-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 UG1UL/gjVFDCUl8FKr/PtD48zaRcVAyvl2vFto0ptw2wqDXx4YKA9RPOhbD12eGW
 Y/S+b4loifOxj1/DkpeVmQ==

<SEC-DOCUMENT>0000891836-05-000485.txt : 20051213
<SEC-HEADER>0000891836-05-000485.hdr.sgml : 20051213
<ACCEPTANCE-DATETIME>20051213172758
ACCESSION NUMBER:		0000891836-05-000485
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20051213
DATE AS OF CHANGE:		20051213
EFFECTIVENESS DATE:		20051213

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:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-129644
		FILM NUMBER:		051261844

	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>497
<SEQUENCE>1
<FILENAME>sc0249b.htm
<DESCRIPTION>SHAREHOLDER LETTER
<TEXT>
<HTML>
<HEAD>
<TITLE>Letter
</TITLE>
</HEAD>
<BODY>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=4>The Central Europe and
Russia Fund, Inc. </FONT></H1>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>345 Park Avenue<BR>
New York, NY 10154 </FONT></P>

<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>December 13, 2005 </FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dear Stockholder: </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Central Europe and Russia Fund, Inc. (the &#147;Fund&#148;) recently
announced its intention to issue to existing stockholders transferable rights to
subscribe for additional shares of the Fund&#146;s common stock, par value
$0.001. The rights offering will begin on December 22, 2005 (the &#147;Record
Date&#148;), and will be made only by means of a prospectus, which will be
mailed to stockholders of record on the Record Date at the commencement of the
offering. </FONT></P>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Terms of the Offer </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Primary Subscription Rights: The Fund proposes to offer to stockholders of
record one transferable right for each share of common stock held on the Record
Date. The rights entitle stockholders of record to subscribe for one share of
common stock for every three rights held. Record Date stockholders issued fewer
than three rights are entitled to subscribe for one share of common stock
pursuant to the primary subscription. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Over-Subscription Privilege: The over-subscription privilege permits
stockholders of record on the Record Date who have exercised in full their
primary subscription rights to subscribe for shares that were not otherwise
subscribed for in the primary subscription, subject to certain limitations and
pro rata allocation. </FONT></P>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Subscription Price </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
subscription price per share will be 90% of the lower of (i)&nbsp;the average of the last
reported sale prices of a share of our common stock on the NYSE on the Expiration Date and
the four preceding business days or (ii)&nbsp;the net asset value per share on the
Expiration Date. </FONT></P>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Proposed Timetable </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Record Date for determining those stockholders eligible to participate in the rights
offering will be December 22, 2005, and the Expiration Date is scheduled to be January 20,
2005 (unless extended). It is expected that subscription certificates evidencing the right
to subscribe, together with a prospectus, will be mailed to stockholders of record
promptly following the Record Date. Stockholders who hold their shares in bank or broker
name will receive the rights materials from their bank or broker. Subscription
certificates will not be mailed to the Fund&#146;s stockholders whose record addresses are
located outside of the United States. Such stockholders who are interested in exercising
their rights should contact Colbent Corporation at 781-843-1833, extension 209. </FONT></P>

<PAGE>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Note </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
commencement of the offering will be announced through a prospectus and the public media.
Stockholders should be kept apprised of any subsequent announcements. <B>Investors should
carefully consider the investment objectives, risks, and charges and expenses of the Fund.
This information can be found in the Fund&#146;s prospectus, which may be obtained by
contacting Georgeson Shareholder Communications, Inc. An investor should carefully read
the Fund&#146;s prospectus before investing.</B> </FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sincerely, </FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Carole Coleman<BR>
Secretary </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>This announcement is not an offer to sell these securities and is not
soliciting an offer to buy these securities in any state where the offer or sale
is not permitted. The offer will be made only by means of a prospectus and only
after the registration statement on file with the Securities and Exchange
Commission has been declared effective. The final terms of the offer may be
different from those discussed above.</B> </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If you have any questions regarding
the rights offering, please contact the Fund&#146;s Information Agent, Georgeson
Shareholder Communications, Inc. Stockholders can call <B>1-800-221-4215</B> and all
banks, brokers and financial intermediaries can call <B>212-440-9800</B>. </FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
