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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000088053-09-000353.txt : 20090330
<SEC-HEADER>0000088053-09-000353.hdr.sgml : 20090330
<ACCEPTANCE-DATETIME>20090330161122
ACCESSION NUMBER:		0000088053-09-000353
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090131
FILED AS OF DATE:		20090330
DATE AS OF CHANGE:		20090330
EFFECTIVENESS DATE:		20090330

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:		09714324

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		212-454-6778

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPE & RUSSIA FUND INC
		DATE OF NAME CHANGE:	20030723

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq013109cerf.htm
<DESCRIPTION>N-Q - THE CENTRAL EUROPE & RUSSIA FUND. INC.
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <div style="WIDTH: 600px">
            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font color="#4f4f4f"><font size="2">UNITED STATES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font color="#4f4f4f"><font size="2">SECURITIES AND EXCHANGE
            COMMISSION</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font color="#4f4f4f"><font size="2">Washington, DC 20549</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font color="#4f4f4f"><b><font size="2">FORM N-Q</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font color="#4f4f4f"><b><font size="2">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
            REGISTERED</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font color="#4f4f4f"><b><font size="2">MANAGEMENT INVESTMENT
            COMPANY</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font color="#4f4f4f"><b><font size="2">_______________________________</font></b></font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font color="#4f4f4f"><font size="2">Investment Company Act file number
            811-06041</font></font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <u><font size="2">Central Europe &amp; Russia Fund, Inc.</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font color="#4f4f4f"><font size="2">(Exact name of registrant as specified in
            charter)</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">345
            Park Avenue</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <u><font size="2">New York, NY 10154</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font color="#4f4f4f"><font size="2">(Address of principal executive offices) &nbsp;
            &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; (Zip code)</font></font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font color="#4f4f4f"><font size="2">Paul Schubert</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font color="#4f4f4f"><font size="2">345 Park Avenue</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font color="#4f4f4f"><u><font size="2">New York, NY 10154-0004</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font color="#4f4f4f"><font size="2">(Name and address of agent for
            service)</font></font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font color="#4f4f4f"><font size="2">Registrant's telephone number, including area
            code:</font></font> <u><font size="2">(212) 454-7190</font></u></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font color="#4f4f4f"><font size="2">Date of fiscal year end:</font>
            <u><font size="2">10/31</font></u></font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font color="#4f4f4f"><font size="2">Date of reporting
            period:</font><u><font size="2">1/31/09</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 1.
            SCHEDULE OF INVESTMENTS</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="PAGE-BREAK-BEFORE: always"></p>
        </div>

