The Central Europe and Russia Fund, Inc. (NYSE: CEE), The European Equity Fund, Inc. (NYSE: EEA),
and The New Germany Fund, Inc.
(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
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)