UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY ------------------------------- 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) Bruce Rosenblum One South Street Baltimore, MD 21202 --------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (410) 895-3883 -------------- Date of fiscal year end: 10/31 ----- Date of reporting period: 7/31/04 --------- 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 -------------- 31,845,500 Crude Petroleum Pipelines--0.4% 38,000 Sibneft (ADR) 959,500 --------------- Electric & Other Services Combined--2.2% 218,000 Unified Energy Systems (GDR) 5,319,200 -------------- Electric Services--0.7% 200,000 Mosenergo (ADR) 1,680,000 -------------- Investors--0.3% 52,000 Vostok Nafta Investment (SDR)* 663,890 --------------- Miscellaneous Metal Ores--6.2% 295,000 JSC MMC Norilsk Nickel (ADR) 15,104,000 ------------- Natural Gas Transmission & Distribution--2.9% 240,000 OAO Gazprom (ADR) 7,080,000 --------------- Petroleum Refining--13.5% 304,500 Lukoil (ADR) 33,190,500 -------------- RadioTelephone Communications--0.1% 3,500 Vimpel Communications (ADR)* 306,250 ---------------- Telegraph & Other Message Communication--0.9% 200,000 Rostelecom (ADR) 2,220,000 --------------- Telephone & Telegraph Apparatus--1.6% 35,000 Mobile Telesystems (GDR) 4,042,500 --------------- Total Common Stocks (cost $91,610,724) 102,411,340 -------------- Warrants--2.5% Pipelines (No Gas)--2.5% 7,750 Transneft Warrants (expire 4/15/05)* (Cost $7,618,460) 6,083,986 --------- Total Investments in Russian Securities (cost $99,229,184) 108,495,326 ----------- Investment in Polish Common Stocks--21.7% General Contractors - Residential Build--1.4% 147,518 Echo Investment* 3,397,064 --------- 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 ---------------- 19,200,414 Operative Builders--0.2% 40,842 Budimex* 505,738 ---------------- 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 --------------- 10,787,590 Primary Smelting and Refining of Copper--1.9% 597,029 KGHM Polska Miedz* 4,725,519 --------------- Services-Prepackaged Software--0.6% 5,275 Prokom Software* 236,400 53,758 Prokom Software (GDR)* 1,198,804 -------------- 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 ---------------- 8,874,689 Vitreous China Plumbing Fixtures--1.8% 138,000 Cersanit-Krasnystaw* 4,300,607 --------------- Total Investments in Polish Common Stocks (cost $28,024,748) 53,226,825 -------------- 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 ---------------- 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 --------- 10,337,561 Pharmaceutical Preparations--0.2% 4,300 Gedeon Richter (GDR) 425,700 ---------------- Telephone Communications (No RadioTelephone)--2.9% 349,804 Matav 1,411,544 273,000 Matav (ADR) 5,539,170 --------------- 6,950,714 Total Investments in Hungarian Common Stocks (cost $12,741,984) 30,270,653 -------------- Investment in Czech Republic Common Stocks--8.2% Cigarettes--0.6% 2,384 Philip Morris 1,403,795 --------------- Drugs--0.5% 60,000 Zentiva 1,194,058 --------------- Electric Services--1.9% 600,000 Ceske Energeticke Zavody 4,524,853 --------------- National Commercial Banks--2.8% 4,500 Komercni Banka 462,940 189,996 Komercni Banka (GDR) 6,459,864 --------------- 6,922,804 Telephone Communications (No RadioTelephone)--2.4% 496,000 Cesky Telecom 5,969,758 --------------- Total Investments in Czech Republic Common Stocks (cost $8,999,050) 20,015,268 -------------- 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 --------------- Investment in Turkish Common Stocks--8.1% Communications Services--1.6% 934,921,348 Turkcell Iletisim Hizmetleri 3,825,109 ---------------- Computer Programming Services--1.2% 725,000,000 Beko Electronik* 2,892,090 ---------------- Flat Glass--0.2% 218,568,000 Trakya Cam Sanayii 536,546 ---------------- Functions Related to Deposit Banking--0.3% 200,000,000 Turkiye Is Bankasi 770,542 ---------------- Miscellaneous Food Stores--0.8% 356,566,000 Migros Turk Tas 1,908,655 --------------- National Commercial Banks--2.3% 937,500,000 Akbank 3,867,628 1,500,000,000 Finansbank* 1,708,155 --------------- 5,575,783 Offices-Holdings Companies--0.9% 650,000,000 Dogan Yayin Holding* 2,216,162 --------------- Radio, TV Broadcasting, and Communication Equipment--0.8% 600,000,000 Vestel Electronic Sanayi* 1,994,544 --------------- Total Investments in Turkish Common Stocks (cost $23,928,193) 19,719,431 -------------- Total Investments--97.0% (cost $175,676,837) $ 237,451,772 Cash and other assets in excess of liabilities--3.0% 7,348,900 ---------------- Net Assets--100.0% $ 244,800,672 ------------- * 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 ------------------- 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 ------------------- Julian Sluyters Chief Executive Officer Date: September 22, 2004 By: /s/Charles A. Rizzo ------------------- Charles A. Rizzo Chief Financial Officer Date: September 22, 2004