The Central Europe & Russia Fund, Inc. (NYSE: CEE), The European Equity Fund, Inc. (NYSE: EEA), & The New Germany Fund, Inc. ...
June 28 2010 - 5:27PM
Business Wire
The Central Europe and Russia Fund, Inc. (NYSE: CEE), The
European Equity Fund, Inc. (NYSE: EEA), and The New Germany
Fund, Inc. (NYSE: GF) (each a “Fund” and, collectively,
the “Funds”) announced the results of each Fund’s Annual Meeting of
Stockholders held on June 28, 2010.
The four directors nominated by the Board of Directors of the
Central Europe and Russia Fund, Inc., Detlef Bierbaum, John H.
Cannon, Richard Karl Goeltz, and Richard R. Burt were elected to
serve until the expiration of the applicable term.
The four directors nominated by the Board of Directors of The
European Equity Fund, Inc., John A. Bult, Richard R. Burt, Dr.
Friedbert Malt, and Joachim Wagner were elected to serve until the
expiration of the applicable term.
The six directors nominated by the Board of Directors of The New
Germany Fund, Inc, Detlef Bierbaum, Richard Karl Goeltz, Christian
H. Strenger, Robert H. Wadsworth, Joachim Wagner, and Richard R.
Burt were elected to serve until the expiration of the applicable
term. Also, shareholders approved a change to the Fund’s investment
objective to eliminate the current concept of companies “domiciled”
in Germany, which is restricted to companies organized under German
law, and to replace it with a broader concept of “German companies”
which includes not only companies organized under German law, but
also companies that are closely tied economically to Germany.
Stockholders also ratified PricewaterhouseCoopers LLP as the
independent auditor for each Fund.
The stockholder proposal for EEA and GF asking the Board of each
Fund to take the steps necessary to adopt an interval fund
structure received a majority of votes cast and will be further
considered by each Fund’s Board of Directors.
A copy of the portfolio manager’s presentation from the meeting
is posted to the funds’ website at www.dws-investments.com.
The Central Europe and Russia Fund, Inc. is a
non-diversified, closed-end investment company seeking long term
capital appreciation through investment primarily in equity and
equity-linked securities of issuers domiciled in Central Europe and
Russia.
The European Equity Fund, Inc. is a diversified, closed-end
investment company seeking long-term capital appreciation through
investment primarily (normally at least 80% of its assets) in
equity and equity-linked securities of companies domiciled in
European countries utilizing the Euro currency.
The New Germany Fund, Inc. is a diversified, closed-end
investment company seeking capital appreciation primarily through
investment in the Mittelstand – an important group of
small and mid-cap German companies. The Fund may invest up
to 35% of its assets in large cap German companies, and up to 20%
in other Western European companies.
Closed-end funds, unlike open-end funds, are not continuously
offered. There is a one-time public offering and once issued,
shares of closed-end funds are sold in the open market through a
stock exchange. Shares of closed-end funds frequently trade at a
discount to the net asset value. The price of a fund’s shares is
determined by a number of factors, several of which are beyond the
control of the fund. Therefore, a fund cannot predict whether its
shares will trade at, below or above net asset value.
Investments in foreign securities, particularly those of
emerging markets, presents certain risks, such as currency
fluctuations, political and economic changes, and market risks. Any
fund that concentrates in a particular segment of the market will
generally be more volatile than a fund that invests more
broadly.
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
DWS Investments is part of Deutsche Bank’s Asset Management
division and, within the US, represents the retail asset management
activities of Deutsche Bank AG, Deutsche Bank Trust Company
Americas, Deutsche Investment Management Americas Inc. and DWS
Trust Company. R-18071-1 (6/10)
NOT FDIC/ NCUA INSURED • MAY LOSE
VALUE • NO BANK GUARANTEENOT A DEPOSIT • NOT INSURED BY ANY
FEDERAL GOVERNMENT AGENCY
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