Semi Annual Report - DWS Investments

THE CENTRAL EUROPE, RUSSIA AND TURKEY FUND, INC.STATEMENT OF INVESTMENT OBJECTIVE, POLICIES AND INVESTMENT RESTRICTIONS(unaudited) (continued)The Fund may engage in “conventional hedging,” which involves entering into forward currency contracts to sell fixedamounts of a foreign currency for fixed amounts of U.S. dollars in order to hedge the U.S. dollar value of the Fund’s portfolio.The Fund may also engage in “cross-hedging,” which involves entering into forward currency contracts to sell fixedamounts of a foreign security for fixed amounts of another foreign currency to which the Fund may seek exposure.The Fund may not position a hedge with respect to any currency to an extent greater than the aggregate market value (atthe time of making such sale) of the securities held in the Fund’s portfolio denominated or generally quoted in or currentlyconvertible into such currency. If the Fund enters into a hedging transaction, the Fund’s custodian or subcustodian will placecash or United States government or other liquid securities in a segregated account in an amount equal to the value of theFund’s total assets committed to the consummation of the forward currency contract, which value will be adjusted on adaily basis. If the value of the securities placed in the segregated account declines, additional cash or securities will beplaced in the account so that the value of the account will equal the amount of the Fund’s commitment with respect to thecontract.Investment Restrictions. In addition to its investment objective and the other fundamental investment policies describedabove, the Fund has adopted certain investment restrictions that are also fundamental policies and may be changed only bythe approval of a “majority vote” (as defined above) of the Fund’s outstanding voting securities. For purposes of the restrictionslisted below, all percentage limitations apply only immediately after a transaction, and any subsequent change in anyapplicable percentage resulting from changing values will not require elimination of any security or other asset from theFund’s portfolio.The Fund may not:(1) purchase more than 10% of the voting securities of any single issuer;(2) invest 25% or more of its total assets in the securities of issuers in any one industry;(3) issue senior securities, borrow money or pledge its assets, except that the Fund may borrow for temporary or emergencypurposes or for the clearance of transactions in amounts not exceeding 10% of the value of its total assets(not including the amount borrowed) and will not purchase securities while any such borrowings are outstanding,and except that the Fund may pledge its assets in connection with writing covered call options;(4) make real estate mortgage loans or other loans, except through the purchase of debt obligations consistent with theFund’s investment policies;(5) buy or sell commodities, commodity contracts, futures contracts, real estate or interests in real estate (other thanas described under “Investment Objective and Policies — Portfolio Structure” and “—Other InvestmentPractices — Currency Transactions” above);(6) make short sales of securities or maintain a short position in any security;(7) buy, sell or write put or call options (other than as described under “Investment Objective and Policies — PortfolioStructure” and “— Other Investment Practices — Futures and Options” above);31