-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 VY9WaNC/bXz5Bu+zDH+d06cwMGFonNR35sLCGY2/EpQFJvp+hgXby9ya9LC9W0T/
 EoQQ0aw2ZOGzvfG6kaENEA==

<SEC-DOCUMENT>0000088053-09-001073.txt : 20090929
<SEC-HEADER>0000088053-09-001073.hdr.sgml : 20090929
<ACCEPTANCE-DATETIME>20090929144825
ACCESSION NUMBER:		0000088053-09-001073
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090731
FILED AS OF DATE:		20090929
DATE AS OF CHANGE:		20090929
EFFECTIVENESS DATE:		20090929

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:		091092618

	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>nq073109cerf.htm
<DESCRIPTION>THE CENTRAL EUROPE & RUSSIA FUND, INC.
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><font SIZE=2>UNITED STATES</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>Washington, DC 20549</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><B><font SIZE=2>FORM N-Q</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top: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-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><B><font SIZE=2>MANAGEMENT INVESTMENT COMPANY</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><b><font size=2>_______________________________ </font></b></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Investment Company Act file number  811-06041</font></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><u><font size=2>The Central Europe &amp; Russia Fund, Inc.</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>(Exact name of registrant as specified in charter)</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>345 Park Avenue</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>New York, NY  10154</font></u></p>

<p style=' margin-bottom:0pt; margin-top: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-bottom:0pt; margin-top:12pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>Paul Schubert</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>345 Park Avenue</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><u><font size=2>New York, NY  10154-0004</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>(Name and address of agent for service)</font></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;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-bottom:0pt; margin-top:12pt;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-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Date of reporting period:</font><u><font size=2> 7/31/09</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2>ITEM 1.  SCHEDULE OF INVESTMENTS</font></p>
<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>



