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<SEC-DOCUMENT>0000935069-05-000704.txt : 20050329
<SEC-HEADER>0000935069-05-000704.hdr.sgml : 20050329
<ACCEPTANCE-DATETIME>20050329150445
ACCESSION NUMBER:		0000935069-05-000704
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050131
FILED AS OF DATE:		20050329
DATE AS OF CHANGE:		20050329
EFFECTIVENESS DATE:		20050329

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:		05709450

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		800-437-6269

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	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>cee_nq.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  811-06041

                      Central Europe and Russia Fund, Inc.
                      ------------------------------------
               (Exact name of registrant as specified in charter)


                             Two International Place
                                Boston, MA 02110
                                ----------------
               (Address of principal executive offices) (Zip code)


                               Salvatore Schiavone
                             Two International Place
                           Boston, Massachusetts 02110
                           ---------------------------
                     (Name and address of agent for service)

Registrant's telephone number, including area code:  (617) 295-2663
                                                     --------------

Date of fiscal year end:  10/31
                          -----

Date of reporting period:  1/31/05
                          ---------

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 270.30b1-5). 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, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

   SHARES          DESCRIPTION                                VALUE
- ------------       -------------                          -------------
INVESTMENTS IN RUSSIAN SECURITIES--41.1%
              COMMON STOCKS--38.8%
              CRUDE PETROLEUM
                NATURAL GAS--9.8%
    850,000   Surgutneftegaz (ADR) ...................    $  31,790,000
                                                          -------------
              CRUDE PETROLEUM
                PIPELINES--0.4%
     76,000   Sibneft (ADR) ..........................        1,193,200
                                                          -------------
              ELECTRIC & OTHER SERVICES
                COMBINED--1.9%
    218,000   Unified Energy Systems (GDR) ...........        6,300,200
                                                          -------------
              ELECTRIC SERVICES--0.4%
    100,000   Mosenergo (ADR) ........................        1,475,000
                                                          -------------
              INVESTORS--0.3%
     52,000   Vostok Nafta
                Investment (SDR)* ....................          930,113
                                                          -------------
              METAL MINING--1.2%
    150,000   Mechel Steel Group
                OAO (ADR)* ...........................        3,975,000
                                                          -------------
              MISCELLANEOUS METAL
                ORES--7.5%
    421,000   JSC MMC Norilsk
                Nickel (ADR) .........................       24,207,500
                                                          -------------
              NATURAL GAS TRANSMISSION &
                DISTRIBUTION--2.6%
    240,000   OAO Gazprom (ADR) ......................        8,400,000
                                                          -------------
              PETROLEUM REFINING--12.3%
    319,500   Lukoil (ADR) ...........................       39,618,000
                                                          -------------
              RADIOTELEPHONE
                COMMUNICATIONS--0.1%
     10,500   Vimpel Communications (ADR)* ...........          375,690
                                                          -------------
              TELEGRAPH & OTHER MESSAGE
                COMMUNICATION--0.7%
    200,000   Rostelecom (ADR) .......................        2,180,000
                                                          -------------
              TELEPHONE & TELEGRAPH
                APPARATUS--1.6%
    140,000   Mobile Telesystems (GDR) ...............        5,086,200
                                                          -------------
              Total Common Stocks
                (cost $94,020,674) ...................      125,530,903
                                                          -------------
              WARRANTS--2.3%
              PIPELINES (NO GAS)--2.3%
      7,750   Transneft Warrants (expire 4/15/05)*
                (Cost $7,618,460) ....................        7,252,808
                                                          -------------
              Total Investments in Russian
                Securities (cost $101,639,134) .......      132,783,711
                                                          -------------

