Semi Annual Report - DWS Investments

THE CENTRAL EUROPE, RUSSIA AND TURKEY FUND, INC.NOTES TO FINANCIAL STATEMENTS — APRIL 30, 2013 (unaudited) (continued)required to conduct a tender offer if its shares trade at anaverage discount to NAV of more than 10% during the applicabletwelve-week measurement period. The firstmeasurement period commenced on September 10, 2012and expired on November 30, 2012. During the measurementperiod the Fund’s shares traded at an average discountto NAV of 10.18%. Therefore, the Fund conducteda tender offer which commenced on February 11, 2013and expired on March 12, 2013. The Fund accepted654,331 tendered shares (which represented 5% of theFund’s outstanding shares of common stock) at a priceequal to 98% of the NAV per share as of the close of theregular trading session of the New York Stock Exchangeon March 13, 2013. Approximately 9,528,823 shares ofcommon stock, or approximately 73% of the Fund’s commonshares outstanding, were tendered through the expirationdate. Because the offer was oversubscribed, not allof the tendered shares were accepted for payment by theFund. Under the final pro-ration calculation, approximately7% of the tendered shares were accepted for payment.The shares accepted for payment received cash at arepurchase price of $36.82, per share, which was equal to98% of the NAV per share on March 13, 2013.The second measurement period commenced on March 25,2013 and expired on June 14, 2013. During the measurementperiod the Fund’s shares traded at an average discountto NAV of 10.16%. The Fund will therefore conduct a tenderoffer for up to 5% of its outstanding shares at a price equalto 98% of NAV. The commencement of the tender offer forthe Fund is expected to occur on or about August 12, 2013.NOTE 9. CHANGE IN INVESTMENT OBJECTIVE ANDCHANGE IN NAME OF THE FUNDAt a Special Meeting of Stockholders held on April 19,2013, Stockholders approved changing the Fund’sinvestment objective from “seeking long-term capitalappreciation through investment primarily in equity andequity-linked securities of issuers domiciled in CentralEurope and Russia” to “seeking long-term capital appreciationthrough investment primarily in equity or equitylinkedsecurities of issuers domiciled in Central Europe,Russia and Turkey.” Stockholders also approved a changein the Fund’s corresponding fundamental investment policyto provide that, “under normal circumstances, the Fund willinvest at least 80% of its net assets (plus borrowings usedfor investment purposes) in securities of issuers domiciledin Central Europe, Russia and Turkey.” Consequently, theFund is now able to invest in securities of issuers domiciledin Turkey to a greater extent than previously.Effective as of the close of business on April 26, 2013, theFund’s name was changed to “The Central Europe, Russiaand Turkey Fund, Inc.” There were no changes to theFund’s ticker symbol on the New York Stock Exchange orthe CUSIP number for its shares. No action was required bystockholders relating to this change.NOTE 8. CONCENTRATION OF OWNERSHIPFrom time to time, the Fund may have a concentration ofseveral shareholder accounts holding a significant percentageof shares outstanding. Investment activities of theseshareholders could have a material impact on the Fund. AtApril 30, 2013, there were three shareholders that held approximately28%, 16% and 7%, respectively, of the outstandingshares of the Fund.25