N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number			811-06024
THE INDONESIA FUND, INC.
(Exact name of registrant as specified in charter)
c/o Credit Suisse Asset Management, LLC 466 Lexington Avenue New York, New York				10017
(Address of principal executive offices)				(Zip code)
J. Kevin Gao, Esq. 466 Lexington Avenue New York, New York 10017
(Name and address of agent for service)
Registrant's telephone number, including area code:			(212) 875-3500
Date of fiscal year end:	December 31st
Date of reporting period:		January 1, 2005 to March 31, 2005

Item 1:           Schedule of Investments

The Indonesia Fund, Inc.

Schedule of Investments - March 31, 2005 (unaudited)

	No. of
Description	Shares/Units	Value
EQUITY OR EQUITY-LINKED SECURITIES-97.36%
Indonesia-86.49%
Automotive-7.65%
PT Astra International Tbk	3,203,461	$	3,547,468
Banks-16.90%
PT Bank Central Asia Tbk	6,063,000	2,174,713
PT Bank Danamon Indonesia Tbk	2,429,000	1,218,059
PT Bank Mandiri	12,179,000	2,197,008
PT Bank Rakyat Indonesia	7,483,000	2,249,943
		7,839,723
Building Products-Cement/Aggregate-1.18%
PT Indocement Tunggal Prakarsa Tbk †	1,855,000	547,711
Finance-Consumer Loans-0.61%
PT Adira Dinamika Multi Finance Tbk †	1,338,500	282,682
Food & Kindred Products-1.86%
PT Indofood Sukses Makmur Tbk	7,063,000	864,570
Gas-Distribution-1.55%
PT Perusahaan Gas Negara	2,991,500	719,088
Machinery-Construction & Mining-2.34%
PT United Tractors Tbk	3,590,200	1,087,715
Medical-Drugs-2.14%
PT Kalbe Farma Tbk	8,468,800	660,976
PT Tempo Scan Pacific Tbk	448,500	331,506
		992,482
Real Estate Operations/Development-1.54%
PT Ciputra Surya Tbk	4,172,500	716,848
Retail-Major Department Stores-1.69%
PT Matahari Putra Prima Tbk	3,168,000	220,685
PT Mitra Adiperkasa Tbk †	1,616,000	145,048
PT Ramayana Lestari Sentosa Tbk	5,101,500	419,997
		785,730
Soap & Cleaning Preparation-1.46%
PT Unilever Indonesia Tbk	1,678,000	677,303
Telecommunications-23.77%
PT Indosat Tbk	4,369,000	2,251,369
PT Telekomunikasi Indonesia	18,513,560	8,775,272
		11,026,641
Tobacco-23.80%
PT Gudang Garam Tbk	1,255,500	2,133,396
PT Hanjaya Mandala Sampoerna Tbk	8,154,000	8,909,281
		11,042,677
Total Indonesia
(Cost $21,887,560)		40,130,638
China-1.77%
Oil Companies - Integrated-1.77%
China Petroleum and Chemical Corporation (Sinopec),
Class H Shares
(Cost $882,880)	2,030,000	823,416
Hong Kong-0.54%
Apparel Manufacturers-0.54%
Ports Design Ltd.
(Cost $123,796)	362,000	248,148
India-1.93%
Banks-1.93%
Reliance Industries (ABN AMRO), Regulation S, ELN, warrants expiring 2/24/06 †
(Cost $912,707)	71,800	$	897,091
Malaysia-2.52%
Oil Field Machines & Equipment-2.52%
Scomi Group Berhad
(Cost $1,203,532)	2,778,000	1,169,977

Singapore-1.99%
Engineering/R&D Services-1.26%
SembCorp Industries Ltd.	498,000	585,413
Metal Products-Fasteners-0.73%
Unisteel Technology Ltd.	319,000	336,369
Total Singapore
(Cost $773,146)		921,782
Thailand-2.12%
Banks-1.25%
Siam City Bank Public Company Ltd.	904,000	577,783
Building Products - Cement/Aggregate-0.87%
Siam Cement Public Company Ltd. (The)	60,000	404,960
Total Thailand
(Cost $805,328)		982,743
TOTAL EQUITY OR EQUITY-LINKED SECURITIES
(Cost $26,588,949)		45,173,795

	Principal Amount
	(000’s)
SHORT-TERM INVESTMENTS-0.15%
Grand Cayman-0.15%
Brown Brothers Harriman & Co., overnight deposit, 2.04%, 4/01/05* (Cost $69,000)	$	69	69,000
Indonesia-0.00%
Citibank N.A., Jakarta, overnight deposit, 3.93%, 04/01/05* (Cost $118)	0		118
TOTAL SHORT-TERM INVESTMENTS
(Cost $69,118)			69,118
TOTAL INVESTMENTS-97.51%
(Cost $26,658,067)			45,242,913
Cash and other assets in excess of liabilities-2.49%			1,155,237
NET ASSETS-100.00%			$	46,398,150

†              Non-income producing security.

*              Variable rate account.  Rate resets on a daily basis; amounts are available on the same business day.

ELN        Equity linked note.

Security Valuation - The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the “Exchange”) on each day the Exchange is open for business.  The Fund’s equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the “Valuation Time”).  If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest ask quotation in the case of a short sale of securities. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments.  Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that this method would not represent fair value.  Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Fund’s Valuation Time, but after the close of the securities’ primary market, are valued at fair value as determined in good faith by, or under the direction of, the Board of Directors under procedures established by the Board of Directors.  The Fund may utilize a service provided by an independent third party which has been approved by the Board of Directors to fair value certain securities.  The Fund’s estimate of fair value assumes a willing buyer and a willing seller neither acting under a compulsion to buy or sell.

Federal Income Tax Cost - At March 31, 2005, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation from investments were $28,086,896, $18,970,499, $(1,814,482) and $17,156,017, respectively.

Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders.  This information is also available on the Fund’s website at http://www.csam.com/us as well as on the website of the Securities and Exchange Commission - http://www.sec.gov.

Item 2:           Controls and Procedures

(a)          As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)), were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities and Exchange Act of 1934.

(b)         There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3:           Exhibits

1.             The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

THE INDONESIA FUND, INC.
/s/ Michael E. Kenneally
Name:	Michael E. Kenneally
Title:	Chief Executive Officer
Date:	May 26, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ Michael E. Kenneally
Name:	Michael E. Kenneally
Title:	Chief Executive Officer
Date:	May 26, 2005

/s/ Michael A. Pignataro
Name:	Michael A. Pignataro
Title:	Chief Financial Officer
Date:	May 26, 2005

EX-99.CERT

Exhibit 99.CERT

I, Michael E. Kenneally, certify that:

1.I have reviewed this report on Form N-Q of The Indonesia Fund, Inc.;

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

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

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

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

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

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

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

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

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

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

Date:May 26, 2005
	/s/ Michael E. Kenneally
	Name: Michael E. Kenneally
	Title: Chief Executive Officer

I, Michael A. Pignataro, certify that:

1.I have reviewed this report on Form N-Q of The Indonesia Fund, Inc.;

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

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

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

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

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

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

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

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

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

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

Date:	May 26, 2005
	/s/ Michael A. Pignataro
	Name: Michael A. Pignataro
	Title: Chief Financial Officer