        <p align="left"><font face="Times New Roman" size="2"><b>THE CENTRAL EUROPE AND RUSSIA
        FUND, INC.<br>
        SCHEDULE OF INVESTMENTS &mdash; JANUARY 31, 2009 (unaudited)</b></font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="left" width="211" colspan="3">
                <font face="Times New Roman" size="1"><b>Shares</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="center" width="150" colspan="3">
                <font face="Times New Roman" size="1"><b>Description</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="center" width="99" colspan="3">
                <font face="Times New Roman" size="1"><b>Value</b><b>(a)</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="211" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2"><b>INVESTMENTS IN RUSSIAN<br>
                </b><b>SECURITIES &ndash; 47.1%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="257" bgcolor="#cceeff" colspan="7">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" colspan="7">
                <font face="Times New Roman" size="1"><b>COMMON STOCKS &ndash;
                46.1%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>BUILDING PRODUCTS &ndash;
                0.1%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">5,900</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Gornozavodsktsement</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="20" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">324,500</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &ndash;
                4.0%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">22,339,286</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Sberbank</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">10,499,465</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>CONSTRUCTION<br>
                </b><b>MATERIALS &ndash; 0.1%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">504,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">LSR Group (GDR) Reg S*</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">365,400</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>DIVERSIFIED FINANCIAL<br>
                </b><b>SERVICES &ndash; 0.0%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">52,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Vostok Nafta Investment (SDR)*&dagger;</font>
                </td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">94,056</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>DIVERSIFIED<br>
                </b><b>TELECOMMUNICATION<br>
                </b><b>SERVICES &ndash; 4.2%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">800,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Comstar United Telesystems<br>
                (GDR) Reg S</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">1,920,000</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">117,100</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Rostelecom (ADR)&dagger;</font> </td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">6,042,360</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">500,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Vimpel Communications (ADR)</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">3,028,380</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="369" bgcolor="#cceeff" colspan="7">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">10,990,740</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" colspan="7">
                <font face="Times New Roman" size="1"><b>ELECTRIC UTILITIES &ndash;
                0.1%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">216,633</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">OJSC The Fifth Power<br>
                Generation (GDR)*</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">219,016</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" colspan="7">
                <font face="Times New Roman" size="1"><b>ENERGY EQUIPMENT &amp;<br>
                </b><b>SERVICES &ndash; 0.4%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1,270,371</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Integra Group Holdings (GDR)*</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1,022,649</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" colspan="7">
                <font face="Times New Roman" size="1"><b>FOOD PRODUCTS &ndash; 1.5%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">150,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Wimm Bill Dann Foods (ADR)*&dagger;</font>
                </td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">3,921,645</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" colspan="7">
                <font face="Times New Roman" size="1"><b>MEDIA &ndash; 0.3%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">200,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">CTC Media*</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">718,000</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" colspan="7">
                <font face="Times New Roman" size="1"><b>METALS &amp; MINING &ndash;
                3.4%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">4,650,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Kuzbassrazrezugol*</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">279,000</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">500,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Magnitogorsk Iron &amp; Steel Works<br>
                (GDR) Reg S</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">1,165,000</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1,725,542</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">MMC Norilsk Nickel (ADR)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">7,143,744</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">580,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Raspadskaya</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">499,380</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="369" bgcolor="#cceeff" colspan="7">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">9,087,124</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="left" width="211" colspan="3">