</DIV>

<P align=left><FONT face="Times New Roman"
size=2><B>THE CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>SCHEDULE OF INVESTMENTS -
JULY 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=214 colSpan=3><FONT       face="Times New Roman"
      size=1><B>Shares</B></FONT></TD>
    <TD>&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=139 colSpan=3><FONT face="Times New Roman"  size=1><B>Description</B></FONT></TD>
    <TD>&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></FONT><FONT       face="Times New Roman"       size=1><B><SUP>(a)</SUP></B></FONT>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=214 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      RUSSIAN <BR></B></FONT><FONT
      face="Times New Roman" size=2><B>SECURITIES -
      49.2%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=246 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 colSpan=7><FONT
      face="Times New Roman" size=1><B>COMMERCIAL
      BANKS - 5.7%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>18,500,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman"
size=1>Sberbank</FONT></TD>
    <TD bgColor=#cceeff>&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><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><FONT
      face="Times New Roman"
    size=1>25,345,000</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 colSpan=7><FONT
      face="Times New Roman" size=1><B>CONSTRUCTION
      <BR></B></FONT><FONT face="Times New Roman"
      size=1><B>MATERIALS - 0.5%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>504,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>LSR Group (GDR)
      Reg S*</FONT></TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>2,016,000</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 colSpan=7><FONT
      face="Times New Roman" size=1><B>DIVERSIFIED
      FINANCIAL <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SERVICES -
      0.0%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>52,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Vostok Nafta
      <BR></FONT><FONT face="Times New Roman"
      size=1>Investment (SDR)*</FONT></TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman" size=1>188,390</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 colSpan=7><FONT
      face="Times New Roman" size=1><B>DIVERSIFIED
      <BR></B></FONT><FONT face="Times New Roman"
      size=1><B>TELECOMMUNICATION - 2.9%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>800,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Comstart United
      Telesysems <BR></FONT><FONT
      face="Times New Roman" size=1>(GDR) Reg
    S</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>4,000,000</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman" size=1>90,100</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Rostelecom
      (ADR)+</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>2,703,000</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>500,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Vimpel
      <BR></FONT><FONT face="Times New Roman"
      size=1>Communications (ADR)*</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>6,332,800</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=361 colSpan=7>&nbsp;</TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>13,035,800</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>ELECTRIC
      UTILITIES - 0.1%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman" size=1>216,633</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>OJSC Fifth Power
      <BR></FONT><FONT face="Times New Roman"
      size=1>Generation (GDR)*</FONT></TD>
    <TD>&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>&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><FONT
      face="Times New Roman" size=1>454,713</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman"
      size=1><B>ELECTRIC-INTEGRATED - 0.8%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman"
    size=1>100,000,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman"
    size=1>RusHydro*</FONT></TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>3,470,000</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>ENERGY
      EQUIPMENT &amp; <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SERVICES -
      0.6%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman"
    size=1>1,270,371</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Integra Group
      Holdings (GDR)*</FONT></TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>2,667,779</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>FOOD PRODUCTS
      - 1.2%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman" size=1>80,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Wimm Bill Dann
      <BR></FONT><FONT face="Times New Roman"
      size=1>Foods (ADR)*+</FONT></TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>5,388,184</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>MEDIA -
      0.9%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman" size=1>350,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>CTC
    Media*+</FONT></TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>4,245,500</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>METALS &amp;
      MINING - 5.3%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman"
    size=1>4,650,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman"
      size=1>Kuzbassrazrezugol*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman" size=1>825,375</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>500,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Magnitogorsk Iron
      &amp; <BR></FONT><FONT face="Times New Roman"
      size=1>Steel Works*</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>3,900,000</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman"
    size=1>1,550,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>MMC Norilsk
      Nickel (ADR)*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>15,523,250</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,300,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman"
      size=1>Raspadskaya*</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>3,380,000</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=361 colSpan=7>&nbsp;</TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>23,628,625</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>&nbsp;</TD>
    <TD width=8>&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=214 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Shares</B></FONT></TD>
    <TD>&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=139 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Description</B></FONT></TD>
    <TD>&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></FONT><FONT
      face="Times New Roman"
      size=1><B><SUP>(a)</SUP></B></FONT>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>OIL, GAS &amp;
      CONSUMABLE <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>FUELS -
      26.7%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman"
    size=1>3,198,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Gazprom</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>16,149,900</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,033,774</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Gazprom
