<SEC-DOCUMENT>0000088053-15-001017.txt : 20150924
<SEC-HEADER>0000088053-15-001017.hdr.sgml : 20150924
<ACCEPTANCE-DATETIME>20150924140823
ACCESSION NUMBER:		0000088053-15-001017
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150731
FILED AS OF DATE:		20150924
DATE AS OF CHANGE:		20150924
EFFECTIVENESS DATE:		20150924

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL EUROPE, RUSSIA & TURKEY FUND, INC.
		CENTRAL INDEX KEY:			0000860489
		IRS NUMBER:				133556099
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06041
		FILM NUMBER:		151122831

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPE & RUSSIA FUND, INC.
		DATE OF NAME CHANGE:	20070108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPE & RUSSIA FUND INC
		DATE OF NAME CHANGE:	20030723

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPEAN EQUITY FUND INC /MD/
		DATE OF NAME CHANGE:	19970429
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq073115ceeinc.htm
<DESCRIPTION>THE CENTRAL EUROPE, RUSSIA AND TURKEY FUND, INC.
<TEXT>
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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, DC 20549</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM N-Q</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MANAGEMENT INVESTMENT COMPANY</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_______________________________ </B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Investment Company Act file number: 811-06041</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><U>The Central Europe, Russia and Turkey
Fund, Inc.</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified
in charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">345 Park Avenue<BR>
<U>New York, NY 10154</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices)
(Zip code)</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Paul Schubert</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">60 Wall Street</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>New York, NY 10005</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name and address of agent for service)</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Registrant's telephone number, including area code:
<U>(212) 250-3220</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Date of fiscal year end: <U>10/31</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Date of reporting period: <U>7/31/2015</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 1.</B></FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE OF INVESTMENTS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The Central Europe, Russia and Turkey Fund, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">Schedule of Investments</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;&nbsp;&nbsp;as of July 31, 2015 (Unaudited)</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font: 8pt Univers-Bold"><B>Shares</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font: 8pt Univers-Bold"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Russia&nbsp;&nbsp;51.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Common Stocks&nbsp;&nbsp;49.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Commercial Banks&nbsp;&nbsp;6.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Bank St Petersburg*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">6,497,860</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;4,152,782&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Sberbank of Russia*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">2,000,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2,369,600&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Sberbank of Russia (ADR)</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">1,050,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;5,179,125&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;11,701,507&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Diversified Financial Services&nbsp;&nbsp;1.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Moscow Exchange</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">2,000,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>2,310,600&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Diversified Telecommunication Services&nbsp;&nbsp;0.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Rostelecom*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">800,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>1,114,160&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Food &amp; Staples Retailing&nbsp;&nbsp;8.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">DIXY Group*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">335,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;1,822,534&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Magnit*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">32,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;6,397,415&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Magnit (GDR) Reg S</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">90,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;4,882,500&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">X5 Retail Group (GDR) Reg S*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">130,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2,327,000&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;15,429,449&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Independent Power Producers &amp; Energy Traders&nbsp;&nbsp;0.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">E.ON Russia*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">40,000,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;1,700,000&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Metals &amp; Mining&nbsp;&nbsp;5.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Magnitogorsk Iron &amp; Steel Works (GDR) Reg S</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">171,821</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;698,452&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">MMC Norilsk Nickel (ADR)<SUP>&#8224;</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">655,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;10,073,900&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;10,772,352&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Oil, Gas &amp; Consumable Fuels&nbsp;&nbsp;22.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Gazprom (ADR)</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">3,883,774</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;17,884,779&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">LUKOIL (ADR)<SUP>&#8224;</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">375,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;15,506,250&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">NovaTek (GDR) Reg S</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">35,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;3,491,250&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Rosneft (GDR) Reg S</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">450,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;1,737,000&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Tatneft (ADR)</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">75,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2,207,250&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;40,826,529&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Wireless Telecommunication Services&nbsp;&nbsp;3.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">MegaFon (GDR) Reg S</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">209,496</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2,597,750&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Mobile Telesystems (ADR)<SUP>&#8224;</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">440,527</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;3,647,564&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Sistema (GDR) Reg S</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">100,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;849,000&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;7,094,314&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Preferred Stocks&nbsp;&nbsp;2.