                <font face="Times New Roman" size="1"><b>Shares</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="center" width="150" colspan="3">
                <font face="Times New Roman" size="1"><b>Description</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="center" width="99" colspan="3">
                <font face="Times New Roman" size="1"><b>Value</b><b>(a)</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>OIL, GAS &amp; CONSUMABLE<br>
                </b><b>FUELS &ndash; 29.1%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">3,398,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Gazprom</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">11,281,360</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1,000,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Gazprom (ADR)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">12,970,000</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">300,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">LUKOIL</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">10,290,000</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">411,500</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">LUKOIL (ADR)&dagger;</font> </td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">13,558,925</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">170,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">NovaTek OAO (GDR) Reg S</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">3,740,000</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">4,800,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Rosneft Oil Company<br>
                (GDR) Reg S</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">14,928,000</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">2,200,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Surgutneftegaz (ADR)&dagger;</font> </td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">9,695,400</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">52,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Vostok Gas*&dagger;</font> </td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1,254</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">52,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Vostok Gas (RDR)*</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">426,389</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="369" bgcolor="#cceeff" colspan="7">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">76,891,328</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" colspan="7">
                <font face="Times New Roman" size="1"><b>WIRELESS<br>
                </b><b>TELECOMMUNICATIONS<br>
                </b><b>SERVICES &ndash; 2.9%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1,000,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Mobile Telesystems</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">3,230,000</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">100,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Mobile Telesystems (ADR)</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">2,219,870</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">100,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Mobile Telesystems (GDR) Reg S</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">2,219,870</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="369" colspan="7">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">7,669,740</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="195" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Total Common Stocks<br>
                (cost $240,184,129)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">121,803,663</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" colspan="7">
                <font face="Times New Roman" size="1"><b>PREFERRED STOCK &ndash;
                1.0%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>OIL, GAS &amp; CONSUMABLE<br>
                </b><b>FUELS &ndash; 1.0%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">1,320,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Surgutneftegaz (ADR)<br>
                (cost $6,310,195)</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">2,652,830</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="195" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Total Investments<br>
                in Russian Securities<br>
                (cost $246,494,324)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">124,456,493</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="211" colspan="3">
                <font face="Times New Roman" size="2"><b>INVESTMENTS IN POLISH<br>
                </b><b>COMMON STOCKS &ndash; 14.8%</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="257" colspan="7">&nbsp;</td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &ndash;
                7.2%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">350,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Bank Pekao&dagger;</font> </td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">10,971,787</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1,005,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Powszechna Kasa<br>
                Oszczednosci Bank Polski&dagger;</font> </td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">8,035,144</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="369" colspan="7">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">19,006,931</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>CONSTRUCTION &amp;<br>
                </b><b>ENGINEERING &ndash; 0.2%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">97,175</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Pol-Aqua*</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">427,591</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        6</font></p>