      (ADR)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>21,192,367</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman" size=1>300,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>LUKOIL</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>15,030,000</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>405,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>LUKOIL
      (ADR)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>20,452,500</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman" size=1>140,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>NovaTek OAO (GDR)
      Reg S</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>6,035,400</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>4,300,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Rosneft Oil
      Company <BR></FONT><FONT face="Times New Roman"
      size=1>(GDR) Reg S</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>26,273,000</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman"
    size=1>1,450,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Surgutneftegaz
      (ADR)+</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>11,179,500</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>133,333</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Tatneft (GDR) Reg
      S*</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>3,226,659</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman" size=1>52,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Vostok
      Gas*+</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman" size=1>1,570</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=361 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>119,540,896</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 colSpan=7><FONT
      face="Times New Roman" size=1><B>WIRELESS
      TELECOMMUNICATION <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SERVICES -
      3.6%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,200,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Mobile
      Telesystems</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>6,660,000</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman" size=1>125,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Mobile
      Telesystems (ADR)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>5,174,112</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>100,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Mobile
      Telesystems <BR></FONT><FONT
      face="Times New Roman" size=1>(GDR) Reg
    S</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>4,139,290</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=361 colSpan=7>&nbsp;</TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>15,973,402</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=198 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Total Common
      Stocks <BR></FONT><FONT face="Times New Roman"
      size=1>(cost $208,521,227)</FONT></TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>215,954,289</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 colSpan=7><FONT
      face="Times New Roman" size=1><B>PREFERRED
      STOCKS - 0.9%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>OIL, GAS &amp;
      CONSUMABLE <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>FUELS -
      0.9%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman"
    size=1>1,320,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Surgutneftegaz
      (ADR) <BR></FONT><FONT face="Times New Roman"
      size=1>(cost $6,310,195)</FONT></TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>4,111,972</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=198 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Total Investments
      in Russian <BR></FONT><FONT
      face="Times New Roman" size=1>Securities
      <BR></FONT><FONT face="Times New Roman"
      size=1>(cost $214,831,422)</FONT></TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>220,066,261</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=214 colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      POLISH <BR></B></FONT><FONT
      face="Times New Roman" size=2><B>COMMON STOCKS
      - 13.8%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=246 colSpan=7>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>COMMERCIAL
      BANKS - 7.2%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman" size=1>300,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Bank
    Pekao*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>14,944,574</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,505,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Powszechna Kasa
      Oszczednosci <BR></FONT><FONT
      face="Times New Roman" size=1>Bank
      Polski+</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>17,151,892</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=361 colSpan=7>&nbsp;</TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>32,096,466</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>DIVERSIFIED
      <BR></B></FONT><FONT face="Times New Roman"
      size=1><B>TELECOMMUNICATION - 2.8%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman"
    size=1>2,500,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Telekomunikacja
      Polska</FONT></TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>12,736,075</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>METALS &amp;
      MINING - 2.8%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman" size=1>425,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>KGHM Polska
      Miedz</FONT></TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>12,577,836</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<P align=center><FONT face="Times New Roman"
size=2>The accompanying notes are an integral part of the financial
statements.<BR>6</FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>
<!-- SEQ.=7,FOLIO='6',FILE='09-22348-1.da',USER='dxionga',CD='Sep 25 16:11 2009' --><BR
style="PAGE-BREAK-BEFORE: always" clear=all>
<P align=left><FONT face="Times New Roman"
size=2><B>THE CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>SCHEDULE OF INVESTMENTS -
JULY 31, 2009 (unaudited) (continued)</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=214 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Shares</B></FONT></TD>
    <TD>&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=139 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Description</B></FONT></TD>
    <TD>&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></FONT><FONT
      face="Times New Roman"
      size=1><B><SUP>(a)</SUP></B></FONT>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=214 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      POLISH <BR></B></FONT><FONT
      face="Times New Roman" size=2><B>COMMON STOCKS
      - (continued)</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=246 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 colSpan=7><FONT
      face="Times New Roman" size=1><B>OIL, GAS &amp;
      CONSUMABLE <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>FUELS -
