Semi Annual Report - DWS Investments

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THE CENTRAL EUROPE, RUSSIA AND TURKEY FUND, INC.SCHEDULE OF INVESTMENTS — APRIL 30, 2013 (unaudited) (continued)CASH EQUIVALENTS – 1.3%5,934,192 Central Cash ManagementFund, 0.10%(cost $5,934,192) (c) . . . . . . . . . . . $ 5,934,192Total Investments – 100.1%(cost $346,103,529)** . . . . . . . . . 448,535,466Other Assets and Liabilities,Net – (0.1%) . . . . . . . . . . . . . . . . . (409,286)NET ASSETS – 100.0% . . . . . . $448,126,180Shares Description Value (a) 15* Non-income producing security.** The cost for federal income tax purposes was $346,570,408. AtApril 30, 2013, net unrealized appreciation for all securities based ontax cost was $101,965,058. This consisted of aggregate gross unrealizedappreciation for all securities in which there was an excess ofvalue over tax cost of $142,103,976 and aggregate gross unrealizeddepreciation for all securities in which there was an excess of tax costover value of $40,138,918.† All or a portion of these securities were on loan (see Notes toFinancial Statements). The value of all securities loaned at April 30,2013 amounted to $10,296,979, which is 2.3% of net assets.(a) Value stated in U.S. dollars.(b) Represents collateral held in connection with securities lending.Income earned by the Fund is net of borrower rebates.(c) Affiliated fund managed by Deutsche Investment ManagementAmericas Inc. The rate shown is the annualized seven-day yield at periodend.ADR – American Depositary ReceiptGDR – Global Depositary ReceiptReg S – Securities sold under Regulation S may not be offered, sold or deliveredwithin the United States or to, or for the account or benefitof, U.S. persons, except pursuant to an exemption from, or in atransaction not subject to, the registration requirements of theSecurities Act of 1933.For purposes of its industry concentration policy, the Fund classifies issuersof portfolio securities at the industry sub-group level. Certain of thecategories in the above Schedule of Investments consist of multiple industrysubgroups or industries.The accompanying notes are an integral part of the financial statements.
THE CENTRAL EUROPE, RUSSIA AND TURKEY FUND, INC.SCHEDULE OF INVESTMENTS — APRIL 30, 2013 (unaudited) (continued)Fair Value MeasurementsVarious inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quotedprices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (includingthe Fund’s own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securitiesare not necessarily an indication of the risk associated with investing in those securities.The following is a summary of the inputs used as of April 30, 2013 in valuing the Fund’s investments. For information on the Fund’spolicy regarding the valuation of investments, please refer to the Security Valuation section of Note 1 in the accompanying Notes toFinancial Statements.Category Level 1 Level 2 Level 3 TotalCommon Stocks and/or Other Equity Investments (1)Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $296,739,376 $465,977 $— $297,205,353Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,990,860 — — 80,990,860Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,848,625 — — 38,848,625Czech Republic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,677,860 — — 8,677,860Hungary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,238,419 — — 6,238,419Short-Term Instruments (1) . . . . . . . . . . . . . . . . . . . . . . . 16,574,349 — — 16,574,349Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $448,069,489 $465,977 $— $448,535,466There have been no transfers between fair value measurement levels during the period ended April 30, 2013.(1) See Schedule of Investments for additional detailed categorizations.The accompanying notes are an integral part of the financial statements.16
Page 1 and 2: SUMMARY OF GENERAL INFORMATIONTHE F
Page 4 and 5: LETTER TO THE SHAREHOLDERS (continu
Page 6 and 7: FUND FACTS AND DIVIDEND AND CAP GAI
Page 8 and 9: INTERVIEW WITH PORTFOLIO MANAGEMENT
Page 10 and 11: DIRECTORS OF THE FUND (continued)Te
Page 12 and 13: DIRECTORS OF THE FUND (continued)Te
Page 14 and 15: THE CENTRAL EUROPE, RUSSIA AND TURK
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Semi Annual Report - DWS Investments

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