        <div title="EE+ Page Break" style="PAGE-BREAK-AFTER: always">
            <hr align="center" width="100%" noshade size="2">
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="left" width="211" colspan="3">
                <font face="Times New Roman" size="1"><b>Shares</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="center" width="150" colspan="3">
                <font face="Times New Roman" size="1"><b>Description</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="center" width="99" colspan="3">
                <font face="Times New Roman" size="1"><b>Value</b><b>(a)</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>DIVERSIFIED<br>
                </b><b>TELECOMMUNICATION<br>
                </b><b>SERVICES &ndash; 5.0%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">2,350,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Telekomunikacja Polska</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="20" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">13,348,049</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>METALS &amp; MINING &ndash;
                0.7%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">200,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">KGHM Polska Miedz</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">1,731,328</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>OIL, GAS &amp; CONSUMABLE<br>
                </b><b>FUELS &ndash; 1.7%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">460,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Polski Koncern Naftowy Orlen*</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">2,963,389</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1,500,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Polskie Gornictwo Naftowe I<br>
                Gazownictwo</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1,639,297</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="369" colspan="7">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">4,602,686</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="195" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Total Investments in Polish<br>
                Common Stocks<br>
                (cost $46,701,060)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">39,116,585</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="211" colspan="3">
                <font face="Times New Roman" size="2"><b>INVESTMENTS IN CZECH REPUBLIC<br>
                </b><b>COMMON STOCKS &ndash; 11.5%</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="257" colspan="7">&nbsp;</td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &ndash;
                1.6%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">37,500</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Komercni Banka AS</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">4,174,858</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>DIVERSIFIED<br>
                </b><b>TELECOMMUNICATION<br>
                </b><b>SERVICES &ndash; 4.0%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">570,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Telefonica 02 Czech Republic</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">10,658,833</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>ELECTRIC UTILITIES &ndash;
                5.9%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">450,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Ceske Energeticke Zavody</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">15,533,559</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="195" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Total Investments in Czech Republic<br>
                Common Stocks<br>
                (cost $16,822,750)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">30,367,250</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="211" colspan="3">
                <font face="Times New Roman" size="2"><b>INVESTMENTS IN TURKISH<br>
                </b><b>COMMON STOCKS &ndash; 11.1%</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="257" colspan="7">&nbsp;</td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>AUTOMOBILES &ndash; 0.6%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">2,100,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Tofas Turk Otomobil Fabrikasi</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">1,531,542</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &ndash;
                3.9%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">5,999,998</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Turkiye Garanti Bankasi</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">8,204,689</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">750,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Turkiye Is Bankasi</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1,677,404</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">750,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Turkiye Vakiflar Bankasi T.A.O.</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">546,979</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="369" bgcolor="#cceeff" colspan="7">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">10,429,072</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" colspan="7">
                <font face="Times New Roman" size="1"><b>CONSTRUCTION &amp;<br>
                </b><b>ENGINEERING &ndash; 0.6%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1,000,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Tekfen Holding AS</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1,640,938</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="left" width="211" colspan="3">
                <font face="Times New Roman" size="1"><b>Shares</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="center" width="150" colspan="3">
                <font face="Times New Roman" size="1"><b>Description</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="center" width="99" colspan="3">
                <font face="Times New Roman" size="1"><b>Value</b><b>(a)</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>FOOD &amp; STAPLES<br>
                </b><b>RETAILING &ndash; 1.0%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">125,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Bim Birlesik Magazalar</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="20" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">2,696,913</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>INDUSTRIAL<br>
                </b><b>CONGLOMERATES &ndash; 1.0%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">799,999</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Enka Insaat ve Sanayi</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">2,625,498</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>INSURANCE &ndash; 1.9%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">2,000,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Aksigorta AS</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">3,281,877</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">2,172,618</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Anadolu Hayat Emeklilik</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1,756,158</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="369" colspan="7">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">5,038,035</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>OIL, GAS &amp;<br>
                </b><b>CONSUMABLE FUELS &ndash; 0.7%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">200,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Tupras-Turkiye Petrol
                Rafinerileri</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">1,908,351</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>WIRELESS<br>
                </b><b>TELECOMMUNICATIONS<br>
                </b><b>SERVICES &ndash; 1.4%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">683,166</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Turkcell Iletisim Hizmetleri</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">3,674,498</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="195" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Total Investments in Turkish<br>
                Common Stocks<br>
                (cost $48,336,365)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">29,544,847</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="211" colspan="3">
                <font face="Times New Roman" size="2"><b>INVESTMENTS IN HUNGARIAN<br>
                </b><b>COMMON STOCKS &ndash; 4.9%</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="257" colspan="7">&nbsp;</td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &ndash;
                0.9%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">250,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">OTP Bank&dagger;</font> </td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">2,496,249</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>DIVERSIFIED<br>
                </b><b>TELECOMMUNICATION<br>
                </b><b>SERVICES &ndash; 1.7%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">1,800,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Magyar Telekom Plc</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">4,429,582</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>OIL, GAS &amp;<br>
                </b><b>CONSUMABLE FUELS &ndash; 0.8%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">50,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">MOL Hungarian<br>
                Oil and Gas Nyrt.</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">2,015,005</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>PHARMACEUTICALS &ndash;
                1.5%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">30,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Richter Gedeon Nyrt.</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">3,414,791</font></td>