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Commercial Banks&nbsp;&nbsp;0.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Sberbank of Russia (Cost $2,565,443)*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,600,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;1,347,360&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Oil, Gas &amp; Consumable Fuels&nbsp;&nbsp;1.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Surgutneftegaz (Cost $2,813,275)*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">4,600,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;2,845,560&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt"><B>Total Russia</B> (Cost $105,245,049)</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;95,141,831&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Turkey&nbsp;&nbsp;17.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Common Stocks</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Airlines&nbsp;&nbsp;1.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Turk Hava Yollari*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">825,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>2,695,864&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Automobiles&nbsp;&nbsp;1.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Ford Otomotiv Sanayi</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">96,713</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;1,154,928&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Tofas Turk Otomobil Fabrikasi</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">150,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;985,200&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;2,140,128&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Beverages&nbsp;&nbsp;0.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Coca-Cola Icecek</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">110,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;1,584,280&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Commercial Banks&nbsp;&nbsp;7.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Akbank</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">1,478,008</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;3,968,596&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Turkiye Garanti Bankasi</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">1,100,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;3,264,095&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Turkiye Halk Bankasi</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">575,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2,517,732&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Turkiye Is Bankasi</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">1,479,748</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2,891,597&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font: 8pt Univers-Bold"><B>Shares</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font: 8pt Univers-Bold"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Commercial Banks&nbsp;&nbsp;7.4% (Continued)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Turkiye Vakiflar Bankasi Tao<SUP>&#8224;</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">700,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;1,058,841&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;13,700,861&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Diversified Financial Services&nbsp;&nbsp;1.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Haci Omer Sabanci Holding</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">700,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>2,401,389</B>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Food &amp; Staples Retailing&nbsp;&nbsp;0.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Migros Ticaret*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">235,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>1,756,079&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Food Products&nbsp;&nbsp;0.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Ulker Biskuvi Sanayi</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">170,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>947,384&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Gas Utilities&nbsp;&nbsp;1.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Aygaz<SUP>&#8224;</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">650,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>2,458,023&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Industrial Conglomerates&nbsp;&nbsp;1.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Enka Insaat ve Sanayi</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">499,999</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;908,300&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">KOC Holding</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">425,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;1,891,691&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;2,799,991&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Metals &amp; Mining&nbsp;&nbsp;0.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Kardemir Karabuk Demir Celik Sanayi ve Ticaret<SUP>&#8224;</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">1,500,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>803,358&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Oil, Gas &amp; Consumable Fuels&nbsp;&nbsp;0.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Tupras Turkiye Petrol Rafinerileri*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">61,022</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>1,589,920</B>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt"><B>Total Turkey</B> (Cost $35,043,306)</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;32,877,277&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Poland&nbsp;&nbsp;16.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Common Stocks</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Air Freight &amp; Logistics&nbsp;&nbsp;1.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Integer.pl*<SUP>&#8224;</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">65,599</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>2,344,628&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Commercial Banks&nbsp;&nbsp;6.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Bank Millennium*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">1,643,617</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2,688,149&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Bank Zachodni WBK*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">22,500</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;1,801,352&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Powszechna Kasa Oszczednosci Bank Polski</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">895,772</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;6,960,737&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;11,450,238&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Diversified Telecommunication Services&nbsp;&nbsp;1.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Orange Polska</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">1,500,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>3,243,092&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Electric Utilities&nbsp;&nbsp;2.