as
of
July
31,
2026
(Unaudited)
The
Central
and
Eastern
Europe
Fund,
Inc.
Shares
Value
($)
Poland
61.9%
Common
Stocks
Aerospace
&
Defense
1.6%
Creotech
Instruments
SA*
12,583
2,272,113
Banks
13.1%
Alior
Bank
SA
125,000
4,594,385
Bank
Polska
Kasa
Opieki
SA
110,000
7,213,452
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
†
237,500
7,100,195
18,908,032
Broadline
Retail
6.7%
Allegro.eu
SA
144A*
800,000
9,612,950
Capital
Markets
1.6%
Warsaw
Stock
Exchange
85,000
2,272,752
Commercial
Services
&
Supplies
1.4%
Mo-BRUK
SA
†
20,000
2,030,077
Construction
&
Engineering
4.7%
Budimex
SA
35,000
6,744,397
Consumer
Staples
Distribution
&
Retail
0.7%
Dino
Polska
SA
144A*
125,000
1,068,128
Diversified
Telecommunication
Services
1.8%
Orange
Polska
SA
650,000
2,647,782
Electric
Utilities
0.5%
Tauron
Polska
Energia
SA
300,000
722,173
Electronic
Equipment,
Instruments
&
Components
0.5%
VIGO
Photonics
SA*
5,000
637,070
Entertainment
0.7%
CD
Projekt
SA*
15,000
1,001,282
Health
Care
Technology
1.0%
Synektik
SA
15,000
1,450,437
Insurance
5.6%
Powszechny
Zaklad
Ubezpieczen
SA
425,000
8,069,290
Metals
&
Mining
6.3%
Grupa
Kety
SA
4,000
1,335,577
KGHM
Polska
Miedz
SA
95,000
7,814,528
9,150,105
Oil,
Gas
&
Consumable
Fuels
8.2%
ORLEN
SA
300,000
11,863,130
Shares
Value
($)
Professional
Services
4.1%
Benefit
Systems
SA*
3,500
5,048,481
Grupa
Pracuj
SA
†
57,500
806,355
5,854,836
Real
Estate
Management
&
Development
0.8%
Murapol
SA
110,000
1,095,975
Textiles,
Apparel
&
Luxury
Goods
2.6%
LPP
SA
†
650
3,771,135
Total
Poland
(Cost
$45,934,141)
89,171,664
Hungary
22.2%
Common
Stocks
Banks
11.8%
OTP
Bank
Nyrt
115,000
16,979,281
Diversified
Telecommunication
Services
3.0%
Magyar
Telekom
Telecommunications
PLC
(ADR)
500,000
4,329,728
Oil,
Gas
&
Consumable
Fuels
3.2%
MOL
Hungarian
Oil
&
Gas
PLC*
325,000
4,642,711
Pharmaceuticals
4.2%
Richter
Gedeon
Nyrt
162,500
6,046,798
Total
Hungary
(Cost
$11,213,805)
31,998,518
Turkey
7.7%
Common
Stocks
Beverages
1.0%
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
AS
3,250,000
1,496,193
Electrical
Equipment
4.8%
Astor
Transformator
Enerji
Turizm
Insaat
Ve
Petrol
Sanayi
Ticaret
AS
“B”
900,000
5,595,731
Europower
Enerji
VE
Otomasyon
Teknolojileri
Sanayi
Ticaret
AS*
700,000
1,253,385
6,849,116
Health
Care
Providers
&
Services
0.9%
MLP
Saglik
Hizmetleri
AS
“B”
144A*
150,000
1,278,213
Transportation
Infrastructure
1.0%
TAV
Havalimanlari
Holding
AS
250,000
1,429,441
Total
Turkey
(Cost
$7,720,070)
11,052,963
Shares
Value
($)
Czech
Republic
2.7%
Common
Stocks
Aerospace
&
Defense
1.3%
CSG
NV*
†
102,500
1,948,311
Banks
0.5%
Komercni
Banka
AS
14,000
698,836
Moneta
Money
Bank
AS
144A
1,000
9,137
707,973
Electric
Utilities
0.9%
CEZ
AS
20,000
1,286,427
Total
Czech
Republic
(Cost
$3,557,907)
3,942,711
Portugal
1.7%
Common
Stocks
Consumer
Staples
Distribution
&
Retail
1.7%
Jeronimo
Martins
SGPS
SA
(Cost
$2,426,277)
125,000
2,496,802
Cyprus
1.4%
Common
Stocks
Aerospace
&
Defense
1.4%
Theon
International
PLC
(Cost
$1,740,958)
52,500
2,005,496
United
Arab
Emirates
1.2%
Common
Stocks
Wireless
Telecommunication
Services
1.2%
Kyivstar
Group
Ltd.
