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: 01/31/06
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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 -- JANUARY 31, 2006 (unaudited)
Shares Description Value
------ ----------- -----
INVESTMENTS IN RUSSIAN SECURITIES -- 48.6%
Common Stocks -- 45.7%
Commercial Banks -- 0.6%
3,000 Sberbank $ 4,470,000
------------
Diversified Telecommunication
Services -- 0.4%
200,000 Rostelecom (ADR)++ 2,710,000
---------
Food Products -- 0.8%
75,000 Lebedyansky* 5,362,500
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Metals & Mining -- 7.5%
416,000 JSC MMC Norilsk Nickel (ADR) 37,232,000
416,000 Polyus Gold Co Zao 11,481,600
3,500 Vyksa Metallurgical Plant* 2,336,250
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51,049,850
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Multi-Utilities -- 4.0%
568,000 Unified Energy Systems (GDR) 27,718,400
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Oil, Gas & Consumable Fuels -- 30.4%
700,000 Gazprom 5,449,500
918,000 Lukoil (ADR) 70,227,000
250,000 Novatek Oao-Spons (GDR) 7,247,500
265,000 OAO Gazprom (ADR) 22,684,000
1,010,000 Surgutneftegaz (ADR)++ 69,387,000
292,500 Tatneft (ADR)++ 25,301,250
1,143,800 Tnk-Bp 3,683,036
500,000 Ufimskij Npz 1,092,500
52,000 Vostok Nafta Investment (SDR)* 3,189,011
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208,260,797
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Personal Products -- 0.9%
146,000 Kalina 6,332,750
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Wireless Telecommunication Services -- 1.1%
140,000 Mobile Telesystems (GDR) 5,191,200
45,500 Vimpel Communications (ADR)* 2,131,220
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7,322,420
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Warrants -- 2.9%
Commercial Banks -- 2.9%
7,750 Transneft Warrant
(expire 4/18/06)*
(Cost $6,771,010) 19,731,419
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Total Investments in
Russian Securities
(cost $153,437,825) 332,958,136
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Shares Description Value
------ ----------- -----
INVESTMENTS IN POLISH COMMON STOCKS-- 12.2%
Building Products -- 0.6%
850,950 Cersanit-Krasnystaw SA $ 4,272,869
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Commercial Banks -- 2.9%
81,746 Bank Pekao 4,559,341
178,094 Bank Pekao (GDR) 9,919,836
38,000 Bank Pekao (GDR)+ 2,116,600
350,000 Pko Bank Polski SA 3,514,905
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20,110,682
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Construction & Engineering -- 0.1%
40,842 Budimex* 599,663
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Diversified Financial Services -- 0.5%
13,500 Bank Prezemyslowo-Handlowy 3,303,566
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Diversified Telecommunication Services -- 2.3%
1,670,207 Telekomunikacja Polska 12,261,419
490,000 Telekomunikacja Polska (GDR)+ 3,626,000
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15,887,419
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Media -- 0.2%
37,700 Tvn* 971,674
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Metal & Mining -- 0.5%
147,029 KGHM Polska Miedz 3,411,020
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Oil, Gas & Consumable
Fuels -- 4.1%
736,102 Polski Koncern Naftowy 14,925,096
149,500 Polski Koncern Naftowy (GDR) 6,039,800
180,000 Polski Koncern Naftowy (GDR)+ 7,272,000
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28,236,896
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Real Estate -- 1.0%
109,018 Echo Investment* 6,652,087
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Total Investments in Polish
Common Stocks (cost $28,409,238) 83,445,876
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INVESTMENTS IN HUNGARIAN COMMON STOCKS -- 5.9%
Chemicals -- 0.3%
193,000 Borsodchem 2,373,409
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Commercial Banks -- 2.0%
337,400 OTP Bank 11,633,922
25,000 OTP Bank (GDR) 1,725,000
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13,358,922
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THE CENTRAL EUROPE AND RUSSIA FUND, INC.