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">PGE Polska Grupa Energetyczna</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">793,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>3,736,925</B>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Food &amp; Staples Retailing&nbsp;&nbsp;0.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Eurocash</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">123,996</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>1,431,116&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Insurance&nbsp;&nbsp;1.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Powszechny Zaklad Ubezpieczen</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">17,500</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>2,008,384</B>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Media&nbsp;&nbsp;1.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Cyfrowy Polsat*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">300,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>1,842,938&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Metals &amp; Mining&nbsp;&nbsp;1.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">KGHM Polska Miedz</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">107,663</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>2,719,992</B>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Oil, Gas &amp; Consumable Fuels&nbsp;&nbsp;1.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Polski Koncern Naftowy Orlen<SUP>&#8224;</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">125,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>2,531,048</B>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt"><B>Total Poland</B> (Cost $36,526,196)</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;31,308,361&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Hungary&nbsp;&nbsp;4.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Common Stocks</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Commercial Banks&nbsp;&nbsp;1.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">OTP Bank PLC</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">115,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>2,371,070&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Oil, Gas &amp; Consumable Fuels&nbsp;&nbsp;1.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">MOL Hungarian Oil &amp; Gas PLC</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">62,607</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>3,316,392&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font: 8pt Univers-Bold"><B>Shares</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font: 8pt Univers-Bold"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Pharmaceuticals&nbsp;&nbsp;1.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Richter Gedeon Nyrt</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">185,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>2,985,070</B>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt"><B>Total Hungary</B> (Cost $8,078,052)</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;8,672,532&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Czech Republic&nbsp;&nbsp;2.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Common Stocks</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Commercial Banks&nbsp;&nbsp;0.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Komercni banka as</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">5,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>1,122,075</B>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Electric Utilities&nbsp;&nbsp;2.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">CEZ</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">160,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>3,886,877&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt"><B>Total Czech Republic</B> (Cost $5,408,773)</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;5,008,952&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Kazakhstan&nbsp;&nbsp;0.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Common Stocks</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Metals &amp; Mining&nbsp;&nbsp;0.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Goldbridges Global Resources PLC (Cost $1,824,442)*&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">50,000,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>1,611,423</B>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Securities Lending Collateral&nbsp;&nbsp;5.2%</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Daily Assets Fund Institutional, 0.18% </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt; text-indent: 12.2pt"><FONT STYLE="font-size: 8pt">(Cost $9,707,792)<SUP>(a)(b)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">9,707,792</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;9,707,792&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Cash Equivalents&nbsp;&nbsp;1.8%</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Central Cash Management Fund, 0.10% </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt; text-indent: 12.2pt"><FONT STYLE="font-size: 8pt">(Cost $3,441,429)<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">3,441,429</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;3,441,429&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font: 8pt Univers-Bold"><B>% of Net Assets</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font: 8pt Univers-Bold"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt"><B>Total Investments Portfolio</B> (Cost $205,275,039)<SUP>**</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>101.2</B></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;187,769,597&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Other Assets and Liabilities, Net</B></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>(1.2)</B></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;(2,295,919)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Net Assets</B></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font: 8pt Univers-Bold"><B>100.0</B></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font: 8pt Univers-Bold"><B>&nbsp;&nbsp;185,473,678&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt; font-size: 1pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 4%; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 96%; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 8pt">Non-income producing security.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">**</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 8pt">The cost for federal income tax purposes was $206,309,013. At July 31, 2015, net unrealized depreciation for all securities based on tax cost was $18,539,416. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $18,566,074 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $37,105,490.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">&#8224;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 8pt">All or a portion of these securities were on loan. The value of all securities loaned at July 31, 2015 amounted to $9,469,697, which is 5.1% of net assets.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 8pt">Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 8pt">Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">ADR</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="width: 90%; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">American Depositary Receipt</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">GDR</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Global Depositary Receipt</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Reg S</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 8pt">Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt; font-size: 1pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of its industry concentration policy,
the Fund classifies issuers of portfolio securities at the industry sub<FONT STYLE="font-family: MS Mincho">&#45;</FONT>group level.
