The Central and Eastern Europe Fund, Inc. - CEE STOCK NEWS

The Central and Eastern Europe Fund (NYSE: CEE) reports progress on its Russian holdings situation. The Fund successfully sold depositary receipts of six non-sanctioned Russian issuers through private transactions in May, August, and September 2024, positively impacting its NAV. Additionally, former holding Yandex NV's restructuring into Nebius Group N.V. led to a $3.6 million increase in Fund's net assets as of October 30, 2024. However, remaining Russian securities are either local shares that cannot be traded or sanctioned depositary receipts, all currently valued at zero. A recent Russian Presidential Decree may result in asset expropriation from foreign investors, potentially affecting the Fund.

The Central and Eastern Europe Fund, Inc. (NYSE: CEE) has provided an update on its Russian holdings. Since March 14, 2022, certain Russian assets have been valued at zero due to sanctions and Russian government measures. The Fund has successfully sold depositary receipts of six non-sanctioned Russian issuers in privately negotiated transactions, positively impacting its net asset value (NAV).

The Fund may continue opportunistic sales of Russian securities, subject to sanctions and regulations. However, nine of the Fund's remaining twelve Russian positions are either local shares or sanctioned securities, making sales challenging without special permissions. A recent Russian Presidential Decree may lead to the expropriation of certain Russian assets held by foreign investors, potentially affecting the Fund.

The Fund's portfolio holdings as of September 25, 2024, are available at www.dwsfunds.com. Investors are reminded of the risks associated with investing in foreign securities, particularly in emerging markets, and the potential impact of geopolitical events on the Fund's performance.

The Central and Eastern Europe Fund (NYSE: CEE), The European Equity Fund (NYSE: EEA), and The New Germany Fund (NYSE: GF) have extended their share repurchase programs for another 12 months, from August 1, 2024, through July 31, 2025. This continuation allows each fund to buy back its common stock in open-market transactions when shares trade at a discount to net asset value (NAV).

The Boards of Directors retain the discretion to initiate tender offers during this period. These decisions aim to be accretive to each Fund's NAV and are subject to market conditions. The funds focus on investments in Central and Eastern Europe, Europe, and Germany respectively, which may increase their vulnerability to regional developments and market volatility.

The Central and Eastern Europe Fund, Inc. (NYSE: CEE) announced the results of its Annual Meeting of Stockholders, which was initially adjourned on June 27, 2024, and reconvened on July 19, 2024. Two Class III Directors, Dr. Holger Hatje and Dr. Wolfgang Leoni, were elected to serve three-year terms. Stockholders had previously ratified the appointment of Ernst & Young LLP as the Fund's independent auditors for the 2024 fiscal year.

The Fund, being non-diversified, can take larger positions in fewer issues, potentially increasing risk. It focuses on emerging markets, which tend to be more volatile and less liquid than mature economies. The Fund's shares are traded on the open market and may trade at a discount to net asset value. Recent geopolitical events, including sanctions on Russia, have adversely affected the Fund's portfolio value and liquidity.

The Central and Eastern Europe Fund (NYSE: CEE) announced the outcomes of its Annual Meeting of Stockholders held on June 27, 2024. Stockholders ratified Ernst & Young LLP as auditors for the fiscal year 2024. However, the nominees for the Board of Directors did not secure enough votes, prompting an adjournment to July 19, 2024, for additional proxy solicitation. Additionally, the Fund's investment advisor, DWS International GmbH, has agreed to extend a 50% waiver of its advisory fee until at least December 31, 2024. This voluntary fee waiver was initially set to last until June 30, 2024. The portfolio manager's presentation from the meeting is available on the Fund's website.

Important risks include the Fund's non-diversified nature, investing in volatile foreign and emerging markets, and the potential impact of geopolitical events like sanctions on Russia and the conflict in Ukraine, which have already adversely affected the Fund's portfolio value and liquidity.

The Central and Eastern Europe Fund (NYSE: CEE) has been valuing its Russian holdings at zero since March 2022 due to sanctions and measures by the Russian Central Bank and Government post-Ukraine invasion. In May 2024, CEE managed to sell depositary receipts of a non-sanctioned Russian issuer, positively impacting its net asset value. Despite this, many of its Russian assets remain unsellable due to sanctions. The fund will continue to monitor and may engage in opportunistic sales, but future sales are uncertain. CEE is engaging with shareholders for suggestions on managing these holdings.

The Central and Eastern Europe Fund, Inc. and The New Germany Fund, Inc. will hold their Annual Meetings of Stockholders on June 27, 2024. Shareholders will consider the election of Directors and approval of auditors. The Funds have specific risks related to investing in foreign securities, emerging markets, and geopolitical events. Russia's actions have adversely affected the Central and Eastern Europe Fund. Closed-end funds trade at a discount to net asset value and are not continuously offered.

The Central and Eastern Europe Fund, Inc. (NYSE: CEE), The New Germany Fund, Inc. (NYSE: GF), and The European Equity Fund, Inc. (NYSE: EEA) have declared distributions for 2023. CEE and EEA will pay distributions in stock, with an option for cash, while GF will pay distributions in cash. The funds' distributions are as follows: CEE - $0.3651, GF - $0.0566, and EEA - $0.1394 per share.

The Central and Eastern Europe Fund, Inc. (CEE) and The European Equity Fund, Inc. (EEA) announced the appointment of Mr. Bernhard Koepp as the new Chairman of each Fund’s Board effective January 1, 2024, replacing Mr. Christian Strenger. The New Germany Fund, Inc. (GF) also announced the retirement of Mr. Christian Strenger and Dr. Christopher Pleister from the Board. The announcement highlighted the impact of Russia’s invasion of Ukraine on the value and liquidity of the Central and Eastern Europe Fund, Inc. portfolios, as well as the adverse effects of sanctions on the Russian economy.