ITEM 1.
|
SCHEDULE OF INVESTMENTS
|
THE CENTRAL EUROPE AND RUSSIA FUND, INC. | JULY 31, 2011 (unaudited) |
Shares
|
Description
|
Value(a)
|
|||||||
INVESTMENTS IN RUSSIAN
SECURITIES – 66.3%
|
|||||||||
COMMON STOCKS – 65.5%
|
|||||||||
AIRLINES – 0.6%
|
|||||||||
1,500,000
|
Aeroflot – Russian Airlines
|
$
|
3,802,500
|
||||||
CHEMICALS – 1.9%
|
|||||||||
250,000
|
Uralkali (GDR) Reg S*
|
12,315,000
|
|||||||
COMMERCIAL BANKS – 9.3%
|
|||||||||
16,500,000
|
Sberbank
|
60,555,000
|
|||||||
CONSTRUCTION
MATERIALS – 1.2%
|
|||||||||
1,000,000
|
LSR Group (GDR) Reg S
|
7,550,000
|
|||||||
ELECTRIC UTILITIES – 0.6%
|
|||||||||
216,633
|
OJSC Enel OGK-5 (GDR)*
|
977,665
|
|||||||
600,000
|
RusHydro (ADR)
|
3,000,000
|
|||||||
3,977,665
|
|||||||||
FOOD & STAPLES
RETAILING – 1.1%
|
|||||||||
247,710
|
Magnit (GDR) (144A)
|
7,090,600
|
|||||||
MEDIA – 1.1%
|
|||||||||
350,000
|
CTC Media†
|
7,304,500
|
|||||||
METALS & MINING – 7.1%
|
|||||||||
250,000
|
Evraz Group (GDR)*
|
8,350,000
|
|||||||
500,000
|
Mechel Steel Group†
|
12,454,500
|
|||||||
50,000
|
MMC Norilsk Nickel
|
13,200,000
|
|||||||
150,000
|
Polymetal JSC*
|
3,112,500
|
|||||||
900,000
|
Raspadskaya
|
5,445,000
|
|||||||
200,000
|
Severstal (GDR) Reg S*
|
3,844,000
|
|||||||
46,406,000
|
|||||||||
OIL, GAS & CONSUMABLE
FUELS – 35.8%
|
|||||||||
3,198,000
|
Gazprom
|
22,785,750
|
|||||||
4,620,000
|
Gazprom (ADR)
|
66,759,000
|
|||||||
300,000
|
LUKOIL
|
20,075,220
|
|||||||
415,000
|
LUKOIL (ADR)
|
27,846,500
|
|||||||
325,000
|
NovaTek (GDR) Reg S
|
50,635,000
|
|||||||
285,000
|
Rosneft Oil
|
2,430,993
|
|||||||
2,500,000
|
Rosneft Oil (GDR) Reg S
|
21,325,000
|
|||||||
500,000
|
Tatneft (ADR)
|
20,915,000
|
|||||||
52,000
|
Vostok Gas*†
|
1,813
|
|||||||
232,774,276
|
Shares
|
Description
|
Value(a)
|
|||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.1%
|
|||||||||
1,000,000
|
Etalon Group Ltd.* (GDR) Reg S
|
$
|
7,000,000
|
||||||
ROAD & RAIL – 0.7%
|
|||||||||
250,000
|
Globaltrans Investment (GDR)
Reg S
|
4,562,500
|
|||||||
WIRELESS
TELECOMMUNICATION
SERVICES – 5.0%
|
|||||||||
1,200,000
|
Mobile Telesystems
|
10,620,000
|
|||||||
325,000
|
Mobile Telesystems (ADR)†
|
5,973,727
|
|||||||
250,000
|
Mobile Telesystems (GDR) Reg S
|
4,595,175
|
|||||||
200,000
|
Sistema JSFC (GDR) Reg S
|
4,952,000
|
|||||||
525,000
|
VimpelCom Ltd. (ADR)
|
6,541,500
|
|||||||
32,682,402
|
|||||||||
Total Common Stocks
(cost $261,500,751)
|
426,020,443
|
||||||||
PREFERRED STOCKS – 0.8%
|
|||||||||
OIL, GAS & CONSUMABLE
FUELS – 0.8%
|
|||||||||
1,000,000
|
Surgutneftegaz (ADR)†
(cost $4,690,963)
|
5,064,580
|
|||||||
Total Investments in
Russian Securities
(cost $266,191,714)
|
431,085,023
|
||||||||
INVESTMENTS IN POLISH
COMMON STOCKS – 13.6%
|
|||||||||
COMMERCIAL BANKS – 3.6%
|
|||||||||
100,000
|
Bank Pekao
|
5,715,413
|
|||||||
35,000
|
