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  As Of               Filer                 Filing     As/For/On Docs:Pgs              Issuer               Agent

 1/08/07  Central Europe & Russia Fund/Inc  N-CSR      10/31/06    4:88                                     DWS Int'l Fund/Inc

Document/Exhibit                   Description                      Pages   Size 

 1: N-CSR       Certified Annual Shareholder Report of a            HTML    373K 
                          Management Investment Company                          
 2: EX-99.CODE ETH  Code of Ethics                                    12     39K 
 3: EX-99.CERT  Certifications                                      HTML     21K 
 4: EX-99.906CERT  906 Certifications                               HTML     10K 

The Central Europe and Russia Fund, Inc.

LETTER TO THE SHAREHOLDERS

Dear Shareholders,

We are pleased to report that for the fiscal year ended October 31, 2006, The Central Europe and Russia Fund's total return based on share price was 19.25% while its total return based on net asset value per share was 48.55%. The Fund's blended benchmark returned 45.00% during the same period.¹ (Past performance is no guarantee of future results. Please see page 5 for more complete performance information.)

During the first quarter, the Fund completed a rights offering. Shareholders were issued one transferable right for each share owned. The rights entitled the shareholders to purchase one new share of common stock for every three rights held at a subscription price of $40.19. The net asset value per share of the Fund's common shareholders was reduced by approximately $3.25 per share as a result of the share issuance. Net proceeds were approximately $132 million after deduction of fees and expenses.

In the fund's fiscal Q4 2006, emerging European equity markets rebounded from the sharp downturns seen earlier in the year. Among Czech stocks, most of the blue chips generate substantial amounts of cash and should be able to post good earnings growth over the next 12 months, though Czech stocks continue to trade at the highest P/E (price-to-earnings) ratio (based on estimated 2007 earnings) of the fund's five core markets. However, the potential for double-digit total returns over the next year combined with their defensive qualities make a few Czech stocks worthwhile investments on a risk adjusted basis. Ceske Energeticke Zavody (CEZ), the electric utility, remains a modest overweight relative to the fund's benchmark and was the second best performing company in our Czech benchmark over the past year.² Erste Bank and Komercni Banka, the other Czech holdings in the fund, are weighted slightly below their benchmark weights. On fundamental grounds, Hungarian blue chips are reasonably valued, with some moderate upside potential seen from both company-specific factors and sector trends. However, due to their tenuous economic foundation we maintain smaller weightings in Hungarian stocks than we would based on sheer company fundamentals. In Poland, the economy may slow somewhat in 2007, but growth should still be sufficient to underpin good profit performances for listed companies next year. We continue to like construction, construction materials, and real estate: fund holdings Cersanit and Echo Investments each had triple-digit returns over the past year. Telecoms on the other hand seem to be entering a more difficult regulatory environment.

After a tough second quarter, Turkish shares and the currency rebounded over the summer, but volatility is likely to remain an issue over the near-term. We remain cautiously optimistic about the Turkish market with our positive bias tied to the apparently quite resilient economic expansion, above-average earnings growth and attractive valuations. The fund's weighting in Turkish equities is just above that of its benchmark (11.5%) with an effectively neutral position in the banking sector as slight overweight positions in Akbank and Isbank offset the underweight positions in Finansbank and Garanti Bank. The balance of the fund's Turkish portfolio consists of construction and consumer-oriented names such as food retailer BIM Birlesik and construction company Enka, both of which contributed to the fund's outperformance for the year.