                <td valign="bottom" width="18" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">4,300</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Richter Gedeon Nyrt. (GDR)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">548,250</font></td>

                <td valign="bottom" width="18" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="369" colspan="7">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">3,963,041</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="195" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Total Investments in Hungarian<br>
                Common Stocks<br>
                (cost $10,940,825)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">12,903,877</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        7</font></p>

        <div title="EE+ Page Break" style="PAGE-BREAK-AFTER: always">
            <hr align="center" width="100%" noshade size="2">
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="left" width="211" colspan="3">
                <font face="Times New Roman" size="1"><b>Shares</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="center" width="150" colspan="3">
                <font face="Times New Roman" size="1"><b>Description</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="center" width="99" colspan="3">
                <font face="Times New Roman" size="1"><b>Value</b><b>(a)</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="211" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2"><b>INVESTMENTS IN AUSTRIAN<br>
                </b><b>COMMON STOCKS &ndash; 2.3%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="257" bgcolor="#cceeff" colspan="7">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" colspan="7">
                <font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &ndash;
                2.3%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">400,000</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Erste Group Bank<br>
                (cost $11,459,735)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">6,067,290</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="211" colspan="3">
                <font face="Times New Roman" size="2"><b>INVESTMENTS IN KAZAKHSTANI<br>
                </b><b>COMMON STOCKS &ndash; 1.2%</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="257" colspan="7">&nbsp;</td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" bgcolor="#cceeff" colspan="7">
                <font face="Times New Roman" size="1"><b>OIL, GAS &amp;<br>
                </b><b>CONSUMABLE FUELS &ndash; 1.2%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">250,000</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">KazMunaiGas Exploration<br>
                Production (GDR) Reg S<br>
                (cost $3,344,175)</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">3,175,000</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="211" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2"><b>CLOSED-END<br>
                </b><b>INVESTMENT COMPANY &ndash; 0.4%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="257" bgcolor="#cceeff" colspan="7">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="257" colspan="7">
                <font face="Times New Roman" size="1"><b>RUSSIA &mdash; 0.4%</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">2,043,084</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">RenShares Utilities Limited<br>
                (cost $3,249,403)*</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">1,021,542</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" width="195" colspan="1">&nbsp;</td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Total Investments in<br>
                Common and<br>
                Preferred Stocks and<br>
                closed-end investment<br>
                company &ndash; 93.3%<br>
                (cost $387,348,637)</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">246,652,884</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="211" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="2"><b>SECURITIES LENDING<br>
                </b><b>COLLATERAL - 16.7%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="257" bgcolor="#cceeff" colspan="7">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">44,219,082</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Daily Assets Institutional<br>
                Fund, 1.25%</font><font face="Times New Roman" size="2"><sup>(b)(c)<br>
                </sup></font><font face="Times New Roman" size="1">(cost $44,219,082)</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">44,219,082</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="left" width="211" colspan="3">
                <font face="Times New Roman" size="1"><b>Shares</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="center" width="150" colspan="3">
                <font face="Times New Roman" size="1"><b>Description</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="center" width="99" colspan="3">
                <font face="Times New Roman" size="1"><b>Value</b><b>(a)</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="476" bgcolor="#cceeff" colspan="11">
                <font face="Times New Roman" size="2"><b>CASH EQUIVALENTS &ndash;
                2.7%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="195" colspan="1">
                <font face="Times New Roman" size="1">7,254,575</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Cash Management QP<br>
                Trust, 1.12%</font><font face="Times New Roman" size="2"><sup>(c)<br>
                </sup></font><font face="Times New Roman" size="1">(cost $7,254,575)</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="20" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">7,254,575</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Total Investments &ndash; 112.7%<br>
                (cost $438,822,294)</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">298,126,541</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" colspan="3">&nbsp;</td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" colspan="3">
                <font face="Times New Roman" size="1">Other Assets and Liabilities,<br>
                Net &ndash; (12.7%)</font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" width="20" colspan="1">
                &nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="right" width="61" colspan="1">
                <font face="Times New Roman" size="1">(33,753,513</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="left" width="18" colspan="1">
                <font face="Times New Roman" size="1">)</font></td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" width="211" bgcolor="#cceeff" colspan="3">&nbsp;</td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="left" width="150" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1"><b>NET ASSETS&ndash;100.0%</b></font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double" valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double" valign="bottom" align="right" width="61" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">264,373,028</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double" valign="bottom" width="18" bgcolor="#cceeff" colspan="1">
                &nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p align="left"><font face="Times New Roman" size="1">*&nbsp;&nbsp;Non-income producing
        securities.</font></p>

        <p align="left"><font face="Times New Roman" size="1">&dagger;&nbsp;&nbsp;All or a portion
        of these securities were on loan. The value of all securities loaned at January 31, 2009
        amounted to $42,359,828 which is 16.0% of the net assets.</font></p>

        <p align="left"><font face="Times New Roman" size="1">(a)&nbsp;&nbsp;Values stated in US
        dollars.</font></p>

        <p align="left"><font face="Times New Roman" size="1">(b)&nbsp;&nbsp;Represents collateral
        held in connection with securities lending. Income earned by the fund is net of borrower
        rebates.</font></p>

        <p align="left"><font face="Times New Roman" size="1">(c)&nbsp;&nbsp;Affiliated fund
        managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized
        seven-day yield at period end.</font></p>

        <p align="left"><font face="Times New Roman" size="1">Key</font></p>

        <p align="left"><font face="Times New Roman" size="1">ADR &ndash; American Depositary
        Receipt</font></p>

        <p align="left"><font face="Times New Roman" size="1">GDR &ndash; Global Depositary
        Receipt</font></p>

        <p align="left"><font face="Times New Roman" size="1">SDR &ndash; Swedish Depositary
        Receipt</font></p>

        <p align="left"><font face="Times New Roman" size="1">RDR &ndash;&nbsp;Redemption
        Depositary Receipt</font></p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        8</font></p>