INVESTMENTS IN POLISH COMMON
  STOCKS--19.8%
              CABLE AND OTHER PAY TELEVISION
                SERVICES--0.2%
     39,000   TVN* ...................................    $     498,923
                                                          -------------
              GENERAL CONTRACTORS-
                RESIDENTIAL BUILD--1.0%
    134,018   Echo Investment* .......................        3,351,419
                                                          -------------
              NATIONAL COMMERCIAL
                BANKS--6.3%
     81,746   Bank Pekao .............................        3,507,792
     38,000   Bank Pekao (GDR)+ ......................        1,618,800
    218,094   Bank Pekao (GDR) .......................        9,290,804
     37,039   Bank Prezemyslowo-Handlowy .............        5,851,521
                                                          -------------
                                                             20,268,917
                                                          -------------
              OPERATIVE BUILDERS--0.2%
     40,842   Budimex* ...............................          643,264
                                                          -------------
              PETROLEUM REFINING--5.0%
    661,102   Polski Koncern Naftowy .................        8,074,918
    180,000   Polski Koncern
                Naftowy (GDR)+ .......................        4,383,000
    149,500   Polski Koncern Naftowy (GDR) ...........        3,640,325
                                                          -------------
                                                             16,098,243
                                                          -------------
              PRIMARY SMELTING AND
                REFINING OF COPPER--1.6%
    597,029   KGHM Polska Miedz* .....................        5,296,519
                                                          -------------
              SERVICES-PREPACKAGED
                SOFTWARE--0.4%
      5,275   Prokom Software* .......................          224,659
     53,758   Prokom Software (GDR)* .................        1,128,918
                                                          -------------
                                                              1,353,577
                                                          -------------
              TELEPHONE COMMUNICATIONS
                (NO RADIOTELEPHONE)--4.2%
  1,670,207   Telekomunikacja Polska .................       10,468,656
    490,000   Telekomunikacja
                Polska (GDR)+ ........................        3,072,300
                                                          -------------
                                                             13,540,956
                                                          -------------
              VITREOUS CHINA PLUMBING
                FIXTURES--0.9%
     85,095   Cersanit-Krasnystaw* ...................        2,954,023
                                                          -------------
              Total Investments in Polish
                Common Stocks
                (cost $25,246,779) ...................       64,005,841
                                                          -------------


<PAGE>


INVESTMENTS IN TURKISH
  COMMON STOCKS--16.5%
              COMMUNICATIONS
                SERVICES--2.1%
    934,921   Turkcell Iletisim Hizmetleri ...........    $   6,878,550
                                                          -------------
              COMPUTER PROGRAMMING
                SERVICES--1.1%
  1,450,000   Beko Elektronik ........................        3,396,396
                                                          -------------
              FLAT GLASS--0.5%
    518,568   Trakya Cam Sanayii .....................        1,596,193
                                                          -------------
              FUNCTIONS RELATED TO
                DEPOSIT BANKING--3.0%
  1,630,000   Turkiye Is Bankasi .....................        9,606,232
                                                          -------------
              MISCELLANEOUS FOOD
                STORES--0.5%
    206,566   Migros Turk Tas ........................        1,612,828
                                                          -------------
              NATIONAL COMMERCIAL
                BANKS--7.5%
  1,237,500   Akbank .................................        7,757,601
    586,420   Denizbank* .............................        1,761,021
  1,081,276   Finansbank .............................        2,435,305
    400,000   Haci Omer Sabanci Holding ..............        1,696,697
  1,237,918   Turkiye Garanti Bankasi* ...............        4,972,117
  1,350,000   Yapi ve Kredi Bankasi* .................        5,472,973
                                                          -------------
                                                             24,095,714
                                                          -------------
              PETROLEUM REFINING--1.1%
    300,000   Tupras-Turkiye Petrol
                Rafinerileri .........................        3,603,604
                                                          -------------
              RADIO, TV BROADCASTING, AND
                COMMUNICATION EQUIPMENT--0.7%
    600,000   Vestel Elektronik Sanayi* ..............        2,409,910
                                                          -------------
              Total Investments in Turkish
                Common Stocks
                (cost $37,969,587) ...................       53,199,427
                                                          -------------

INVESTMENTS IN HUNGARIAN COMMON
  STOCKS--9.8%
              NATIONAL COMMERCIAL BANKS--3.9%
    337,400   OTP Bank ...............................       10,922,313
     25,000   OTP Bank (GDR) .........................        1,602,500
                                                          -------------
                                                             12,524,813
                                                          -------------