We continue to maintain an overweight position in Russian equities relative to the benchmark, with an increasingly pronounced bias towards domestically oriented stocks. Within the energy segment, we continue to prefer the shares of natural gas companies over those of oil companies. Gas prices on the export markets tend to lag the oil price by six months, so this past summer's high oil prices should be realized in the gas market during the peak demand winter months. In addition, domestic gas prices are expected to rise by 10-15% a year over the next three years. The fund's overweight positions in Gazprom and independent

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LETTER TO THE SHAREHOLDERS (continued)

gas producer Novatek helped fund performance, as Gazprom posted above-benchmark returns for the period and Novatek was the best-performing stock in the fund's Russian benchmark, posting triple-digit gains. We also believe that conditions are favorable for Russian metals companies, given the environment of short supply and rising demand, and Russian consumer stocks, which benefit from rising income levels and the introduction of consumer credit products. The fund's position in Sberbank contributed positively to performance, as the shares posted triple-digit gains for the period.

The Central Europe and Russia Fund's discount to net asset value averaged 6.8% during the fiscal year ended October 31, 2006, compared with 7.5% for the same period last year.

Sincerely,

Christian Strenger Chairman				Ralf Oberbannscheidt Lead Portfolio Manager				Michael G. Clark President and Chief Executive Officer

The views expressed in this report reflect those of the named individuals only through the end of the period of the report as stated on the cover. This information is subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance does not guarantee future results.

¹  A custom blend of 45% in Central Europe (CECE-Index), 45% Russia (RTX-Index) and 10% in Turkey (ISE National 30).The CECE is a regional capitalization-weighted index, including stocks from the Czech Republic, Hungary, Poland and Slovakia and is published daily by the Vienna Stock Exchange. The RTX is a capitalization-weighted index of Russian blue chip stocks and published daily by the Vienna Stock Exchange. The ISE National 30 is a capitalization-weighted index composed of National Market companies except investment trusts and will also be used for trading in the Derivatives Market. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly in an index.

²  "Overweight" means the fund holds a higher weighting in a given sector or security than the benchmark. "Underweight" means the fund holds a lower weighting.

For additional information about the Fund including performance, dividends, presentations, press releases, daily NAV and shareholder reports, please visit www.ceefund.com

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ECONOMIC OUTLOOK

Czech Republic:

 While political instability from the government's lost confidence vote in October has not yet translated into a worsening of output data, soft warning signs can be found in two areas: weak foreign direct investment (FDI) inflows and the state budget balance. The Finance Ministry has warned that the public sector deficit is set to exceed EU convergence criteria in 2006, and the Central Bank expressed its concern over fiscal stimuli emerging in 2007. The combination of a stagnating trade balance and rising profit repatriation of FDI projects has placed the current account deficit on track for returning to 4% of gross domestic product. Tighter monetary policy is likely to persist next year given fast GDP growth propelled by strengthening domestic demand, a decreasing unemployment rate, the likelihood of fiscal stimulus and higher interest rates in the Eurozone.

Hungary:

With the budget deficit at close to 10% of GDP, Hungary's medium-term economic backdrop largely depends on the implementation of Prime Minister Gyurcsany's austerity package, which we expect will be implemented broadly in its original structure (60/40 income-expenditure side elements). We expect CPI to peak at 8% year-over-year (y-o-y) in March 2007.The external deficit is apt to improve to around 5.5% of GDP as slowing investments and domestic demand should be countered by still healthy net export growth in the fourth quarter of 2006. Quicker economic slowdowns in the US and EU represent a meaningful downside risk as Hungary has one of the highest business cycle synchronizations with the EU. With slowing growth and contained domestic demand, we think the Monetary Policy Council (MPC) is close to the end of its tightening cycle, unless the EUR/HUF breaches its all time highs.

Poland:

GDP growth has likely peaked, but a combination of relatively firm domestic demand and a closing output gap means that demand-led risks to inflation continue to increase. Also there is clear evidence that the labor market is getting tighter and we expect demand for labor will remain at an elevated level supported by robust fixed investment spending, which should remain robust on the back of high capacity utilization and still relatively high inflow of foreign direct investment. In addition to the cyclical factors, we expect the labor market will tighten further on the back of emigration of the labor force to other EU countries. This tendency should intensify as Italy and Spain recently opened their labor markets to Poles. Firmer demand increases the risk of cost pressures (particularly on the food side). As such, the time when the MPC starts its tightening cycle is drawing closer.