      1.0%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>460,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Polski Koncern
      Naftowy Orlen*</FONT></TD>
    <TD bgColor=#cceeff>&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><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><FONT
      face="Times New Roman"
    size=1>4,475,982</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom width=198>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Total Investments
      in Polish <BR></FONT><FONT
      face="Times New Roman" size=1>Common Stocks
      <BR></FONT><FONT face="Times New Roman"
      size=1>(cost $47,675,793)</FONT></TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>61,886,359</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=214 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      TURKISH <BR></B></FONT><FONT
      face="Times New Roman" size=2><B>COMMON STOCKS
      - 13.6%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=246 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 colSpan=7><FONT
      face="Times New Roman" size=1><B>AUTOMOBILES -
      1.0%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>2,100,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Tofas Turk
      Otomobil Fabrikasi</FONT></TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>4,362,901</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 colSpan=7><FONT
      face="Times New Roman" size=1><B>COMMERCIAL
      BANKS - 5.3%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>2,800,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Turkiye Garanti
      Bankasi*</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>9,821,248</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman"
    size=1>1,700,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Turkiye Halk
      Bankasi</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>9,001,686</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>837,894</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Turkiye IS
      Bankasi</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>2,882,468</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman"
    size=1>3,000,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Turkiye Sinai
      Kalkinma <BR></FONT><FONT
      face="Times New Roman" size=1>Bankasi</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>2,165,261</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=361 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>23,870,663</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 colSpan=7><FONT
      face="Times New Roman" size=1><B>CONSTRUCTION
      &amp; <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>ENGINEERING -
      0.8%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,246,735</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Tekfen
      Holding</FONT></TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>3,347,052</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 colSpan=7><FONT
      face="Times New Roman" size=1><B>CONSTRUCTION
      <BR></B></FONT><FONT face="Times New Roman"
      size=1><B>MATERIALS - 0.2%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>415,645</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Akcansa
      Cimento</FONT></TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>1,093,434</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 colSpan=7><FONT
      face="Times New Roman" size=1><B>DIVERSIFIED
      <BR></B></FONT><FONT face="Times New Roman"
      size=1><B>OPERATIONS - 0.5%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,000,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>KOC
    Holding</FONT></TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>2,333,895</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 colSpan=7><FONT
      face="Times New Roman" size=1><B>FOOD &amp;
      STAPLES <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>RETAILING -
      0.7%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>75,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Bim Birlesik
      Magazalar</FONT></TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>2,934,233</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 colSpan=7><FONT
      face="Times New Roman" size=1><B>INDUSTRIAL
      <BR></B></FONT><FONT face="Times New Roman"
      size=1><B>CONGLOMERATES - 0.6%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>750,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Enka Insaat VE
      Sanayi</FONT></TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>2,529,511</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 colSpan=7><FONT
      face="Times New Roman" size=1><B>INSURANCE -
      1.9%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>2,000,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman"
    size=1>Aksigorta</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>6,016,863</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman"
    size=1>1,300,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Anadolu Hayat
      Emeklilik</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>2,472,850</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=361 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>8,489,713</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 colSpan=7><FONT
      face="Times New Roman" size=1><B>OIL, GAS &amp;
      CONSUMABLE <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>FUELS -
      0.6%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>200,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Tupras-Turkiye
      Petrol Rafinerileri</FONT></TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>2,563,238</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&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=214 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Shares</B></FONT></TD>
    <TD>&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=139 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Description</B></FONT></TD>
    <TD>&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></FONT><FONT
      face="Times New Roman"
      size=1><B><SUP>(a)</SUP></B></FONT>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>TELECOM
      SERVICES - 0.4%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman" size=1>600,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Turk
      Telekomunikasyon</FONT></TD>
    <TD>&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><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><FONT
      face="Times New Roman"
    size=1>1,813,153</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>WIRELESS
      TELECOMMUNICATION <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SERVICES -
      1.6%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman"
    size=1>1,150,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Turkcell Iletism
      Hizmetleri</FONT></TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>7,252,951</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=198 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Total Investments
      in Turkish <BR></FONT><FONT
      face="Times New Roman" size=1>Common Stocks
      <BR></FONT><FONT face="Times New Roman"
