The Central and Eastern Europe Fund, Inc.
| Schedule of Investments | as of January 31, 2024 (Unaudited) |
| Shares | Value ($) | |
| Poland 67.7% | ||
| Common Stocks | ||
| Air Freight & Logistics 0.7% | ||
| InPost SA* | 30,000 | 454,742 |
| Banks 16.0% | ||
| Alior Bank SA* | 60,000 | 1,136,202 |
| Bank Polska Kasa Opieki SA | 140,000 | 5,429,489 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 250,000 | 3,200,462 |
| 9,766,153 | ||
| Broadline Retail 2.8% | ||
| Allegro.eu SA 144A* | 225,000 | 1,716,106 |
| Capital Markets 0.5% | ||
| Warsaw Stock Exchange | 29,331 | 322,775 |
| Commercial Services & Supplies 1.0% | ||
| Mo-BRUK SA† | 7,500 | 588,320 |
| Construction & Engineering 3.0% | ||
| Budimex SA† | 10,500 | 1,808,073 |
| Consumer Staples Distribution & Retail 5.6% | ||
| Dino Polska SA 144A* | 25,000 | 2,722,903 |
| Eurocash SA | 175,000 | 667,704 |
| 3,390,607 | ||
| Diversified Telecommunication Services 1.6% | ||
| Orange Polska SA | 450,000 | 967,594 |
| Electric Utilities 5.4% | ||
| Enea SA* | 325,000 | 779,093 |
| PGE Polska Grupa Energetyczna SA* | 850,000 | 1,807,621 |
| Tauron Polska Energia SA* | 750,000 | 690,923 |
| 3,277,637 | ||
| Entertainment 0.5% | ||
| 11 bit studios SA* | 2,250 | 332,660 |
| CD Projekt SA | 100 | 2,629 |
| 335,289 | ||
| Insurance 9.4% | ||
| Powszechny Zaklad Ubezpieczen SA | 475,000 | 5,766,103 |
| Machinery 0.2% | ||
| Grenevia SA* | 150,000 | 114,275 |
| Metals & Mining 3.7% | ||
| Grupa Kety SA | 3,250 | 556,378 |
| KGHM Polska Miedz SA | 60,000 | 1,693,609 |
| 2,249,987 | ||
| Oil, Gas & Consumable Fuels 10.6% | ||
| ORLEN SA | 410,000 | 6,448,768 |
| Real Estate Management & Development 0.9% | ||
| Develia SA | 250,000 | 310,006 |
| Murapol SA* | 25,000 | 244,741 |
| 554,747 | ||
| Textiles, Apparel & Luxury Goods 5.8% | ||
| LPP SA | 900 | 3,517,496 |
| Total Poland (Cost $28,940,521) | 41,278,672 | |
| Hungary 18.6% | ||
| Common Stocks | ||
| Banks 6.9% | ||
| OTP Bank Nyrt | 90,000 | 4,190,608 |
| Diversified Telecommunication Services 1.8% | ||
| Magyar Telekom Telecommunications PLC (ADR) | 500,000 | 1,088,341 |
| Shares | Value ($) | |
| Oil, Gas & Consumable Fuels 4.8% | ||
| MOL Hungarian Oil & Gas PLC | 360,000 | 2,965,270 |
| Pharmaceuticals 5.1% | ||
| Richter Gedeon Nyrt | 115,000 | 3,120,029 |
| Total Hungary (Cost $7,806,782) | 11,364,248 | |
| Moldova 4.3% | ||
| Common Stocks | ||
| Beverages 4.3% | ||
| Purcari Wineries PLC (Registered) (Cost $1,725,060) | 775,000 | 2,611,409 |
| Czech Republic 2.8% | ||
| Common Stocks | ||
| Banks 0.0% | ||
| Komercni Banka AS | 500 | 16,474 |
| Moneta Money Bank AS 144A | 1,000 | 4,320 |
| 20,794 | ||
| Electric Utilities 2.8% | ||
| CEZ AS | 45,000 | 1,709,395 |
| Total Czech Republic (Cost $1,677,295) | 1,730,189 | |
| Austria 2.0% | ||
| Common Stocks | ||
| Banks 2.0% | ||
| Erste Group Bank AG | 27,500 | 1,196,754 |
| Oil, Gas & Consumable Fuels 0.0% | ||
| OMV AG | 100 | 4,489 |
| Total Austria (Cost $781,353) | 1,201,243 | |
| United Kingdom 1.0% | ||
| Common Stocks | ||
| Broadline Retail 1.0% | ||
| Pepco Group NV (Registered) (Cost $1,040,278)* | 115,000 | 635,072 |
| Kazakhstan 0.5% | ||
| Common Stocks | ||
| Metals & Mining 0.5% | ||
| Polymetal International PLC (Cost $1,244,170)* | 75,000 | 286,500 |
| France 0.0% | ||
| Common Stocks | ||
| Oil, Gas & Consumable Fuels 0.0% | ||
| TotalEnergies SE (Cost $4,732) | 100 | 6,530 |
| Russia 0.0% | ||
| Common Stocks | ||
| Banks 0.0% | ||
| Sberbank of Russia PJSC** (a) | 3,600,000 | 0 |
| TCS Group Holding PLC (GDR) (Registered)* (a) | 87,331 | 0 |
| 0 | ||
| Broadline Retail 0.0% | ||
| Ozon Holdings PLC (ADR)* (a) | 60,000 | 0 |
| Chemicals 0.0% | ||
| PhosAgro PJSC (GDR) (Registered)* (a) | 90,000 | 0 |
| 0 | ||
| Consumer Staples Distribution & Retail 0.0% |
| Fix Price Group PLC (GDR) (Registered)* (a) | 125,000 | 0 |
| Magnit PJSC* (a) | 63,909 | 0 |
| X5 Retail Group NV (GDR) (Registered)* (a) | 137,884 | 0 |
| 0 | ||
| Shares | Value ($) | |
| Interactive Media & Services 0.0% | ||
| Yandex NV ''A''* (a) | 188,000 | 0 |
| Metals & Mining 0.0% | ||
| Alrosa PJSC** (a) | 1,670,000 | 0 |
| Magnitogorsk Iron & Steel Works PJSC (GDR) (Registered)* (a) | 74,569 | 0 |
| MMC Norilsk Nickel PJSC (ADR)* (a) | 50,000 | 0 |
| Polyus PJSC (GDR) (Registered)* (a) | 20,000 | 0 |
| 0 | ||
| Oil, Gas & Consumable Fuels 0.0% | ||
| Gazprom PJSC** (a) | 5,000,000 | 0 |
| Lukoil PJSC** (a) | 209,500 | 0 |