Russia:

GDP growth will likely reach 6.5% y-o-y, the current account surplus may reach 12% of GDP and the federal budget should close in a surplus of 7.0% of GDP. The year 2006 also marks the first year of net capital inflows since the 1998 crisis. The mix of fiscal surplus, accumulation of the Oil Stabilization Fund¹, and gradual ruble appreciation have sterilized a sizable part of the inflows and kept inflation relatively subdued so far, but the key question remains whether signs of overheating and Dutch disease² begin to more meaningfully drive inflation higher. We expect CPI to remain in a range of 8-9% y-o-y into 2007 with the government likely controlling any meaningful upside deviation with administrative measures. On the back of a healthy current account and improving capital inflows, the Central Bank of Russia increased FX reserves, which – despite the recent drop in oil prices – are likely to reach $290 bi llion by the end of 2006. Russia's debt dynamics look very healthy with external debt now falling below 10% of GDP.

Turkey:

The Central Bank of Turkey (CBT) was forced to hike rates by 425 bps in 2006 due to inflation pressure and negative spillover from abroad. Inflation remains a challenge, with CPI standing at 10% y-o-y in October. The lira recovered to a level below 1.50 as the aggressive CBT rate hikes calmed nerves and stopped cash outflows. The government has already attained the 3% of GDP Maastricht deficit criterion and debt-to-GDP may reach the 60% Maastricht target by the end of 2007. At 7% of GNP, the current account deficit is the main economic risk, given the country imports almost all of its oil needs; every $1 increase in the average yearly price of oil raises the current account deficit by $350 million. Net FDI through August stood at more than $12 billion, more than the total for 2004 and 2005 combined, while FX reserves stand at a supportive $58 billion.

¹  The Oil Stabilization Fund was created by the Russian Ministry of Finance on January 1, 2004 and is used to cover the federal budget deficit and reduce inflationary pressure by accumulating revenues when the oil price exceeds a specified cut-off price. Use of accumulated funds is restricted to payment of certain expenses as determined by the Russian government, such as repayment of foreign debt and funding of the pension system.

²  Dutch disease refers to the negative impact on the manufacturing sector of a domestic economy that often accompanies an increase in the export of natural resources from that country.

3

FUND HISTORY AS OF OCTOBER 31, 2006

All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when sold, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please visit www.ceefund.com for the Fund's most recent performance.

TOTAL RETURNS:

(a)  Total return based on net asset value reflects changes in the Fund's net asset value during the period. Total return based on market value reflects changes in market value. Each figure includes reinvestments of distributions. These figures will differ depending upon the level of any discount from or premium to net asset value at which the Fund's shares trade during the period.

(b)  Return excludes the effect of the $2.15 per share dilution associated with the Fund's rights offering.

(c)  Return excludes the effect of the $3.25 per share dilution associated with the Fund's rights offering.

(1)  Represents an arithmetic composite consisting of 45% CECE*/45% RTX**/10% ISE National 30***.

(2)  Represents an arithmetic composite consisting of 70% CECE/30% RTX for the 5 months ended 3/31/04 and 45% CECE/45% RTX/10% ISE National 30 for the seven months ended 10/31/04. The Fund changed its benchmark from 70% CECE/30% RTX to 45% CECE/45% RTX/10% ISE National 30 on April 1, 2004.

(3)  Represents an arithmetic composite consisting of 85% CECE/15% RTX for the 9 months ended 7/31/03 and 70% CECE/30% RTX for the 3 months ended 10/31/03. The Fund changed its benchmark from 85% CECE/15% RTX to 70% CECE/30% RTX on August 1, 2003.

(4)  Represents the CECE Index.

(5)  Represents an arithmetic composite consisting of a customized MSCI index for the 2 months ended 12/31/00 and the CECE Index for the 10 months ended 10/31/01. The customized MSCI index consists of 35% Germany, 20% Poland, 15% Hungary, 10% Czech Republic, 10% Russia and 10% Austria. The Fund changed its benchmark from a customized MSCI Index to the CECE Index on January 1, 2001.