      size=1>(cost $47,181,891)</FONT></TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>60,590,744</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=214 colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      CZECH REPUBLIC <BR></B></FONT><FONT
      face="Times New Roman" size=2><B>COMMON STOCKS
      - 10.9%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=246 colSpan=7>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>COMMERCIAL
      BANKS - 1.9%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman" size=1>50,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Komercni
      Banka</FONT></TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>8,567,556</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>DIVERSIFIED
      <BR></B></FONT><FONT face="Times New Roman"
      size=1><B>TELECOMMUNICATION - 3.0%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman" size=1>490,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Telefonica O2
      Czech Republic</FONT></TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>13,284,276</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>ELECTRIC
      UTILITIES - 5.4%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman" size=1>450,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Ceske Energeticke
      Zavody</FONT></TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>24,051,123</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>MINING
      SERVICES - 0.6%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman" size=1>400,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>New World
      Resources</FONT></TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>2,560,584</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=198 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Total Investments
      in Czech <BR></FONT><FONT
      face="Times New Roman" size=1>Republic Common
      Stocks <BR></FONT><FONT face="Times New Roman"
      size=1>(cost $19,102,731)</FONT></TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>48,463,539</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=214 colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      HUNGARIAN <BR></B></FONT><FONT
      face="Times New Roman" size=2><B>COMMON STOCKS
      - 4.1%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=246 colSpan=7>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>COMMERCIAL
      BANKS - 1.2%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman" size=1>250,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>OTP
    Bank*+</FONT></TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>5,307,937</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>DIVERSIFIED
      <BR></B></FONT><FONT face="Times New Roman"
      size=1><B>TELECOMMUNICATION - 1.4%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman"
    size=1>1,800,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Magyar Telekom
      <BR></FONT><FONT face="Times New Roman"
      size=1>Telecommunications Plc</FONT></TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>6,498,540</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman"
      size=1><B>PHARMACEUTICALS - 1.5%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman" size=1>30,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Richter Gedeon
      Nyrt.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>5,885,320</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>4,300</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Richter Gedeon
      Nyrt. (GDR)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>823,880</FONT></TD>
    <TD vAlign=bottom width=18 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=361 colSpan=7>&nbsp;</TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>6,709,200</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=198 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Total Investments
      in Hungarian <BR></FONT><FONT
      face="Times New Roman" size=1>Common Stocks
      <BR></FONT><FONT face="Times New Roman"
      size=1>(cost $9,918,909)</FONT></TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>18,515,677</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<P align=center><FONT face="Times New Roman"
size=2>The accompanying notes are an integral part of the financial
statements.<BR>7</FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>
<!-- SEQ.=8,FOLIO='7',FILE='09-22348-1.da',USER='dxionga',CD='Sep 25 16:11 2009' --><BR
style="PAGE-BREAK-BEFORE: always" clear=all>
<P align=left><FONT face="Times New Roman"
size=2><B>THE CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>SCHEDULE OF INVESTMENTS -
JULY 31, 2009 (unaudited) (continued)</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=214 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Shares</B></FONT></TD>
    <TD>&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=139 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Description</B></FONT></TD>
    <TD>&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></FONT><FONT
      face="Times New Roman"
      size=1><B><SUP>(a)</SUP></B></FONT>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=214 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      AUSTRIAN <BR></B></FONT><FONT
      face="Times New Roman" size=2><B>WARRANTS -
      2.8%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=246 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 colSpan=7><FONT
      face="Times New Roman" size=1><B>COMMERCIAL
      BANKS - 2.8%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>400,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Erste Group Bank
      <BR></FONT><FONT face="Times New Roman"
      size=1>(issuer Morgan Stanley),<BR></FONT><FONT
      face="Times New Roman" size=1>Expiration Date
      5/25/2010<BR></FONT><FONT
      face="Times New Roman" size=1>(cost
      $9,373,733)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</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><FONT
      face="Times New Roman"
    size=1>12,549,208</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=214 colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      KAZAKHSTAN <BR></B></FONT><FONT
      face="Times New Roman" size=2><B>COMMON STOCKS
      - 1.2%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=246 colSpan=7>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=214 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=246 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>OIL, GAS &amp;
      CONSUMABLE <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>FUELS -
      1.2%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198><FONT
      face="Times New Roman" size=1>250,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>KazMunaiGas
      Exploration <BR></FONT><FONT
      face="Times New Roman" size=1>Production (GDR)
      Reg S <BR></FONT><FONT face="Times New Roman"
      size=1>(cost $3,344,175)</FONT></TD>
    <TD>&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>&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><FONT
      face="Times New Roman"
    size=1>5,387,500</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=198 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Total Investments