BRE Bank*†
|
3,999,534
|
|||||||
900,000
|
Powszechna Kasa Oszczednosci
Bank Polski
|
13,277,841
|
|||||||
22,992,788
|
|||||||||
DIVERSIFIED FINANCIAL
SERVICES – 0.8%
|
|||||||||
300,000
|
Warsaw Stock Exchange†
|
5,252,583
|
|||||||
DIVERSIFIED
TELECOMMUNICATION
SERVICES – 1.6%
|
|||||||||
1,950,000
|
Netia*
|
4,057,836
|
|||||||
1,000,000
|
Telekomunikacja Polska
|
6,257,176
|
|||||||
10,315,012
|
Shares
|
Description
|
Value(a)
|
|||||||
INVESTMENTS IN POLISH
COMMON STOCKS – 13.6% (continued)
|
|||||||||
INSURANCE – 2.2%
|
|||||||||
105,718
|
Powszechny Zaklad Ubezpieczen
|
$
|
14,375,403
|
||||||
MEDIA – 0.2%
|
|||||||||
216,039
|
TVN
|
1,309,938
|
|||||||
METALS & MINING – 3.1%
|
|||||||||
100,000
|
Jastrzebska Spolka Weglowa*
|
4,897,388
|
|||||||
225,000
|
KGHM Polska Miedz†
|
15,410,627
|
|||||||
20,308,015
|
|||||||||
OIL, GAS & CONSUMABLE
FUELS – 2.1%
|
|||||||||
275,000
|
Grupa Lotos*
|
3,771,975
|
|||||||
600,000
|
Polski Koncern Naftowy Orlen*
|
10,070,322
|
|||||||
13,842,297
|
|||||||||
Total Investments in
Polish Common Stocks
(cost $59,145,057)
|
88,396,036
|
||||||||
INVESTMENTS IN TURKISH
COMMON STOCKS – 11.2%
|
|||||||||
AUTOMOBILES – 0.4%
|
|||||||||
579,000
|
Tofas Turk Otomobil Fabrikasi
|
2,413,937
|
|||||||
COMMERCIAL BANKS – 3.9%
|
|||||||||
3,500,000
|
Asya Katilim Bankasi*
|
4,982,132
|
|||||||
1,750,000
|
Turkiye Garanti Bankasi
|
7,775,462
|
|||||||
500,000
|
Turkiye Halk Bankasi
|
3,528,886
|
|||||||
2,500,010
|
Turkiye IS Bankasi
|
7,221,589
|
|||||||
800,000
|
Yapi ve Kredi Bankasi*
|
1,920,191
|
|||||||
25,428,260
|
|||||||||
CONSTRUCTION &
ENGINEERING – 1.3%
|
|||||||||
2,400,000
|
Tekfen Holding
|
8,405,003
|
|||||||
DIVERSIFIED FINANCIAL
SERVICES – 0.6%
|
|||||||||
1,000,000
|
Haci Omer Sabanci Holding
|
3,942,823
|
|||||||
FOOD & STAPLES
RETAILING – 1.2%
|
|||||||||
150,000
|
Bim Birlesik Magazalar
|
5,136,986
|
|||||||
750,000
|
Kiler Alisveris Hizmetleri
Gida Sanayi ve Ticaret*
|
2,510,423
|
|||||||
7,647,409
|
Shares
|
Description
|
Value(a)
|
|||||||
INDEPENDENT POWER
PRODUCERS & ENERGY
TRADERS – 0.6%
|
|||||||||
1,750,000
|
Akenerji Elektrik Uretim*†
|
$
|
3,741,811
|
||||||
INDUSTRIAL
CONGLOMERATES – 0.8%
|
|||||||||
550,000
|
Akfen Holding*
|
3,357,653
|
|||||||
568,181
|
Enka Insaat ve Sanayi
|
1,566,813
|
|||||||
4,924,466
|
|||||||||
INSURANCE – 0.6%
|
|||||||||
1,800,000
|
Anadolu Hayat Emeklilik
|
3,913,043
|
|||||||
MEDIA – 0.1%
|
|||||||||
1,500,000
|
Hurriyet Gazetecilik*
|
1,009,530
|
|||||||
METALS & MINING – 0.6%
|
|||||||||
275,000
|
Koza Altin Isletmeleri
|
4,029,184
|
|||||||
OIL, GAS & CONSUMABLE
FUELS – 0.5%
|
|||||||||
1,483,516
|
Turcas Petrolculuk†
|
3,021,813
|
|||||||
TRANSPORTATION
INFRASTRUCTURE – 0.6%
|
|||||||||
850,000
|
TAV Havalimanlari Holding*
|
4,181,656
|
|||||||
Total Investments in
Turkish Common Stocks
(cost $55,024,977)
