UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number 811-6041
Central Europe & Russia Fund, Inc.
(Exact name of registrant as specified in charter)
345 Park Avenue
New York, NY 10154
(Address of principal executive offices) (Zip code)
Paul Schubert
345 Park Avenue
New York, NY 10154
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 454-7190
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Date of fiscal year end: 10/31
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Date of reporting period: 7/31/05
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Form N-Q is to be used by registered management investment companies, other than
small business investment companies registered on Form N-5 (ss.ss. 239.24 and
274.5 of this chapter), to file reports with the Commission, not later than 60
days after the close of the first and third fiscal quarters, pursuant to rule
30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-4). The
Commission may use the information provided on Form N-Q in its regulatory,
disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS
THE CENTRAL EUROPE AND RUSSIA FUND, INC.
SCHEDULE OF INVESTMENTS -- JULY 31, 2005 (UNAUDITED)
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SHARES DESCRIPTION VALUE
------------ ------------- ------------
INVESTMENTS IN RUSSIAN SECURITIES -- 44.1%
COMMON STOCKS -- 41.9%
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 0.7%
200,000 Rostelecom (ADR)++ ........................... $ 2,510,000
------------
FOOD PRODUCTS -- 0.6%
50,000 Lebedyansky* ................................. 2,280,000
------------
METALS & MINING -- 10.1%
496,000 JSC MMC Norilsk Nickel (ADR) ................. 34,224,000
100,000 Mechel Steel Group OAO (ADR) ................. 2,767,000
3,500 Vyksa Metallurgical Plant* ................... 1,487,500
------------
38,478,500
------------
MULTI-UTILITIES -- 3.9%
468,000 Unified Energy System (GDR) .................. 14,718,600
------------
OIL, GAS & Consumable
FUELS -- 24.9%
868,000 Lukoil (ADR) ................................. 35,891,800
240,000 OAO Gazprom (ADR) ............................ 9,600,000
76,000 Siberian Oil Company America
(ADR)++ .................................... 1,166,600
850,000 Surgutneftegaz (ADR)++ ....................... 34,714,000
252,500 Tatneft (ADR) ................................ 10,428,250
330,000 Tyumen Oil Company* .......................... 1,636,800
500,000 Ufimskij Npz* ................................ 404,250
52,000 Vostok Nafta Investment (SDR)* ............... 1,215,032
------------
95,056,732
------------
WIRELESS TELECOMMUNICATION
SERVICES -- 1.7%
140,000 Mobile Telesystems (GDR) ..................... 4,961,600
45,500 Vimpel Communications (ADR)* ................. 1,734,460
------------
6,696,060
------------
Total Common Stocks
(cost $107,139,779) ........................ 159,739,892
------------
WARRANTS -- 2.2%
OIL, GAS & CONSUMABLE
FUELS -- 2.2%
7,750 Transneft Warrants (expire 4/18/06)*
(Cost $6,771,010) .......................... 8,204,929
------------
Total Investments in Russian
Securities (cost $113,910,789) ............. 167,944,821
------------
SHARES DESCRIPTION VALUE
------------ ------------- ------------
INVESTMENTS IN POLISH
COMMON STOCKS -- 18.4%
BUILDING PRODUCTS -- 0.8%
85,095 Cersanit-Krasnystaw* ......................... $ 3,068,115
------------
COMMERCIAL BANKS -- 3.9%
81,746 Bank Pekao ................................... 3,717,840
178,094 Bank Pekao (GDR) ............................. 7,727,498
38,000 Bank Pekao (GDR)+ ............................ 1,648,820
13,050 ING Bank Slaski .............................. 1,716,129
------------
14,810,287
------------
CONSTRUCTION
& ENGINEERING -- 0.1%
40,842 Budimex* ..................................... 516,925
------------
CONSTRUCTION
MATERIALS -- 0.5%
128,800 Opoczno* ..................................... 1,953,909
------------
DIVERSIFIED FINANCIAL
SERVICES -- 0.7%
14,539 Bank Prezemyslowo-Handlowy ................... 2,553,602
------------
DIVERSIFIED
TELECOMMUNICATION
SERVICES -- 3.9%
1,670,207 Telekomunikacja Polska ....................... 11,444,224
490,000 Telekomunikacja Polska (GDR)+ ................ 3,307,500
------------
14,751,724
------------
INTERNET SOFTWARE
& SERVICES -- 0.3%
32,154 Prokom Software .............................. 1,058,299
------------
MEDIA -- 0.1%
39,000 Tvn* ......................................... 589,300
------------
METAL & MINING -- 1.5%
497,029 KGHM Polska Miedz ............................ 5,562,037
------------
OIL, GAS & CONSUMABLE
FUELS -- 5.6%
661,102 Polski Koncern Naftowy ....................... 10,701,540
180,000 Polski Koncern Naftowy (GDR)+ ................ 5,819,400
144,500 Polski Koncern Naftowy (GDR) ................. 4,833,335
------------
21,354,275
------------
REAL ESTATE -- 1.0%
109,018 Echo Investment* ............................. 3,783,875
------------
Total Investments in Polish
Common Stocks
(cost $26,736,198) ......................... 70,002,348
------------
5
THE CENTRAL EUROPE AND RUSSIA FUND, INC.
