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.
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(Exact name of registrant as specified in charter)
345 Park Avenue
New York, NY 10154
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(Address of principal executive offices) (Zip code)
Bruce Rosenblum
One South Street
Baltimore, MD 21202
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(Name and address of agent for service)
Registrant's telephone number, including area code: (410) 895-3883
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Date of fiscal year end: 10/31
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Date of reporting period: 7/31/04
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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, 2004 (unaudited)
Shares Description Value
------ ----------- -------
Investments in Russian Securities--44.3%
Common Stocks--41.8%
Crude Petroleum and Natural Gas--13.0%
820,000 Surgutneftegaz (ADR) $ 27,593,000
270,000 Yukos (ADR) 4,252,500
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31,845,500
Crude Petroleum Pipelines--0.4%
38,000 Sibneft (ADR) 959,500
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Electric & Other Services Combined--2.2%
218,000 Unified Energy Systems (GDR) 5,319,200
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Electric Services--0.7%
200,000 Mosenergo (ADR) 1,680,000
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Investors--0.3%
52,000 Vostok Nafta Investment (SDR)* 663,890
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Miscellaneous Metal Ores--6.2%
295,000 JSC MMC Norilsk Nickel (ADR) 15,104,000
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Natural Gas Transmission & Distribution--2.9%
240,000 OAO Gazprom (ADR) 7,080,000
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Petroleum Refining--13.5%
304,500 Lukoil (ADR) 33,190,500
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RadioTelephone Communications--0.1%
3,500 Vimpel Communications (ADR)* 306,250
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Telegraph & Other Message Communication--0.9%
200,000 Rostelecom (ADR) 2,220,000
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Telephone & Telegraph Apparatus--1.6%
35,000 Mobile Telesystems (GDR) 4,042,500
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Total Common Stocks
(cost $91,610,724) 102,411,340
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Warrants--2.5%
Pipelines (No Gas)--2.5%
7,750 Transneft Warrants (expire 4/15/05)*
(Cost $7,618,460) 6,083,986
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Total Investments in Russian Securities
(cost $99,229,184) 108,495,326
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Investment in Polish Common Stocks--21.7%
General Contractors - Residential Build--1.4%
147,518 Echo Investment* 3,397,064
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National Commercial Banks--7.8%
81,746 Bank Pekao 2,558,789
38,000 Bank Pekao (GDR)+ 1,186,360
320,000 Bank Pekao (GDR) 9,990,400
49,539 Bank Prezemyslowo-Handlowy 5,464,865
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19,200,414
Operative Builders--0.2%
40,842 Budimex* 505,738
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Petroleum Refining--4.4%
661,102 Polski Koncern Naftowy 5,433,215
180,000 Polski Koncern Naftowy (GDR)+ 2,925,000
149,500 Polski Koncern Naftowy (GDR) 2,429,375
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10,787,590
Primary Smelting and Refining of Copper--1.9%
597,029 KGHM Polska Miedz* 4,725,519
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Services-Prepackaged Software--0.6%
5,275 Prokom Software* 236,400
53,758 Prokom Software (GDR)* 1,198,804
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1,435,204
Telephone Communications (No RadioTelephone)--3.6%
1,723,207 Telekomunikacja Polska 6,914,689
490,000 Telekomunikacja Polska (GDR)+ 1,960,000
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8,874,689
Vitreous China Plumbing Fixtures--1.8%
138,000 Cersanit-Krasnystaw* 4,300,607
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Total Investments in Polish Common Stocks
(cost $28,024,748) 53,226,825
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Investment in Hungarian Common Stocks--12.4%
National Commercial Banks--5.1%
337,400 OTP Bank 6,994,678
135,000 OTP Bank (GDR)* 5,562,000
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12,556,678
Petroleum Refining--4.2%
110,000 Mol Magyar Olaj-ES Gazipari 4,556,561
141,000 Mol Magyar Olay-ES Gazipari (GDR) 5,781,000
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10,337,561
Pharmaceutical Preparations--0.2%
4,300 Gedeon Richter (GDR) 425,700
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Telephone Communications (No RadioTelephone)--2.9%
349,804 Matav 1,411,544
273,000 Matav (ADR) 5,539,170
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6,950,714
Total Investments in Hungarian Common Stocks
(cost $12,741,984) 30,270,653
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Investment in Czech Republic Common Stocks--8.2%
Cigarettes--0.6%
2,384 Philip Morris 1,403,795
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Drugs--0.5%
60,000 Zentiva 1,194,058
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Electric Services--1.9%
600,000 Ceske Energeticke Zavody 4,524,853
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National Commercial Banks--2.8%
4,500 Komercni Banka 462,940
189,996 Komercni Banka (GDR) 6,459,864
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6,922,804
Telephone Communications (No RadioTelephone)--2.4%
496,000 Cesky Telecom 5,969,758
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Total Investments in Czech Republic Common Stocks
(cost $8,999,050) 20,015,268
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Investment in Austrian Common Stock--2.3%
National Commercial Banks--2.3%
146,740 Erste Bank Der Oester Spark
(Cost $2,753,678) 5,724,269
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Investment in Turkish Common Stocks--8.1%
Communications Services--1.6%
934,921,348 Turkcell Iletisim Hizmetleri 3,825,109
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Computer Programming Services--1.2%
725,000,000 Beko Electronik* 2,892,090
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Flat Glass--0.2%
218,568,000 Trakya Cam Sanayii 536,546
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Functions Related to Deposit Banking--0.3%
200,000,000 Turkiye Is Bankasi 770,542
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Miscellaneous Food Stores--0.8%
356,566,000 Migros Turk Tas 1,908,655
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National Commercial Banks--2.3%
937,500,000 Akbank 3,867,628
1,500,000,000 Finansbank* 1,708,155
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5,575,783
Offices-Holdings Companies--0.9%
650,000,000 Dogan Yayin Holding* 2,216,162
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Radio, TV Broadcasting, and Communication Equipment--0.8%
600,000,000 Vestel Electronic Sanayi* 1,994,544
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Total Investments in Turkish Common Stocks
(cost $23,928,193) 19,719,431
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Total Investments--97.0%
(cost $175,676,837) $ 237,451,772
Cash and other assets in excess of liabilities--3.0% 7,348,900
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Net Assets--100.0% $ 244,800,672
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* Non-income producing security.
+144A -- Restricted to resale to institutional investors only.
Key
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
SDR -- Swedish Depository Receipt
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 & Russia Fund, Inc.
By: /s/ Julian Sluyters
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Julian Sluyters
Chief Executive Officer
Date: September 22, 2004
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 & Russia Fund, Inc.
By: /s/ Julian Sluyters
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Julian Sluyters
Chief Executive Officer
Date: September 22, 2004
By: /s/Charles A. Rizzo
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Charles A. Rizzo
Chief Financial Officer
Date: September 22, 2004