|
72,658,935
|
||||||||
INVESTMENTS IN CZECH REPUBLIC
COMMON STOCKS – 1.8%
|
|||||||||
COMMERCIAL BANKS – 0.8%
|
|||||||||
22,500
|
Komercni Banka
|
5,019,734
|
|||||||
ELECTRIC UTILITIES – 1.0%
|
|||||||||
125,000
|
Ceske Energeticke Zavody
|
6,454,389
|
|||||||
Total Investments in Czech
Republic Common Stocks
(cost $5,750,836)
|
11,474,123
|
Shares
|
Description
|
Value(a)
|
|||||||
INVESTMENTS IN HUNGARIAN
COMMON STOCKS – 1.7%
|
|||||||||
COMMERCIAL BANKS – 1.7%
|
|||||||||
375,000
|
OTP Bank
|
$
|
10,888,966
|
||||||
Total Investments in
Hungarian Common Stocks
(cost $4,369,816)
|
10,888,966
|
||||||||
Total Investments in Common
and Preferred Stocks – 94.6%
(cost $390,482,400)
|
614,503,083
|
||||||||
SECURITIES LENDING
COLLATERAL – 6.1%
|
|||||||||
39,662,320
|
Daily Assets Fund
Institutional, 0.13%
(cost $39,662,320)(b)(c)
|
39,662,320
|
|||||||
CASH EQUIVALENTS – 3.8%
|
|||||||||
24,586,514
|
Central Cash Management
Fund, 0.12%
(cost $24,586,514)(c)
|
24,586,514
|
|||||||
Total Investments – 104.5%
(cost $454,731,234)**
|
678,751,917
|
||||||||
Other Assets and Liabilities,
Net – (4.5%)
|
(29,047,061
|
)
|
|||||||
NET ASSETS – 100.0%
|
$
|
649,704,856
|
Category
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Common Stocks and/or Other Equity Investments(d)
|
|||||||||||||||||
Russia
|
$
|
368,144,045
|
$
|
62,939,165
|
$
|
1,813
|
$
|
431,085,023
|
|||||||||
Poland
|
88,396,036
|
—
|
—
|
88,396,036
|
|||||||||||||
Turkey
|
72,658,935
|
—
|
—
|
72,658,935
|
|||||||||||||
Czech Republic
|
11,474,123
|
—
|
—
|
11,474,123
|
|||||||||||||
Hungary
|
10,888,966
|
—
|
—
|
10,888,966
|
|||||||||||||
Short-Term Instruments(d)
|
64,248,834
|
—
|
—
|
64,248,834
|
|||||||||||||
Total
|
$
|
615,810,939
|
$
|
62,939,165
|
$
|
1,813
|
$
|
678,751,917
|
Common Stocks
|
|||||
Russia
|
|||||
Balance as of October 31, 2010
|
$
|
1,705
|
|||
Realized gain (loss)
|
—
|
||||
Change in unrealized appreciation (depreciation)
|
108
|
||||
Amortization premium/discount
|
—
|
||||
Net purchases
|
—
|
||||
Net (sales)
|
—
|
||||
Transfers into Level 3
|
—
|
||||
Transfers (out) of Level 3
|
—
|
||||
Balance as of July 31, 2011
|
$
|
1,813
|
|||
Net change in unrealized appreciation (depreciation) from investments still held as of July 31, 2011
|
$
|
108
|
ITEM 2.
|
CONTROLS AND PROCEDURES
|
(a) The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
|
|
(b There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
|
|
ITEM 3.
|
EXHIBITS
|
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
|
Registrant:
|
The Central Europe and Russia Fund, Inc.
|
By:
|
/s/W. Douglas Beck
W. Douglas Beck
President
|
Date:
|
September 21, 2011
|
By:
|
/s/W. Douglas Beck
W. Douglas Beck
President
|
Date:
|
September 21, 2011
|
By:
|
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
|
Date:
|
September 21, 2011
|