        <div title="EE+ Page Break" style="PAGE-BREAK-AFTER: always">
            <hr align="center" width="100%" noshade size="2">
        </div>

        <p align="left"><font face="Times New Roman" size="1"><b>Fair Value
        Measurements</b></font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Financial Accounting Standards
        Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements,"
        establishes a three-tier hierarchy for measuring fair value and requires additional
        disclosure about the classification of fair value measurements.</i></font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>Various inputs are used in
        determining the value of the Fund's investments. These inputs are summarized in three broad
        levels. Level 1 includes quoted prices in active markets for identical securities. Level 2
        includes other significant unobservable inputs (including quoted prices for similar
        securities, interest rates, prepayment speeds and credit risk). Level 3 includes
        significant unobservable inputs (including the Fund's own assumptions in determining the
        fair value of investments). The inputs or methodology used for valuing securities are not
        necessarily an indication of the risk associated with investing in those
        securities.</i></font></p>

        <p align="left"><font face="Times New Roman" size="1"><i>The following is a summary of the
        inputs used as of January 31, 2009 in valuing the Fund's investments. Please see below for
        information on the Fund's policy regarding valuation inputs, and their aggregate levels
        used in the table below:</i></font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="left" width="76" colspan="3">
                <font face="Times New Roman" size="1"><b>Valuation Inputs</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid" valign="bottom" align="center" width="94" colspan="3">
                <font face="Times New Roman" size="1"><b>Investments in<br>
                </b><b>Securities</b></font></td>

                <td colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="76" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Level 1</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="20" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">$</font></td>

                <td valign="bottom" align="right" width="66" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">289,850,424</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="76" colspan="3">
                <font face="Times New Roman" size="1">Level 2</font></td>

                <td colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="66" colspan="1">
                <font face="Times New Roman" size="1">8,276,117</font></td>

                <td valign="bottom" width="8" colspan="1">&nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="76" bgcolor="#cceeff" colspan="3">
                <font face="Times New Roman" size="1">Level 3</font></td>

                <td bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" width="20" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td valign="bottom" align="right" width="66" bgcolor="#cceeff" colspan="1">
                <font face="Times New Roman" size="1">&mdash;</font></td>

                <td valign="bottom" width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>

                <td width="8" bgcolor="#cceeff" colspan="1">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" align="left" width="76" colspan="3">
                <font face="Times New Roman" size="1"><b>Total</b></font></td>

                <td colspan="1">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double" valign="bottom" align="right" width="20" colspan="1">
                <font face="Times New Roman" size="1"><b>$</b></font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double" valign="bottom" align="right" width="66" colspan="1">
                <font face="Times New Roman" size="1"><b>298,126,541</b></font> </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double" valign="bottom" width="8" colspan="1">
                &nbsp;</td>

                <td width="8" colspan="1">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p align="center"><font face="Times New Roman" size="2"><br>
        9</font></p>

        <div title="EE+ Page Break" style="PAGE-BREAK-AFTER: always">
            <hr align="center" width="100%" noshade size="2">
        </div>

        <div title="EE+ Page Break" style="PAGE-BREAK-AFTER: always">
            <hr align="center" width="100%" noshade size="2">
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="590" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">ITEM 2.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="494">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">CONTROLS AND PROCEDURES</font></b></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="494">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="494">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                        <font size="2">(a)
                        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chief Executive
                        and Financial Officers concluded that the Registrant&rsquo;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.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="494">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30.6pt; TEXT-INDENT: -30.6pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="494">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                        <font size="2">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
                        have been no changes in the registrant&rsquo;s internal control over
                        financial reporting that occurred during the registrant&rsquo;s last fiscal
                        quarter that has materially affected, or is reasonably likely to materially
                        affect, the registrant&rsquo;s internal controls over financial
                        reporting.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="494">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30.6pt; TEXT-INDENT: -30.6pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">ITEM 3.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="494">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30.6pt; TEXT-INDENT: -30.6pt; TEXT-ALIGN: left">
                        <b><font size="2">EXHIBITS</font></b></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="494">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30.6pt; TEXT-INDENT: -30.6pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="494">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.2pt; TEXT-ALIGN: left">
                        <font size="2">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.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="PAGE-BREAK-BEFORE: always"></p>

