<DOCUMENT>
<TYPE>EX-99.77G DEFAULTS
<SEQUENCE>2
<FILENAME>exbrd.txt
<DESCRIPTION>BOARD
<TEXT>
THE CENTRAL EUROPE AND RUSSIA FUND, INC.
4/30/2004 SEMI-ANNUAL N-SAR

ATTACHMENT--77G

         At its January 26, 2004 Board Meeting, the Board of Directors approved
increasing the Fund's investment limit in Russia from 35% to 50%. The Board also
approved increasing the Fund's investment limit in Turkey from 15% to 20%.


</TEXT>
</DOCUMENT>