  *  The CECE is a regional capitalization-weighted index including stocks from the Czech Republic, Hungary and Poland and is published daily by the Vienna Stock Exchange.

  **  The RTX is a capitalization-weighted index of Russian blue chip stocks and published daily by the Vienna Stock Exchange.

  ***  The ISE National 30 is a capitalization-weighted index composed of National Market companies except investment trusts and will also be used for trading in the Derivatives Market.

Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly in an index.

Investments in funds involve risks including the loss of principal.

This Fund is not diversified and may focus its investments in certain geographical regions, thereby increasing its vulnerability to developments in that region. Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes and market risks. This may result in greater share price volatility.

Shares of closed-end funds frequently trade at a discount from net asset value. The price of the Fund's shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value. Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering, and once issued, shares of closed-end funds are sold in the open market through a stock exchange.

The Fund is complying with the German tax transparency rules for the current fiscal year that ends on October 31, 2006 and therefore qualifies as a transparent fund within the meaning of the German fund tax law (InvStG 2004).

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FUND HISTORY AS OF OCTOBER 31, 2006 (continued)

STATISTICS:

DIVIDEND AND CAPITAL GAIN DISTRIBUTIONS:

OTHER INFORMATION:

*  Represents expense ratio before custody credits. Please see "Financial Highlights" section of this report.

Fund statistics and expense ratio are subject to change. Distributions are historical, will fluctuate and are not guaranteed.

5

10 LARGEST EQUITY HOLDINGS AS OF OCTOBER 31, 2006 (As a % of Portfolio's Net Assets)

GEOGRAPHICAL REPRESENTATION OF HOLDINGS BY COUNTRY

10 Largest Equity Holdings and Country Breakdown are subject to change and may not be indicative of future portfolio composition.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at www.sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

6

INTERVIEW WITH THE LEAD PORTFOLIO MANAGER — Ralf Oberbannscheidt

Question: Given the recent decline in oil prices, is the rise of the Russian equity market over?

Answer: Although oil and materials are certainly critical for the Russian market, they are not the only determinants for many domestic stocks. In fact, the Russian Trading System Index (RTS) gained more than 4% in October despite the fact that oil fell about 6% that month.¹ Overall, in 2006, the RTS gained more than 43% through the end of October, while oil prices declined 3% during that same time period. In addition, President Putin has stated that diversification of the economy is a priority, so correlation to the oil price should decrease over time, especially if the IPO boom in Russia continues. The banking and utilities sectors are set to lead the way in 2007, with Sberbank having recently announced plans to raise up to $8.5 billion in the market to further develop and consolidate the Russian banking market. Toward the end of 2007, market mo vement will increasingly depend on the transition of power from President Putin in the 2008 presidential election, with increased volatility likely as the next leader settles into office.

Question: What are the key issues impacting sentiment in the Turkish market as we head into 2007?

Answer: Aside from keeping a watchful eye on currency and interest rate developments following the events of this past year, progress on EU accession talks continues to be a key factor. The opening of ports to (Greek) Cypriot vessels and article 301 of the penal code (which punishes those criticizing "Turkishness") are two issues that have garnered attention recently. The government must also address the issue of Kurdish rebels in northern Iraq, which has recently seen escalation and depends on Iraqi and US action, and continued political noise out of the EU (such as the Armenian genocide bill in France). At the same time, we do not expect EU talks to stop with the half-year presidency handing over to Germany in January 2007. Domestically, all eyes will be on the Spring 2007 presidential election, voted by a required two-thirds of Members of Parliament (MPs ). The Justice and Development Party (AKP) needs the support of 12 MPs outside its own party to support its candidate. It appears that the AKP government will wait until the last minute (i.e., April 2007) to announce its candidate, but many equity market participants do not expect Prime Minister Erdogan to stand as a candidate. Once the presidential elections are over, focus will turn to the December 2007 parliamentary elections.