(Cost
$1,312,500)*
†
125,000
1,717,500
Kazakhstan
0.5%
Common
Stocks
Metals
&
Mining
0.5%
Solidcore
Resources
PLC
(Cost
$1,244,170)*
75,000
675,000
Russia
0.0%
Common
Stocks
Banks
0.0%
Sberbank
of
Russia
PJSC**
(a)
3,600,000
0
Chemicals
0.0%
PhosAgro
PJSC
(GDR)
(Registered)*
(a)
90,000
0
For
information
on
the
Fund’s
policies
regarding
the
valuation
of
investments
and
other
significant
accounting
policies,
please
refer
to
the
Fund’s
most
recent
semi-annual
or
annual
financial
statements.
Shares
Value
($)
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
2.0%
DWS
Government
&
Agency
Securities
Portfolio
“DWS
Government
Cash
Institutional
Shares”,
3.59%
(Cost
$2,902,235)
(b)
(c)
2,902,235
2,902,235
Cash
Equivalents
0.4%
DWS
Central
Cash
Management
Government
Fund,
3.70%
(Cost
$648,095)
(c)
648,095
648,095
%
of
Net
Assets
Value
($)
Total
Investment
Portfolio
(Cost
$109,422,744)
101.7
146,610,984
Other
Assets
and
Liabilities,
Net
(1.7)
(2,459,063)
Net
Assets
100.0
144,151,921
A
summary
of
the
Fund’s
transactions
in
affiliated
investments
during
the
period
ended
July
31,
2026
are
as
follows:
Net
Change
Value
($)
at
10/31/2025
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
7/31/2026
Value
($)
at
7/31/2026
Securities
Lending
Collateral
2.0%
DWS
Government
&
Agency
Securities
Portfolio
”DWS
Government
Cash
Institutional
Shares”,
3.59%
(b)
(c)
7,463,388
–
4,561,153
(d)
–
–
118,352
–
2,902,235
2,902,235
Cash
Equivalents
0.4%
DWS
Central
Cash
Management
Government
Fund,
3.70%
(c)
750,555
16,308,877
16,411,337
–
–
36,524
–
648,095
648,095
8,213,943
16,308,877
20,972,490
–
–
154,876
–
3,550,330
3,550,330
*
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.
In
addition,
“Other
Assets
and
Liabilities,
Net”
may
include
pending
sales
that
are
also
on
loan.
The
value
of
all
securities
loaned
at
July
31,
2026
amounted
to
$12,315,534,
which
is
8.5%
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.
In
addition,
the
Fund
held
non-cash
U.S.
Treasury
securities
collateral
having
a
value
of
$10,373,506.
(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,
2026.
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.
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.
(e)
See
Schedule
of
Investments
for
additional
detailed
categorizations.
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
The
following
is
a
summary
of
the
inputs
used
as
of
July
31,
2026
in
valuing
the
Fund’s
investments.
Assets
Level
1
Level
2
Level
3
Total
Common
Stocks
(e)
Poland
$
89,171,664
$
—
$
—
$
89,171,664
Hungary
31,998,518
—
—
31,998,518
Turkey
11,052,963
—
—
11,052,963
Czech
Republic
3,942,711
—
—
3,942,711
Portugal
2,496,802
—
—
2,496,802
Cyprus
2,005,496
—
—
2,005,496
United
Arab
Emirates
1,717,500
—
—
1,717,500
Kazakhstan
675,000
—
—
675,000
Russia
—
—
0
0
Short-Term
Instruments
(e)
3,550,330
—
—
3,550,330
Total
$
146,610,984
$
—
$
0
$
146,610,984