        <div style="WIDTH: 600px">
            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">SIGNATURES</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">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.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Registrant:</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Central Europe &amp; Russia Fund, Inc.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="317" border="0">
                    <tr>
                        <td valign="top" nowrap width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">By:</font></p>
                        </td>

                        <td valign="top" nowrap width="125">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">/s/Michael G. Clark</font></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="304" border="0">
                    <tr>
                        <td valign="top" nowrap width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="112">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Michael G. Clark</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">President</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="296" border="0">
                    <tr>
                        <td valign="top" nowrap width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Date:</font></p>
                        </td>

                        <td valign="top" nowrap width="104">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">March 23, 2009</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">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.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Registrant:</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Central Europe &amp; Russia Fund, Inc.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="317" border="0">
                    <tr>
                        <td valign="top" nowrap width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">By:</font></p>
                        </td>

                        <td valign="top" nowrap width="125">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">/s/Michael G. Clark</font></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="304" border="0">
                    <tr>
                        <td valign="top" nowrap width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="112">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Michael G. Clark</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">President</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="296" border="0">
                    <tr>
                        <td valign="top" nowrap width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Date:</font></p>
                        </td>

                        <td valign="top" nowrap width="104">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">March 23, 2009</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="300" border="0">
                    <tr>
                        <td valign="top" nowrap width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">By:</font></p>
                        </td>

                        <td valign="top" nowrap width="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">/s/Paul Schubert</font></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="285" border="0">
                    <tr>
                        <td valign="top" nowrap width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="93">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Paul Schubert</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Chief Financial Officer and Treasurer</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="296" border="0">
                    <tr>
                        <td valign="top" nowrap width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Date:</font></p>
                        </td>

                        <td valign="top" nowrap width="104">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">March 23, 2009</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        </div>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certifications.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
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<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom:5pt; margin-top:5pt;text-align:center;'><font COLOR="#454545"><B><font SIZE=2>CERTIFICATIONS</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font COLOR="#454545"><font SIZE=2>I, </font></font><font size=2>Michael G. Clark</font><font color="#454545"><font size=2>, certify that:</font></font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>1.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>I have reviewed this report on Form N-Q of </font></font><font size=2>Central Europe &amp; Russia Fund, Inc.</font><font color="#454545"><font size=2>;</font></font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>2. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=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; </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>3. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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; </font></font></p> </td> </tr></table>
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        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>4. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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: </font></font></p> </td> </tr></table>
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        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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; </font></font></p> </td> </tr></table>
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        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(b)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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; </font></font></p> </td> </tr></table>
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        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(c)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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 </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(d)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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 </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>5. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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): </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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 </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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. </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Central Europe &amp; Russia Fund, Inc.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="125" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael G. Clark</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>March 23, 2009</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:5pt; margin-top:0pt;text-align:center;'>
<font COLOR="#454545"><B><font SIZE=2>CERTIFICATIONS</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font COLOR="#454545"><font SIZE=2>I, </font></font><font size=2>Paul Schubert</font><font color="#454545"><font size=2>, certify that:</font></font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>1.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>I have reviewed this report on Form N-Q of </font></font><font size=2>Central Europe &amp; Russia Fund, Inc.</font><font color="#454545"><font size=2>;</font></font></p> </td> </tr></table>
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        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>2.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=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; </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>3.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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; </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>4.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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: </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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; </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(b)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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; </font></font></p> </td> </tr></table>
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        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(c)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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 </font></font></p> </td> </tr></table>
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        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(d)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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 </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>5.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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): </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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 </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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. </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Central Europe &amp; Russia Fund, Inc.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>Chief Financial Officer and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in; text-indent:-2in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>March 23, 2009</font> </p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in; text-indent:-2in;text-align:left;'><font size=2>&nbsp;</font></p>


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