Certain of the categories in the above Schedule of Investments consist of multiple industry sub<FONT STYLE="font-family: MS Mincho">&#45;</FONT>groups
or industries.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Fair Value Measurements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 8pt">Various inputs are used in determining the value of the Fund&#8217;s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund&#8217;s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk associated with investing in those securities.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 0.5pt; padding-left: 0.5pt; font-size: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">The following is a summary of the inputs used as of July 31, 2015 in valuing the Fund&#8217;s investments.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 0.1in; padding-left: 0.1in; text-align: center"><FONT STYLE="font: 8pt Univers-Bold"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 0.1in; padding-left: 0.1in; text-align: center"><FONT STYLE="font: 8pt Univers-Bold"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 0.1in; padding-left: 0.1in; text-align: center"><FONT STYLE="font: 8pt Univers-Bold"><B>Level 3</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 0.1in; padding-left: 0.1in; text-align: center"><FONT STYLE="font: 8pt Univers-Bold"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 0.5pt; padding-left: 0.5pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">Common Stocks and/or Other Equity Investments (c)</FONT></TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; font-size: 9pt; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">Russia</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">$&nbsp;95,141,831&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">$&nbsp;&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">$&nbsp;&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">$&nbsp;95,141,831&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; font-size: 9pt; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">Turkey</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;32,877,277&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;32,877,277&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; font-size: 9pt; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">Poland</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;31,308,361&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;31,308,361&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; font-size: 9pt; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">Hungary</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;8,672,532&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;8,672,532&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; font-size: 9pt; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">Czech Republic</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;5,008,952&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;5,008,952&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; font-size: 9pt; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">Kazakhstan</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;1,611,423&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;1,611,423&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">Short-Term Instruments (c)</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;13,149,221&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;13,149,221&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font: 8pt Univers-Bold"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 0.05in; padding-left: 0.5pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Univers-Bold"><B>$&nbsp;187,769,597&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font: 8pt Univers-Bold"><B>$&nbsp;&#8212;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font: 8pt Univers-Bold"><B>$&nbsp;&#8212;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 0.05in; padding-left: 0.5pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Univers-Bold"><B>$&nbsp;187,769,597&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.05in; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; font-size: 1pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 0.5pt; padding-left: 0.05in; font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 9pt">There have been no transfers between fair value measurement levels during the period ended July 31, 2015.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">(c) See Schedule of Investments for additional detailed categorizations.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 0.5pt; padding-left: 0.5pt; font-size: 1pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 2.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CONTROLS AND PROCEDURES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="width: 79%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Chief Executive and Financial Officers concluded that the Registrant&rsquo;s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">There have been no changes in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal controls over financial reporting.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 3.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EXHIBITS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Registrant:</FONT></TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The Central Europe, Russia and Turkey Fund, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Brian E. Binder</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Brian E. Binder</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">September 22, 2015</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Brian E. Binder</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Brian E. Binder</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">September 22, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Paul Schubert</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Paul Schubert</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer and Treasurer</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">September 22, 2015</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">CERTIFICATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">I, Brian E. Binder, certify that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>I have reviewed this report on Form N-Q of The Central Europe, Russia and Turkey Fund, Inc.;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments
of the registrant as of the end of the fiscal quarter for which the report is filed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report, based on such evaluation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 69%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Brian E. Binder</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Brian E. Binder</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">September 22, 2015</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -2in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-right: 0; margin-left: 0">CERTIFICATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">I, Paul Schubert, certify that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>I have reviewed this report on Form N-Q of The Central Europe, Russia and Turkey Fund, Inc.;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments
of the registrant as of the end of the fiscal quarter for which the report is filed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report, based on such evaluation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

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    <TD STYLE="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 69%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Paul Schubert</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Paul Schubert</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer and Treasurer</P></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">September 22, 2015</FONT></TD></TR>
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