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 811-06041
Central Europe and Russia Fund, Inc.
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(Exact name of registrant as specified in charter)
Two International Place
Boston, MA 02110
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(Address of principal executive offices) (Zip code)
Salvatore Schiavone
Two International Place
Boston, Massachusetts 02110
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(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 295-2663
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Date of fiscal year end: 10/31
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Date of reporting period: 1/31/05
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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 270.30b1-5). 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 -- JANUARY 31, 2005 (UNAUDITED)
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SHARES DESCRIPTION VALUE
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INVESTMENTS IN RUSSIAN SECURITIES--41.1%
COMMON STOCKS--38.8%
CRUDE PETROLEUM
NATURAL GAS--9.8%
850,000 Surgutneftegaz (ADR) ................... $ 31,790,000
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CRUDE PETROLEUM
PIPELINES--0.4%
76,000 Sibneft (ADR) .......................... 1,193,200
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ELECTRIC & OTHER SERVICES
COMBINED--1.9%
218,000 Unified Energy Systems (GDR) ........... 6,300,200
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ELECTRIC SERVICES--0.4%
100,000 Mosenergo (ADR) ........................ 1,475,000
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INVESTORS--0.3%
52,000 Vostok Nafta
Investment (SDR)* .................... 930,113
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METAL MINING--1.2%
150,000 Mechel Steel Group
OAO (ADR)* ........................... 3,975,000
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MISCELLANEOUS METAL
ORES--7.5%
421,000 JSC MMC Norilsk
Nickel (ADR) ......................... 24,207,500
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NATURAL GAS TRANSMISSION &
DISTRIBUTION--2.6%
240,000 OAO Gazprom (ADR) ...................... 8,400,000
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PETROLEUM REFINING--12.3%
319,500 Lukoil (ADR) ........................... 39,618,000
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RADIOTELEPHONE
COMMUNICATIONS--0.1%
10,500 Vimpel Communications (ADR)* ........... 375,690
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TELEGRAPH & OTHER MESSAGE
COMMUNICATION--0.7%
200,000 Rostelecom (ADR) ....................... 2,180,000
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TELEPHONE & TELEGRAPH
APPARATUS--1.6%
140,000 Mobile Telesystems (GDR) ............... 5,086,200
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Total Common Stocks
(cost $94,020,674) ................... 125,530,903
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WARRANTS--2.3%
PIPELINES (NO GAS)--2.3%
7,750 Transneft Warrants (expire 4/15/05)*
(Cost $7,618,460) .................... 7,252,808
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Total Investments in Russian
Securities (cost $101,639,134) ....... 132,783,711
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INVESTMENTS IN POLISH COMMON
STOCKS--19.8%
CABLE AND OTHER PAY TELEVISION
SERVICES--0.2%
39,000 TVN* ................................... $ 498,923
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GENERAL CONTRACTORS-
RESIDENTIAL BUILD--1.0%
134,018 Echo Investment* ....................... 3,351,419
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NATIONAL COMMERCIAL
BANKS--6.3%
81,746 Bank Pekao ............................. 3,507,792
38,000 Bank Pekao (GDR)+ ...................... 1,618,800
218,094 Bank Pekao (GDR) ....................... 9,290,804
37,039 Bank Prezemyslowo-Handlowy ............. 5,851,521
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20,268,917
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OPERATIVE BUILDERS--0.2%
40,842 Budimex* ............................... 643,264
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PETROLEUM REFINING--5.0%
661,102 Polski Koncern Naftowy ................. 8,074,918
180,000 Polski Koncern
Naftowy (GDR)+ ....................... 4,383,000
149,500 Polski Koncern Naftowy (GDR) ........... 3,640,325
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16,098,243
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PRIMARY SMELTING AND
REFINING OF COPPER--1.6%
597,029 KGHM Polska Miedz* ..................... 5,296,519
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SERVICES-PREPACKAGED
SOFTWARE--0.4%
5,275 Prokom Software* ....................... 224,659
53,758 Prokom Software (GDR)* ................. 1,128,918
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1,353,577
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TELEPHONE COMMUNICATIONS
(NO RADIOTELEPHONE)--4.2%
1,670,207 Telekomunikacja Polska ................. 10,468,656
490,000 Telekomunikacja
Polska (GDR)+ ........................ 3,072,300
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13,540,956
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VITREOUS CHINA PLUMBING
FIXTURES--0.9%
85,095 Cersanit-Krasnystaw* ................... 2,954,023
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Total Investments in Polish
Common Stocks
(cost $25,246,779) ................... 64,005,841
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INVESTMENTS IN TURKISH
COMMON STOCKS--16.5%
COMMUNICATIONS
SERVICES--2.1%