Question: What are the reasons behind your improving outlook for the Polish market?

Answer: As far as investment opportunities, valuations have come down to more reasonable levels on an absolute basis following the sell-off in stock markets earlier this year. The market is experiencing healthy earnings growth, though valuation still seems rather full when comparing Polish equities with others around the region. However, the booming economy should have a positive impact on corporate earnings, which creates some upside risk to current forecasts. In the near term, domestic politics may prove a distraction for Polish equities as the possible dissolution of the government and early elections could place fiscal plans in some doubt, but the likely change in the government's make-up would be in the direction of more credible economic policies. In an environment of solid growth and benign monetary policy, Polish corporations should fare well, with domestic-oriented companies likely to do better than exporters.

Ralf Oberbannscheidt, Lead Portfolio Manager of The Central Europe and Russia Fund, Inc.

¹  The Russian Trading System Index is a capitalization-weighted index comprised of stocks traded on the Russian Trading System and uses free-float adjusted shares.

The views expressed in this report reflect those of the named individuals only through the end of the period of the report as stated on the cover. This information is subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance does not guarantee future results.

7

DIRECTORS OF THE FUND

8

DIRECTORS OF THE FUND (continued)

9

DIRECTORS OF THE FUND (continued)

10

DIRECTORS OF THE FUND (continued)

Each has served as a Director of the Fund since the Fund's inception in 1990 except for Ambassador Burt, Dr. Bock, Mr. Cannon, and Dr. Trömel. Ambassador Burt was elected to the Board on June 30, 2000, Dr. Bock was elected to the Board on May 5, 2004, Mr. Cannon was elected to the Board on April 23, 2004, and Dr. Trömel was elected to the Board on July 17, 2005. The term of office for Directors in Class I expires at the 2007 Annual Meeting, Class II expires at the 2008 Annual Meeting and Class III expires at the 2009 Annual Meeting. Each Director also serves as a Director of The European Equity Fund, Inc., one of the two other closed-end registered investment companies for which Deutsche Investment Management Americas Inc. acts as manager.

(1)  Indicates that Messrs. Bult, Burt, Cannon, Trömel, Walbröl, Wadsworth and Strenger each also serve as a Director of The European Equity Fund, Inc. and The New Germany Fund, Inc., two other closed-end registered investment companies for which Deutsche Investment Management Americas Inc. acts as manager. Indicates that Messrs. Bierbaum and Bock also serve as a Director of The European Equity Fund, Inc., one of the two other closed-end registered investment companies for which Deutsche Investment Management Americas Inc. acts as manager.

(2)  Indicates "interested" Director, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). Mr. Bierbaum is an "interested" Director because of his affiliation with Sal. Oppenheim Jr. & Cie KGaA, which engages in brokerage with the Fund and other accounts managed by the investment advisor and manager; Mr. Bult is an "interested" Director because of his affiliation with PaineWebber International, an affiliate of UBS Securities Inc., a registered broker-dealer; and Mr. Strenger is an "interested" Director because of his affiliation with DWS-Deutsche Gesellschaft fur Werpapiersparen mbH ("DWS"), a majority-owned subsidiary of Deutsche Bank AG and because of his ownership of Deutsche Bank AG shares.

(3)  Indicates that Mr. Wadsworth also serves as Director/Trustee of the following open-end investment companies: DWS Balanced Fund, DWS Blue Chip Fund, DWS Equity Trust, DWS High Income Series, DWS State Tax-Free Income Series, DWS Strategic Income Fund, DWS Target Fund, DWS Technology Fund, DWS U.S. Government Securities Fund, DWS Value Series, Inc., DWS Variable Series II, Cash Account Trust, Investors Cash Trust, Investors Municipal Cash Fund, Tax-Exempt California Money Market Fund and DWS Money Funds. Mr. Wadsworth also serves as Director of Dreman Value Income Edge Fund, Inc., DWS High Income Trust, DWS Multi-Market Income Trust, DWS Municipal Income Trust, DWS Strategic Income Trust, DWS Strategic Municipal Income Trust, closed-end investment companies. These Funds are advised by Deutsche Investment Management Americas Inc., an indirect wholly-owned sub sidiary of Deutsche Bank AG.

