000</title>
        <cusip>M7030H107</cusip>
        <identifiers>
          <isin value="TREMLPC00021"/>
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        <balance>200000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MMC NORILSK NICKEL PJSC-ADR</name>
        <lei>253400JPTEEW143W3E47</lei>
        <title>MMC NORILSK NICKEL PJSC-ADR 0.00000000</title>
        <cusip>55315J102</cusip>
        <identifiers>
          <isin value="US55315J1025"/>
        </identifiers>
        <balance>45000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GAZPROM PJSC</name>
        <lei>N/A</lei>
        <title>GAZPROM PJSC 0.00000000</title>
        <cusip>X3123F106</cusip>
        <identifiers>
          <isin value="RU0007661625"/>
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        <balance>5000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MURAPOL SA /PLN/</name>
        <lei>259400LPW06NDBYTN565</lei>
        <title>MURAPOL SA /PLN/ 0.00000000</title>
        <cusip>X5S9EL110</cusip>
        <identifiers>
          <isin value="PLMURPL00190"/>
        </identifiers>
        <balance>85000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.53690000"/>
        <valUSD>1009358.48000000</valUSD>
        <pctVal>0.811831917093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PKO BANK POLSKI SA /PLN/</name>
        <lei>P4GTT6GF1W40CVIMFR43</lei>
        <title>PKO BANK POLSKI SA /PLN/ 0.00000000</title>
        <cusip>X6919X108</cusip>
        <identifiers>
          <isin value="PLPKO0000016"/>
        </identifiers>
        <balance>237500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.53690000"/>
        <valUSD>6216672.79000000</valUSD>
        <pctVal>5.000100052707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MOL HUNGARIAN OIL AND GA /HUF/</name>
        <lei>213800R83KX5FQFGXS67</lei>
        <title>MOL HUNGARIAN OIL AND GAS PL /HUF/ 0.00000000</title>
        <cusip>X5S32S129</cusip>
        <identifiers>
          <isin value="HU0000153937"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="320.28000000"/>
        <valUSD>4294679.66000000</valUSD>
        <pctVal>3.454231663740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>The Central and Eastern Europe Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Diane Kenneally </ncom:signature>
      <ncom:signerName>Diane Kenneally </ncom:signerName>
      <ncom:title>Treasurer and Chief Financial Officer </ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
