Semi Annual Report - DWS Investments

THE CENTRAL EUROPE, RUSSIA AND TURKEY FUND, INC.NOTES TO FINANCIAL STATEMENTS — APRIL 30, 2013 (unaudited) (continued)Rule 17e-1 procedures. For the six months ended April 30,2013, Deutsche Bank did not receive brokeragecommissions.Certain Officers of the Fund are also officers of DIMA orDeAMI.The Fund pays each Director who is not an “interested person”of DIMA or DeAMI retainer fees plus specifiedamounts for attended board and committee meetings.The Fund may invest uninvested cash balances in CentralCash Management Fund, which is managed by DIMA. TheFund indirectly bears its proportionate share of the expensesof Central Cash Management Fund. Central CashManagement Fund does not pay DIMA an investment managementfee. Central Cash Management Fund seeks a highlevel of current income consistent with the liquidity and thepreservation of capital.NOTE 4. PORTFOLIO SECURITIESPurchases and sales of investment securities, excludingshort-term investments, for the six months ended April 30,2013 were $89,155,802 and $115,333,699, respectively.NOTE 5. INVESTING IN FOREIGN MARKETSForeign investments may involve certain considerations andrisks as a result of, among others, the possibility of politicaland economic developments, and the level of governmentalsupervision and regulation of foreign securities markets. Inaddition, certain foreign markets may be substantiallysmaller, less developed, less liquid and more volatile thanthe major markets of the United States. Any fund that focusesin a particular segment of the market will generallybe more volatile than a fund that invests more broadly.NOTE 6. CAPITALDuring the six months ended April 30, 2013 and the yearended October 31, 2012, the Fund purchased 252,493 and530,644 of its shares of common stock on the open marketat a total cost of $8,012,644 and $17,098,411 ($31.73 and$32.23 average per share), respectively. The weightedaverage discount of these purchased shares comparing thepurchased price to the NAV at the time of was 11.20% and9.44%, respectively.During the six months ended April 30, 2013, the Fund accepted654,331 tendered shares of common stock at a totalcost of $24,092,467 at a repurchase price of $36.82 pershare, which was equal to 98% of the NAV per share onMarch 13, 2013.During the six months ended April 30, 2013, and the yearended October 31, 2012, the Fund issued for dividend reinvestment137,421 and 394,788 shares respectively. The averagediscount of these issued shares comparing the issueprice to the NAV at the time of issuance was 9.39% and8.37%, respectively.NOTE 7. SHARE REPURCHASES AND TENDEROFFERSOn July 18, 2011, the Fund announced that the Board ofDirectors approved an extension of the share repurchaseprogram permitting the Fund to repurchase up to 700,000shares during the twelve-month period August 1, 2011through July 31, 2012. The Fund repurchased 509,609shares from August 1, 2011 through July 31, 2012 underthis authorization. On July 18, 2012, the Fund announcedthat the Board of Directors approved the extension of theshare repurchase program permitting the Fund to repurchaseup to 700,000 shares during the period August 1,2012 through July 31, 2013. The Fund repurchased 478,046shares between August 1, 2012 and April 30, 2013.Repurchases will be made from time to time when they arebelieved to be in the best interest of the Fund. There can beno assurance that the Fund’s repurchases or DiscountManagement Program will reduce the spread between themarket price of the Fund’s shares and it’s NAV per share.Monthly updates concerning the Fund’s repurchase programare available on its web site at www.ceefund.com.On July 18, 2012, the Fund announced that the Board ofDirectors approved a series of up to four consecutivesemiannual tender offers, each for up to 5% of the Fund’soutstanding shares at a price equal to 98% of NAV. Underthe Fund’s Discount Management Program, the Fund is24