SCHEDULE OF INVESTMENTS -- JANUARY 31, 2006 (unaudited) (continued)
Shares Description Value
------ ----------- -----
Oil, Gas & Consumable Fuels -- 2.6%
110,000 Mol Magyar Olaj-Es Gazipari $ 11,431,809
61,000 Mol Magyar Olaj-Es Gazipari (GDR) 6,386,700
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17,818,509
Pharmaceuticals -- 1.0%
30,000 Gedeon Richter 6,272,425
4,300 Gedeon Richter (GDR) 898,700
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$7,171,125
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Total Investments in Hungarian
Common Stocks
(cost $10,783,177) 40,721,965
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INVESTMENTS IN CZECH REPUBLIC COMMON STOCKS -- 4.6%
Commercial Banks -- 0.8%
4,500 Komercni Banka 666,952
89,996 Komercni Banka (GDR) 4,499,800
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5,166,752
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Multi-Utilities -- 3.8%
750,000 Ceske Energeticke Zavody 26,170,486
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Total Investments in Czech
Republic Common Stocks
(cost $3,984,712) 31,337,238
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INVESTMENTS IN TURKISH COMMON STOCKS -- 12.4%
Building Products -- 0.7%
1,128,568 Trakya Cam Sanayii 4,654,329
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Commercial Banks -- 1.9%
316,420 Denizbank* 2,705,672
694,427 Finansbank* 3,941,127
500,000 Turkiye Sinai Kalkinma Bank 2,137,722
692,850 Turkiye Vakiflar Bankasi T-D* 4,299,183
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13,083,704
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Construction & Engineering -- 0.0%
35,000 Izocam Ticaret Ve Sanayi As 267,499
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Diversified Financial Services -- 7.4%
1,825,000 Akbank 15,881,574
400,000 Haci Omer Sabanci Holding 3,087,401
1,416,356 Turkiye Garanti Bankasi* 6,537,852
2,456,000 Turkiye Is Bankasi 22,301,930
550,000 Yapi Ve Kredi Bankasi* 3,059,024
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50,867,781
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Shares Description Value
------ ----------- -----
Food & Staples Retailing -- 0.2%
53,200 Bim Birlesik Magazalar* $ 1,630,420
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Industrial Conglomerates -- 0.4%
600,000 Dogan Sirketler Grubu Holdings* 2,383,655
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Insurance -- 0.6%
805,000 Anadolu Hayat Emeklilik Ord 3,929,058
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Oil, Gas & Consumable Fuels -- 0.6%
200,000 Turpras Petrol Rafinerileri 4,161,937
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Wireless Telecommunication Services -- 0.6%
575,998 Turkcell Iletisim Hizmetleri 3,944,598
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Total Investments in Turkish
Common Stocks
(cost $40,998,353) 84,922,981
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INVESTMENTS IN AUSTRIAN COMMON STOCKS -- 2.4%
Commercial Banks -- 2.4%
146,740 Erste Bank Der Oester Spark 8,179,428
39,131 Erste Bank Ord-Temp* 2,151,737
94,200 Wiener Staedt Vers 5,905,146
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16,236,311
Total Investments in Austrian
Common Stocks (cost $10,453,018) 16,236,311
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INVESTMENTS IN DUTCH COMMON STOCKS -- 0.9%
Beverages -- 0.4%
73,000 Efes Breweries International (GDR) 2,752,100
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Food & Staples Retailing -- 0.5%
219,700 Pyaterochka Holding (GDR) 3,449,290
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Total Investments in Dutch
Common Stocks
(cost $5,117,505) 6,201,390
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THE CENTRAL EUROPE AND RUSSIA FUND, INC.
SCHEDULE OF INVESTMENTS -- JANUARY 31, 2006 (unaudited) (continued)
Shares Description Value
------ ----------- -----
INVESTMENTS IN CYPRUS COMMON STOCKS -- 0.5%
Oil, Gas & Consumable Fuels -- 0.5%
700,000 Urals Energy Public Co Ltd (Cost $3,204,250) $ 3,422,265
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Securities Lending Collateral -- 9.1%
62,016,000 Daily Assets Fund
Institutional, 4.34%+++
(cost $62,016,000) $ 62,016,000
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Total Investments--96.6%
(cost $318,404,078) $ 661,262,162
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Cash and other assets in
excess of liabilities--3.4% 23,485,477
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NET ASSETS--100.0% $ 684,747,639
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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 January 31, 2006
amounted to $59,348,910, which is 8.7% of the net assets.
+++ Represents collateral held in connection with securities lending. 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
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
SDR -- Swedish Depository Receipt
SIGNATURES
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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,
a series of Central Europe & Russia
Fund, Inc.
By: /s/Vincent J. Esposito
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Vincent J. Esposito
President
Date: March 21, 2006
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, a series
of Central Europe & Russia Fund, Inc.
By: /s/Vincent J. Esposito
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Vincent J. Esposito
President
Date: March 21, 2006
By: /s/Paul Schubert
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Paul Schubert
Chief Financial Officer and Treasurer
Date: March 21, 2006