SCHEDULE OF INVESTMENTS -- JULY 31, 2005 (UNAUDITED) (CONTINUED)
SHARES DESCRIPTION VALUE
------------ ------------- ------------
INVESTMENTS IN HUNGARIAN
COMMON STOCKS -- 10.4%
CHEMICALS -- 0.7%
193,000 Borsodchem ................................... $ 2,443,511
------------
COMMERCIAL BANKS -- 3.8%
337,400 OTP Bank ..................................... 12,726,389
25,000 OTP Bank (GDR) ............................... 1,897,500
------------
14,623,889
------------
OIL, GAS & CONSUMABLE
FUELS -- 4.5%
110,000 Mol Magyar Olaj-ES Gazipari .................. 11,055,139
61,000 Mol Magyar Olaj-ES Gazipari
(GDR) ...................................... 6,161,000
------------
17,216,139
------------
PHARMACEUTICALS -- 1.4%
30,000 Gedeon Richter ............................... 4,764,504
4,300 Gedeon Richter (GDR) ......................... 675,100
------------
5,439,604
------------
Total Investments in Hungarian
Common Stocks
(cost $10,783,177) ......................... 39,723,143
------------
INVESTMENTS IN CZECH REPUBLIC
COMMON STOCKS -- 5.9%
COMMERCIAL BANKS -- 1.7%
4,500 Komercni Banka ............................... 598,269
139,996 Komercni Banka (GDR) ......................... 6,061,827
------------
6,660,096
------------
MULTI-UTILITIES -- 4.2%
750,000 Ceske Energeticke Zavody ..................... 15,932,658
------------
Total Investments in Czech
Republic Common Stocks
(cost $4,219,728) .......................... 22,592,754
------------
INVESTMENTS IN TURKISH
COMMON STOCKS -- 12.5%
BUILDING PRODUCTS -- 0.5%
518,568 Trakya Cam Sanayii ........................... 1,979,417
------------
COMMERCIAL BANKS -- 0.9%
316,420 Denizbank* ................................... 1,423,053
431,276 Finansbank* .................................. 1,890,701
------------
3,313,754
------------
SHARES DESCRIPTION VALUE
------------ ------------- ------------
DIVERSIFIED FINANCIAL
SERVICES -- 7.2%
1,125,000 Akbank ....................................... $ 6,250,000
400,000 Haci Omer Sabanci Holding .................... 1,738,473
2,166,356 Turkiye Garanti Bankasi* ..................... 5,993,093
1,956,000 Turkiye Is Bankasi ........................... 11,162,358
550,000 Yapi Ve Kredi Bankasi* ....................... 2,411,187
------------
27,555,111
------------
FOOD & STAPLES
Retailing -- 0.3%
53,200 Bim Birlesik Magazalar* ...................... 1,156,085
------------
HOUSEHOLD
DURABLES -- 0.6%
600,000 Vestel Elektronik Sanayi* .................... 2,335,601
------------
INDUSTRIAL
CONGLOMERATES -- 0.5%
600,000 Dogan Sirketler Grubu Holdings* 1,750,567
------------
OIL, GAS & CONSUMABLE
FUELS -- 0.8%
200,000 Tupras-Turkiye Petrol
Rafinerileri ............................... 2,932,729
------------
WIRELESS
TELECOMMUNICATION
SERVICES -- 1.7%
1,175,998 Turkcell Iletisim Hizmetleri ................. 6,488,881
------------
Total Investments in Turkish Common Stocks
(cost $29,828,700) 47,512,145
------------
INVESTMENTS IN AUSTRIAN
COMMON STOCKS -- 3.1%
COMMERCIAL BANKS -- 3.1%
196,740 Erste Bank Der Oester Spark .................. 10,043,774
32,300 Raiffeisen International Bank
Holding* ................................... 1,826,405
------------
11,870,179
------------
Total Investments in Austrian
Common Stocks
(cost $6,612,046) .......................... 11,870,179
------------
6
THE CENTRAL EUROPE AND RUSSIA FUND, INC.
SCHEDULE OF INVESTMENTS -- JULY 31, 2005 (UNAUDITED) (CONTINUED)
SHARES DESCRIPTION VALUE
------------ ------------- ------------
INVESTMENTS IN DUTCH
COMMON STOCKS -- 2.0%
BEVERAGES -- 0.2%
23,000 Efes Breweries International
(GDR) ...................................... $ 833,750
------------
FOOD & STAPLES
RETAILING -- 1.8%
419,700 Pyaterochka Holding (GDR)* ................... 6,736,185
------------
Total Investments in Dutch
Common Stocks
(cost $5,913,905) .......................... 7,569,935
------------
SHARES DESCRIPTION VALUE
------------ ------------- ------------
SECURITIES LENDING
COLLATERAL -- 9.3%
35,564,400 Scudder Daily Assets Fund
Institutional, 3.34%+++
(cost $35,564,400) ....................... $ 35,564,400
------------
Total Investments--105.7%
(cost $233,568,943) ........................ $402,779,725
Liabilities in excess of cash
and other assets--(5.7)% ................... (21,689,052)
------------
NET ASSETS--100.0% ........................... $381,090,673
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* Non-income producing security.
+ 144A - Restricted to resale to institutional investors only.
++ All or a portion of these securities were on loan. The value of all
securities loaned at July 31, 2005 amounted to $34,136,910, which is
9.0% of the net assets.
+++ Represents collateral held in connection with securities lending.
Scudder Daily Assets Fund Institutional, an affiliated fund, is
managed by Deutsche Asset Management Inc. The rate shown is the
annualized seven-day yield at period end.
Key
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ADR -- American Depository Receipt
GDR -- Global Depository Receipt
SDR -- Swedish Depository Receipt
7
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: The Central Europe and Russia Fund
By: /s/Julian Sluyters
Julian Sluyters
Chief Executive Officer
Date: September 23, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
Registrant: The Central Europe and Russia Fund
By: /s/Julian Sluyters
Julian Sluyters
Chief Executive Officer
Date: September 23, 2005
By: /s/Paul Schubert
Paul Schubert
Chief Financial Officer
Date: September 23, 2005