      in Common <BR></FONT><FONT
      face="Times New Roman" size=1>and Preferred
      Stocks - 95.6% <BR></FONT><FONT
      face="Times New Roman" size=1>(cost
      $351,428,654)</FONT></TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>427,459,288</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=214 colSpan=3><FONT
      face="Times New Roman" size=2><B>SECURITIES
      LENDING <BR></B></FONT><FONT
      face="Times New Roman" size=2><B>COLLATERAL -
      6.9%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=246 colSpan=7>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>30,869,208</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Daily Assets Fund
      <BR></FONT><FONT face="Times New Roman"
      size=1>Institutional, 0.39% <BR></FONT><FONT
      face="Times New Roman" size=1>(cost
      $30,869,208)</FONT><FONT face="Times New Roman"
      size=2><SUP>(b)(c)</SUP></FONT>&nbsp;</TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>30,869,208</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=214 colSpan=3><FONT
      face="Times New Roman" size=2><B>CASH
      EQUIVALENTS - 1.3%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=246 colSpan=7>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=198 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>5,777,827</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Cash Management
      QP <BR></FONT><FONT face="Times New Roman"
      size=1>Trust, 0.27% <BR></FONT><FONT
      face="Times New Roman" size=1>(cost
      $5,777,827)</FONT><FONT face="Times New Roman"
      size=2><SUP>(c)</SUP></FONT>&nbsp;</TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>5,777,827</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>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom width=198>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1>Total Investments
      - 103.8%<BR></FONT><FONT face="Times New Roman"
      size=1>(cost $388,075,689)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>464,106,323</FONT></TD>
    <TD vAlign=bottom width=18>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=198 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Other Assets and
      Liabilities,<BR></FONT><FONT
      face="Times New Roman" size=1>Net -
      (3.8%)</FONT></TD>
    <TD bgColor=#cceeff>&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>&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><FONT
      face="Times New Roman"
    size=1>(17,171,029</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 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>)</FONT></TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom width=198>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=139 colSpan=3><FONT
      face="Times New Roman" size=1><B>NET
      ASSETS-100.0%</B></FONT></TD>
    <TD>&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><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><FONT       face="Times New Roman"     size=1>446,935,294</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>&nbsp;</TD>
    <TD width=8>&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>+&nbsp;&nbsp;All or a portion of these securities were on loan. The value
of all securities loaned at July 31, 2009 amounted to $29,510,943 which is 6.6%
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>ADR&nbsp;&nbsp;- American Depositary Receipt</FONT></P>
<P align=left><FONT face="Times New Roman"
size=1>GDR&nbsp;&nbsp;- Global Depositary Receipt</FONT></P>
<P align=left><FONT face="Times New Roman"
size=1>SDR&nbsp;&nbsp;- Swedish Depositary Receipt</FONT></P>
<P align=center><FONT face="Times New Roman"
size=2>The accompanying notes are an integral part of the financial
statements.<BR>8</FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>
<!-- SEQ.=9,FOLIO='8',FILE='09-22348-1.da',USER='dxionga',CD='Sep 25 16:11 2009' --><BR
style="PAGE-BREAK-BEFORE: always" clear=all>
<P align=left><FONT face="Times New Roman"
size=2><B>THE CENTRAL EUROPE AND RUSSIA FUND, INC. <BR>SCHEDULE OF INVESTMENTS -
JULY 31, 2009 (unaudited) (continued)</B></FONT></P>
<P align=left><FONT face="Times New Roman"
size=2><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", as amended, 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 July 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=116 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Category</B></FONT></TD>
    <TD>&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=89 colSpan=3><FONT
      face="Times New Roman" size=1><B>Level
      1</B></FONT></TD>
    <TD>&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=101 colSpan=3><FONT
      face="Times New Roman" size=1><B>Level
      2</B></FONT></TD>
    <TD>&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=85 colSpan=3><FONT
      face="Times New Roman" size=1><B>Level
      3</B></FONT></TD>
    <TD>&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=89 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=504 bgColor=#cceeff colSpan=19><FONT
      face="Times New Roman" size=1>Common Stocks
      and/or Other Equity Investments</FONT><FONT
      face="Times New Roman"
      size=2><SUP>(d)</SUP></FONT>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=116 colSpan=3><FONT
      face="Times New Roman" size=1>Russia</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>220,066,261</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=52><FONT
      face="Times New Roman" size=1>0</FONT></TD>
    <TD vAlign=bottom width=29>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=57><FONT
      face="Times New Roman" size=1>0</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>220,066,261</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=116 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Poland</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>61,886,359</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=52 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>0</FONT></TD>
    <TD vAlign=bottom width=29 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=57 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>0</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>61,886,359</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=116 colSpan=3><FONT
      face="Times New Roman" size=1>Turkey</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>60,590,744</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=52><FONT
      face="Times New Roman" size=1>0</FONT></TD>
    <TD vAlign=bottom width=29>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=57><FONT
      face="Times New Roman" size=1>0</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>60,590,744</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=116 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Czech
      Republic</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>48,463,539</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=52 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>0</FONT></TD>
    <TD vAlign=bottom width=29 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=57 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>0</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>48,463,539</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=116 colSpan=3><FONT