934,921 Turkcell Iletisim Hizmetleri ........... $ 6,878,550
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COMPUTER PROGRAMMING
SERVICES--1.1%
1,450,000 Beko Elektronik ........................ 3,396,396
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FLAT GLASS--0.5%
518,568 Trakya Cam Sanayii ..................... 1,596,193
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FUNCTIONS RELATED TO
DEPOSIT BANKING--3.0%
1,630,000 Turkiye Is Bankasi ..................... 9,606,232
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MISCELLANEOUS FOOD
STORES--0.5%
206,566 Migros Turk Tas ........................ 1,612,828
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NATIONAL COMMERCIAL
BANKS--7.5%
1,237,500 Akbank ................................. 7,757,601
586,420 Denizbank* ............................. 1,761,021
1,081,276 Finansbank ............................. 2,435,305
400,000 Haci Omer Sabanci Holding .............. 1,696,697
1,237,918 Turkiye Garanti Bankasi* ............... 4,972,117
1,350,000 Yapi ve Kredi Bankasi* ................. 5,472,973
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24,095,714
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PETROLEUM REFINING--1.1%
300,000 Tupras-Turkiye Petrol
Rafinerileri ......................... 3,603,604
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RADIO, TV BROADCASTING, AND
COMMUNICATION EQUIPMENT--0.7%
600,000 Vestel Elektronik Sanayi* .............. 2,409,910
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Total Investments in Turkish
Common Stocks
(cost $37,969,587) ................... 53,199,427
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INVESTMENTS IN HUNGARIAN COMMON
STOCKS--9.8%
NATIONAL COMMERCIAL BANKS--3.9%
337,400 OTP Bank ............................... 10,922,313
25,000 OTP Bank (GDR) ......................... 1,602,500
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12,524,813
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PETROLEUM REFINING--3.5%
110,000 Mol Magyar Olaj-ES Gazipari ............ $ 7,349,692
61,000 Mol Magyar Olaj-ES
Gazipari (GDR) ....................... 4,068,700
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11,418,392
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PHARMACEUTICALS
PREPARATIONS--0.2%
4,300 Gedeon Richter (GDR) ................... 571,900
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PLASTIC MATERIALS, SYNTHETIC RESINS
& NONVULCAN ELASTOMERS--1.1%
293,000 BorsodChem ............................. 3,504,546
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TELEPHONE COMMUNICATIONS
(NO RADIOTELEPHONE)--1.1%
349,804 Matav .................................. 1,625,656
83,000 Matav (ADR) ............................ 1,933,900
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3,559,556
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Total Investments in Hungarian
Common Stocks
(cost $9,771,871) .................... 31,579,207
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INVESTMENTS IN CZECH REPUBLIC
COMMON STOCKS--8.7%
DRUGS--0.6%
60,000 Zentiva* ............................... 2,055,864
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ELECTRIC SERVICES--3.6%
750,000 Ceske Energeticke Zavody ............... 11,473,152
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NATIONAL COMMERCIAL
BANKS--3.1%
4,500 Komercni Banka ......................... 668,481
189,996 Komercni Banka (GDR) ................... 9,503,600
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10,172,081
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TELEPHONE COMMUNICATIONS
(NO RADIOTELEPHONE)--1.4%
246,000 Cesky Telecom .......................... 4,459,924
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Total Investments in Czech
Republic Common Stocks
(cost $7,893,990) .................... 28,161,021
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INVESTMENTS IN AUSTRIAN
COMMON STOCK--2.2%
NATIONAL COMMERCIAL BANKS--2.2%
146,740 Erste Bank Der Oester Spark
(Cost $2,753,678) .................... 7,243,783
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INVESTMENTS IN DUTCH COMMON
STOCK--0.2%
BOTTLED AND CANNED SOFT
DRINKS--0.2%
23,000 Efes Breweries International (GDR)
(cost $534,750) ...................... $ 732,550
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Total Investments--98.3%
(cost $185,809,789) ................. 317,705,540
Cash and other assets in excess
of liabilities--1.7% ................ 5,461,803
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NET ASSETS--100.0% ..................... $ 323,167,343
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NUMBER OF SHARES
OUTSTANDING ........................ 10,197,209
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NET ASSET VALUE
PER SHARE .......................... $31.69
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* Non-income producing security.
+ 144A -- Restricted to resale to institutional investors only.
Key
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ADR -- American Depositary Receipt
GDR -- Global Depositary Receipt
SDR -- Swedish Depositary Receipt
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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.
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
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Julian Sluyters
Chief Executive Officer
Date: March 11, 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: March 11, 2005
By: /s/Paul Schubert
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Paul Schubert
Chief Financial Officer
Date: March 11, 2005