              PETROLEUM REFINING--3.5%
    110,000   Mol Magyar Olaj-ES Gazipari ............    $   7,349,692
     61,000   Mol Magyar Olaj-ES
                Gazipari (GDR) .......................        4,068,700
                                                          -------------
                                                             11,418,392
                                                          -------------
              PHARMACEUTICALS
                PREPARATIONS--0.2%
      4,300   Gedeon Richter (GDR) ...................          571,900
                                                          -------------
              PLASTIC MATERIALS, SYNTHETIC RESINS
                & NONVULCAN ELASTOMERS--1.1%
    293,000   BorsodChem .............................        3,504,546
                                                          -------------
              TELEPHONE COMMUNICATIONS
                (NO RADIOTELEPHONE)--1.1%
    349,804   Matav ..................................        1,625,656
     83,000   Matav (ADR) ............................        1,933,900
                                                          -------------
                                                              3,559,556
                                                          -------------
              Total Investments in Hungarian
                Common Stocks
                (cost $9,771,871) ....................       31,579,207
                                                          -------------

INVESTMENTS IN CZECH REPUBLIC
  COMMON STOCKS--8.7%
              DRUGS--0.6%
     60,000   Zentiva* ...............................        2,055,864
                                                          -------------
              ELECTRIC SERVICES--3.6%
    750,000   Ceske Energeticke Zavody ...............       11,473,152
                                                          -------------
              NATIONAL COMMERCIAL
                BANKS--3.1%
      4,500   Komercni Banka .........................          668,481
    189,996   Komercni Banka (GDR) ...................        9,503,600
                                                          -------------
                                                             10,172,081
                                                          -------------
              TELEPHONE COMMUNICATIONS
                (NO RADIOTELEPHONE)--1.4%
    246,000   Cesky Telecom ..........................        4,459,924
                                                          -------------
              Total Investments in Czech
                Republic Common Stocks
                (cost $7,893,990) ....................       28,161,021
                                                          -------------

INVESTMENTS IN AUSTRIAN
  COMMON STOCK--2.2%
              NATIONAL COMMERCIAL BANKS--2.2%
    146,740   Erste Bank Der Oester Spark
                (Cost $2,753,678) ....................        7,243,783
                                                          -------------

INVESTMENTS IN DUTCH COMMON
  STOCK--0.2%
              BOTTLED AND CANNED SOFT
                DRINKS--0.2%
     23,000   Efes Breweries International (GDR)
                (cost $534,750) ......................    $     732,550
                                                          -------------
              Total Investments--98.3%
                 (cost $185,809,789) .................      317,705,540
              Cash and other assets in excess
                 of liabilities--1.7% ................        5,461,803
                                                          -------------

              NET ASSETS--100.0% .....................    $ 323,167,343
                                                          =============

              NUMBER OF SHARES
                  OUTSTANDING ........................       10,197,209
                                                          =============

              NET ASSET VALUE
                  PER SHARE ..........................           $31.69
                                                          =============

- ----------
* Non-income producing security.

+ 144A -- Restricted to resale to institutional investors only.

Key
- ----------
  ADR -- American Depositary Receipt
  GDR -- Global Depositary Receipt
  SDR -- Swedish Depositary Receipt

- ----------
For information on the Fund's policies regarding the valuation of investments
and other significant accounting policies, please refer to the Fund's most
recent semi-annual or annual financial statements.

<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 and Russia Fund


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

Date:                               March 11, 2005


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


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

Date:                               March 11, 2005



By:                                 /s/Paul Schubert
                                    -----------------------------------
                                    Paul Schubert
                                    Chief Financial Officer

Date:                               March 11, 2005


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


I, Julian Sluyters, certify that:

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

      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 and Russia Fund

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

Date:                               March 11, 2005




<PAGE>



                                 CERTIFICATIONS


I, Paul Schubert, certify that:

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

      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 and Russia Fund

By:                                 /s/Paul Schubert
                                    -----------------------------------
                                    Paul Schubert
                                    Chief Financial Officer

Date:                               March 11, 2005




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