      face="Times New Roman" size=1>Hungary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>18,515,677</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=52><FONT
      face="Times New Roman" size=1>0</FONT></TD>
    <TD vAlign=bottom width=29>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=57><FONT
      face="Times New Roman" size=1>0</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>18,515,677</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=116 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman"
    size=1>Kazakhstan</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>5,387,500</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=52 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>0</FONT></TD>
    <TD vAlign=bottom width=29 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=57 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>0</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>5,387,500</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=116 colSpan=3><FONT
      face="Times New Roman" size=1>Austria</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman" size=1>0</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=52><FONT
      face="Times New Roman" size=1>0</FONT></TD>
    <TD vAlign=bottom width=29>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=57><FONT
      face="Times New Roman"
    size=1>12,549,208</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>12,549,208</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=116 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Short-Term
      Instruments</FONT><FONT face="Times New Roman"
      size=2><SUP>(d)</SUP></FONT>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>29,510,943</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=52 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>5,777,827</FONT></TD>
    <TD vAlign=bottom align=left width=29 bgColor=#cceeff><FONT
      face="Times New Roman"
      size=2><SUP>(e)</SUP></FONT>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=57 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>0</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>35,288,770</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=116 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Total</B></FONT></TD>
    <TD>&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><FONT
      face="Times New Roman"
size=1><B>$</B></FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
      size=1><B>444,421,023</B></FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=20><FONT
      face="Times New Roman"
size=1><B>$</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=52><FONT
      face="Times New Roman"
      size=1><B>5,777,827</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=29>&nbsp;</TD>
    <TD width=8>&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><FONT
      face="Times New Roman"
size=1><B>$</B></FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=57><FONT
      face="Times New Roman"
      size=1><B>12,549,208</B></FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=20><FONT
      face="Times New Roman"
size=1><B>$</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=61><FONT
      face="Times New Roman"
      size=1><B>462,748,058</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>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<P align=left><FONT face="Times New Roman"
size=1>(d)&nbsp;&nbsp;See Investment Portfolio for additional detailed
categorizations.</FONT></P>
<P align=left><FONT face="Times New Roman"
size=1>(e)&nbsp;&nbsp;Investment in Cash Management QP Trust, an affiliated
fund, is reflected as Level 2 since it is available only to affiliated
funds.</FONT></P>
<P align=left><FONT face="Times New Roman"
size=1><I>The following is a reconciliation of the Portfolio's Level 3
investments for which significant unobservable inputs were used in determining
value:</I></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width=379 colSpan=3>&nbsp;</TD>
    <TD>&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=111 colSpan=3><FONT
      face="Times New Roman" size=1><B>Common Stock
      <BR></B></FONT><FONT face="Times New Roman"
      size=1><B>and/or Other <BR></B></FONT><FONT
      face="Times New Roman" size=1><B>Equity
      Investments</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <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=379 colSpan=3><FONT       face="Times New Roman" size=1><B>Level 3
      Reconciliation</B></FONT></TD>
    <TD>&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=111 colSpan=3><FONT       face="Times New Roman"       size=1><B>Austria</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=379 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Balance as of
      April 30, 2009</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=83 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>-</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=379 colSpan=3><FONT
      face="Times New Roman" size=1>Realized gains
      (loss)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=83><FONT
      face="Times New Roman" size=1>-</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=379 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Change in
      unrealized appreciation (depreciation)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=83 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>-</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=379 colSpan=3><FONT
      face="Times New Roman" size=1>Amortization
      premium/discount</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=83><FONT
      face="Times New Roman" size=1>-</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=379 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Net purchases
      (sales)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=83 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>12,549,208</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=379 colSpan=3><FONT
      face="Times New Roman" size=1>Net transfers in
      (out) of Level 3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=83><FONT
      face="Times New Roman" size=1>-</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=379 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Balance as of
      July 31, 2009</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=83 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>12,549,208</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=379 colSpan=3><FONT
      face="Times New Roman" size=1>Net change in
      unrealized appreciation (depreciation) from investments still held as of
      July 31, 2009</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=83><FONT
      face="Times New Roman"
    size=1>3,175,475</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<P align=center><FONT face="Times New Roman"
size=2>The accompanying notes are an integral part of the financial
statements.<BR>9</FONT></P>
<HR align=center width="100%" color=gray noShade SIZE=3>
<!-- SEQ.=10,FOLIO='9',FILE='09-22348-1.da',USER='dxionga',CD='Sep 25 16:11 2009' --><BR style="PAGE-BREAK-BEFORE: always" clear=all><BR style="PAGE-BREAK-BEFORE: always" clear=all>


