-----BEGIN PRIVACY-ENHANCED MESSAGE-----
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<SEC-DOCUMENT>0000088053-04-000787.txt : 20040929
<SEC-HEADER>0000088053-04-000787.hdr.sgml : 20040929
<ACCEPTANCE-DATETIME>20040929102104
ACCESSION NUMBER:		0000088053-04-000787
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040731
FILED AS OF DATE:		20040929
DATE AS OF CHANGE:		20040929
EFFECTIVENESS DATE:		20040929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL EUROPE & RUSSIA FUND INC
		CENTRAL INDEX KEY:			0000860489
		IRS NUMBER:				133556099
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06041
		FILM NUMBER:		041051400

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2124741694

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPEAN EQUITY FUND INC /MD/
		DATE OF NAME CHANGE:	19970429

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FUTURE GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED GERMANY FUND INC
		DATE OF NAME CHANGE:	19900219
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>n-q_covercerf.txt
<TEXT>
                                  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



<PAGE>

                                   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

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>cert.txt
<TEXT>
                                 CERTIFICATIONS

I, Julian Sluyters, certify that:

      1. I have reviewed this report on Form N-Q of The Central Europe & Russia
      Fund, Inc.;

      2. Based on my knowledge, this report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by
      this report;

      3. Based on my knowledge, the schedules of investments included in this
      report fairly present in all material respects the investments of the
      registrant as of the end of the fiscal quarter for which the report is
      filed;

      4. The registrant's other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
      internal control over financial reporting (as defined in Rule 30a-3(d)
      under the Investment Company Act of 1940) for the registrant and have:

            (a) Designed such disclosure controls and procedures, or caused such
            disclosure controls and procedures to be designed under our
            supervision, to ensure that material information relating to the
            registrant, including its consolidated subsidiaries, is made known
            to us by others within those entities, particularly during the
            period in which this report is being prepared;

            (b) Designed such internal control over financial reporting, or
            caused such internal control over financial reporting to be designed
            under our supervision, to provide reasonable assurance regarding the
            reliability of financial reporting and the preparation of financial
            statements for external purposes in accordance with generally
            accepted accounting principles;

            (c) Evaluated the effectiveness of the registrant's disclosure
            controls and procedures and presented in this report our conclusions
            about the effectiveness of the disclosure controls and procedures,
            as of a date within 90 days prior to the filing date of this report,
            based on such evaluation; and

            (d) Disclosed in this report any change in the registrant's internal
            control over financial reporting that occurred during the
            registrant's most recent fiscal quarter that has materially
            affected, or is reasonably likely to materially affect, the
            registrant's internal control over financial reporting; and

      5. The registrant's other certifying officer(s) and I have disclosed to
      the registrant's auditors and the audit committee of the registrant's
      board of directors (or persons performing the equivalent functions):

<PAGE>

            (a) All significant deficiencies and material weaknesses in the
            design or operation of internal control over financial reporting
            which are reasonably likely to adversely affect the registrant's
            ability to record, process, summarize, and report financial
            information; and

            (b) Any fraud, whether or not material, that involves management or
            other employees who have a significant role in the registrant's
            internal control over financial reporting.


Registrant:                         The Central Europe & Russia Fund, Inc.


By:                                 /s/ Julian Sluyters
                                    -------------------------
                                    Julian Sluyters
                                    Chief Executive Officer

Date:                               September 22, 2004

<PAGE>

                                 CERTIFICATIONS

I, Charles A. Rizzo, certify that:

      1. I have reviewed this report on Form N-Q of The Central Europe & Russia
      Fund, Inc.;

      2. Based on my knowledge, this report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by
      this report;

      3. Based on my knowledge, the schedules of investments included in this
      report fairly present in all material respects the investments of the
      registrant as of the end of the fiscal quarter for which the report is
      filed;

      4. The registrant's other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
      internal control over financial reporting (as defined in Rule 30a-3(d)
      under the Investment Company Act of 1940) for the registrant and have:

            (a) Designed such disclosure controls and procedures, or caused such
            disclosure controls and procedures to be designed under our
            supervision, to ensure that material information relating to the
            registrant, including its consolidated subsidiaries, is made known
            to us by others within those entities, particularly during the
            period in which this report is being prepared;

            (b) Designed such internal control over financial reporting, or
            caused such internal control over financial reporting to be designed
            under our supervision, to provide reasonable assurance regarding the
            reliability of financial reporting and the preparation of financial
            statements for external purposes in accordance with generally
            accepted accounting principles;

            (c) Evaluated the effectiveness of the registrant's disclosure
            controls and procedures and presented in this report our conclusions
            about the effectiveness of the disclosure controls and procedures,
            as of a date within 90 days prior to the filing date of this report,
            based on such evaluation; and (d) Disclosed in this report any
            change in the registrant's internal control over financial reporting
            that occurred during the registrant's most recent fiscal quarter
            that has materially affected, or is reasonably likely to materially
            affect, the registrant's internal control over financial reporting;
            and

      5. The registrant's other certifying officer(s) and I have disclosed to
      the registrant's auditors and the audit committee of the registrant's
      board of directors (or persons performing the equivalent functions):

            (a) All significant deficiencies and material weaknesses in the
            design or operation of internal control over financial reporting
            which are reasonably likely to adversely affect the registrant's
            ability to record, process, summarize, and report financial
            information; and

            (b) Any fraud, whether or not material, that involves management or
            other employees who have a significant role in the registrant's
            internal control over financial reporting.


Registrant:                         The Central Europe & Russia Fund, Inc.


By:                                 Charles A. Rizzo
                                    -------------------------
                                    Charles A. Rizzo
                                    Chief Financial Officer

Date:                               September 22, 2004

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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