(4)  Dr. Tessen von Heydebreck, a managing director of Deutsche Bank, is a member of the supervisory board of BASF AG, Dr. Bock's employer.

(5)  Inception date of corporation which was predecessor to the LLC.

*  The address of each Director is 345 Park Avenue, New York, NY 10154.

11

OFFICERS OF THE FUND

Each also serves as an Officer of The European Equity Fund, Inc. and The New Germany Fund, Inc., two other closed-end registered investment companies for which Deutsche Investment Management Americas Inc. acts as manager.

(1)  As a result of their respective positions held with the Manager, these individuals are considered "interested persons" of the Manager within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund.

(2)  Since January 30, 2006.

(3)  Since June 15, 2006.

(4)  Since July 14, 2006.

(5)  Since July 14, 2006. From January 30, 2006 to July 14, 2006 served as Secretary to the Fund.

(6)  Since October 5, 2004.

(7)  Executive title, not a board directorship.

(8)  Address: 345 Park Avenue, New York, New York 10154.

(9)  Address: Two International Place, Boston, Massachusetts 02110.

12

SHARES REPURCHASED AND ISSUED

The Fund has been purchasing shares of its common stock in the open market. Shares repurchased and shares issued for div idend reinvestment for the past five years are as follows:

PRIVACY POLICY AND PRACTICES

We never sell customer lists or information about individual clients (stockholders). We consider privacy fundamental to our client relationships and adhere to the policies and practices described below to protect current and former clients' information. Internal policies are in place to protect confidentiality, while allowing client needs to be served. Only individuals who need to do so in carrying out their job responsibilities may access client information. We maintain physical, electronic and procedural safeguards that comply with federal and state standards to protect confidentiality. These safeguards extend to all forms of interaction with us, including the Internet.

In the normal course of business, we may obtain information about stockholders whose shares are registered in their names. For purposes of these policies, "clients" means stockholders of the Fund. (We generally do not have knowledge of or collect personal information about stockholders who hold Fund shares in "street" name," such as through brokers or banks.) Examples of the nonpublic personal information collected are name, address, Social Security number and transaction and balance information. To be able to serve our clients, certain of this client information may be shared with affiliated and nonaffiliated third party service providers such as transfer agents, custodians, and broker-dealers to assist us in processing transactions and servicing the client's account with us. The organizations described above that receive client information may only use it for the purpose designated by the Fund.

We may also disclose nonpublic personal information about clients to other parties as required or permitted by law. For example, we are required or we may provide information to government entities or regulatory bodies in response to requests for information or subpoenas, to private litigants in certain circumstances, to law enforcement authorities, or any time we believe it necessary to protect the firm from such activity.

CERTIFICATIONS

The Fund's chief executive officer has certified to the New York Stock Exchange that, as of July 19, 2006, he was not aware of any violation by the Fund of applicable NYSE corporate governance listing standards. The Fund's reports to the Securities and Exchange Commission on Forms N-CSR, N-CSRS and N-Q contain certifications by the Fund's chief executive officer and chief financial officer that relate to the Fund's disclosure in such reports and that are required by rule 30a-2(a) under the Investment Company Act.

PROXY VOTING

A description of the Fund's policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the 12-month period ended June 30 is available on our Web site — www.ceefund.com or on the SEC's Web site — www.sec.gov. To obtain a written copy of the Fund's policies and procedures without charge, upon request, call us toll free at (800) 437-6269.

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THE CENTRAL EUROPE AND RUSSIA FUND, INC.
SCHEDULE OF INVESTMENTS — OCTOBER 31, 2006