<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 2.</font></B></p> </td>
        <td width="494" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>CONTROLS AND PROCEDURES</font></B></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="494" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="494" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chief Executive and Financial Officers concluded that the Registrant&#146;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 width="96" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="494" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="494" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no changes in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal controls over financial reporting.</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="494" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 3.</font></B></p> </td>
        <td width="494" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>EXHIBITS</font></B></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="494" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="494" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><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-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>
<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>



</DIV>


<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top: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-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='border-collapse:collapse'>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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 width="391" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Central Europe &amp; Russia Fund, Inc.</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="391" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="391" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
<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>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>President</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="391" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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 width="391" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>September 23, 2009</font><u></u></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top: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-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='border-collapse:collapse'>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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 width="391" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Central Europe &amp; Russia Fund, Inc.</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="391" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="391" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
<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>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>President</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="391" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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 width="391" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>September 23, 2009</font><u></u></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="391" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="391" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="391" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="391" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Chief Financial Officer and Treasurer</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="391" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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 width="391" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>September 23, 2009</font><u></u></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



</DIV>

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<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>The 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>
</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>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>
</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>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>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <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>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <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>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <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>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <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>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='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>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>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <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>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>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <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 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>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="638" style='border-collapse:collapse'>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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 width="439" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Central Europe &amp; Russia Fund, Inc.</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="439" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="439" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="439" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
<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>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>President</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="439" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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 width="439" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>September 23, 2009</font><u></u></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in; text-indent:-2in;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

<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>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='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>The 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='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>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='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>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>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='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>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>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <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>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <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>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <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>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <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>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='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>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>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <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>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>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <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 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>
</div>


<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:1.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="638" style='border-collapse:collapse'>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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 width="439" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Central Europe &amp; Russia Fund, Inc.</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="439" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="439" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="439" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Chief Financial Officer and Treasurer</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="439" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="199" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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 width="439" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>September 23, 2009</font><u></u></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


</div>
</BODY>
</HTML>

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