| Novatek PJSC (GDR) (Registered)* (a) | 37,500 | 0 |
| Tatneft PJSC (ADR)* † (a) | 100,000 | 0 |
| 0 | ||
| Wireless Telecommunication Services 0.0% | ||
| Mobile Telesystems PJSC (ADR)* (a) | 250,000 | 0 |
| Total Russia (Cost $64,669,421) | 0 | |
| Securities Lending Collateral 1.3% | ||
| DWS Government & Agency Securities Portfolio ''DWS Government Cash Institutional Shares'', 5.26% (Cost $786,474) (b) (c) | 786,474 | 786,474 |
| Cash Equivalents 2.1% | ||
| DWS Central Cash Management Government Fund, 5.36% (Cost $1,269,746) (c) | 1,269,746 | 1,269,746 |
| % of Net | ||
| Assets | Value ($) | |
| Total Investment Portfolio (Cost $109,945,832) | 100.3 | 61,170,083 |
| Other Assets and Liabilities, Net | (0.3) | (175,211) |
| Net Assets | 100.0 | 60,994,872 |
|
For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended January 31, 2024 are as follows: | ||||||||
| Value ($) at 10/31/2023 | Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/ (Loss) ($) |
Net Change in Unrealized Appreciation/ (Depreciation) ($) |
Income ($) |
Capital Gain Distributions ($) |
Number of Shares at 1/31/2024 |
Value ($) at 1/31/2024 |
| Securities Lending Collateral 1.3% | ||||||||
| DWS Government & Agency Securities Portfolio ''DWS Government Cash Institutional Shares'', 5.26% (b) (c) | ||||||||
| 1,788,397 | – | 1,001,923(d) | – | – | 4,890 | – | 786,474 | 786,474 |
| Cash Equivalents 2.1% | ||||||||
| DWS Central Cash Management Government Fund, 5.36% (c) | ||||||||
| 2,025,993 | 3,756,120 | 4,512,367 | – | – | 21,901 | – | 1,269,746 | 1,269,746 |
| 3,814,390 | 3,756,120 | 5,514,290 | – | – | 26,791 | – | 2,056,220 | 2,056,220 |
| * | 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 January 31, 2024 amounted to $519,507, which is 0.9% 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 January 31, 2024. | |
| 144A: | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| ADR: | American Depositary Receipt | |
| 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 subgroup 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 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 the Russian and European economies. As a result of Russia’s invasion of Ukraine and the resulting dislocations, Western sanctions and Russia’s retaliatory measures, the value and liquidity of the Fund’s portfolio assets have been severely adversely affected, and its Russian investments (some of which are in companies that are subject to sanctions) have been fair valued at zero since March 14, 2022. It is not known if the situation will improve.
| ||||||||
| 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. | ||||||||
| 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 January 31, 2024 in valuing the Fund’s investments. | ||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||
| Common Stocks (e) | ||||||||
| Poland | $ | 41,278,672 | $ | — | $ | — | $ | 41,278,672 |
| Hungary | 11,364,248 | — | — | 11,364,248 | ||||
| Moldova | 2,611,409 | — | — | 2,611,409 | ||||
| Czech Republic | 1,730,189 | — | — | 1,730,189 | ||||
| Austria | 1,201,243 | — | — | 1,201,243 | ||||
| United Kingdom | 635,072 | — | — | 635,072 | ||||
| Kazakhstan | 286,500 | — | — | 286,500 | ||||
| France | 6,530 | — | — | 6,530 | ||||
| Russia | — | — | 0 | 0 | ||||
| Short-Term Instruments (e) | 2,056,220 | — | — | 2,056,220 | ||||
| Total | $ | 61,170,083 | $ | — | $ | 0 | $ | 61,170,083 |
|
(e) See Schedule of Investments for additional detailed categorizations.
During the period ended January 31, 2024, the amount of transfers between Level 3 and Level 1 was $210,938. The investments were transferred from Level 3 to Level 1 due to increase in market activity. Transfers between price levels are recognized at the beginning of the reporting period. | ||||||||
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OBTAIN AN OPEN-END FUND PROSPECTUS To obtain a summary prospectus, if available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest. | ||||||||
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CLOSED-END FUNDS Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. 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. | ||||||||
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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. | ||||||||
| NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE | ||||
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CEE-PH1 R-080548-2 (1/25) | ||||