The Central and Eastern Europe Fund, Inc. and The New Germany Fund, Inc. Announce the Results of Each Fund’s Annual Meeting of Shareholders
NEW YORK, June 23, 2022–(BUSINESS WIRE)–The Central and Eastern Europe Fund, Inc. (NYSE: CEE) and The New Germany Fund, Inc. (NYSE: GF) (each, a “Fund” and collectively, the “Funds”) announced today the results of their joint annual meetings of shareholders held on June 23, 2022.
With respect to the EWC, each of the three Class I Directors appointed by the Board, Dr. Christopher Pleister, Ms. Hepsen Uzcan and Mr. Christian M. Zügel, were elected for a term of three years and up to his or her respective successor is elected and qualifies; and two Board-appointed Class II Trustees, Ms. Fiona Flannery and Mr. Bernhard Koepp, were elected for terms of one year and until their successor is elected and qualifies.
With respect to GF, each of the three Class I Directors appointed by the Board, Mr. Walter C. Dostmann, Dr. Holger Hatje and Mr. Christian H. Strenger, was elected for a three-year term and until his respective successor is elected and qualified; a Class II Director appointed by the Board of Directors, Mr. Bernhard Koepp, was elected for a term of one year and until his successor is elected and qualifies; and a Class III Trustee, Mrs. Fiona Flannery, was elected for a two-year term and until her successor is elected and qualifies.
Shareholders also ratified the appointment of Ernst & Young LLP as independent auditors for GF and CEE for each Fund’s respective 2022 financial year.
CEE shareholders also approved the proposed change to the Fund’s fundamental investment policy relating to concentration to provide that “the Fund may not invest more than 25% or more of its total assets in the securities of issuers of ‘the same sector’. The change to the fundamental investment policy of the Fund will come into effect on July 1, 2022.
For more information about the Funds, including their most recent month-end performance, visit dws.com or call (800) 349-4281.
Closed-end funds, unlike open-ended funds, are not offered continuously. There is a one-time public offering and once issued, shares of closed-end funds are sold on the open market through an exchange. Shares of closed-end funds often trade at a discount to net asset value. The price of shares in the fund is determined by a number of factors, many of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.
The Central and Eastern Europe Fund, Inc. is not diversified and may take larger positions in fewer issues, which increases its potential risk, and until July 1, 2022 will continue to focus its investments in the sector of energy. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes and market risks. Emerging markets tend to be more volatile and less liquid than markets in more mature economies, and generally have less diversified and less mature economic structures and less stable political systems than those in developed countries. Any fund that focuses on a particular market segment or region of the world will generally be more volatile than a fund that invests more broadly.
The New Germany Fund, Inc. is diversified and primarily focuses its investments in equity securities of issuers domiciled in Europe, thereby increasing its vulnerability to developments in this region. Investing in foreign securities, particularly emerging markets, involves certain risks, such as currency fluctuations, political and economic changes and market risks. Any fund that focuses on a particular market segment or geographic region will generally be more volatile than a fund that invests more broadly.
Shares of most closed-end funds, including the Funds, are not offered continuously. Once issued, closed-end fund shares are bought and sold on the open market through an exchange. Shares of closed-end funds often trade at a discount to net asset value. The price of a fund’s shares is determined by a number of factors, many of which are beyond the fund’s control. Therefore, a fund cannot predict whether its shares will trade at, below, or above net asset value.
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, and related geopolitical events have caused, and in the future may cause, significant disruptions to U.S. and global economies and markets , which may result in increased market volatility and may have material adverse effects on the Funds and their investments. In the case of The Central and Eastern Europe Fund, Inc., Russia’s invasion of Ukraine has had a material adverse effect, and may continue to have a material adverse effect, on the value and liquidity of the portfolio of the Funds.
This press release does not constitute an offer to sell or a solicitation to buy, and there will be no sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration. or qualification under the laws of such state or jurisdiction.
Certain statements contained in this press release may be forward-looking. These include all statements relating to plans, expectations and other statements that are not historical facts and generally use words such as “expect”, “anticipate”, “believe”, “intend and similar expressions. These statements represent the current beliefs of management, based on information available at the time the statements are made, with respect to the matters discussed. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Management undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The following factors, among others, could cause actual results to differ materially from the forward-looking statements: (i) the effects of adverse changes in market and economic conditions; (ii) legal and regulatory developments; and (iii) other additional risks and uncertainties, including public health crises (including the recent pandemic spread of the novel coronavirus), war, terrorism, trade disputes and related geopolitical events.
Past performance is not indicative of future results.
NOT INSURED BY FDIC/NCUA • MAY LOSE VALUE • NO BANK GUARANTEE
NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
The DWS brand represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America LLC which offer advisory services . (R-090643-1) (22/06)
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For more information :
DWS Press Office (212) 454-4500
Shareholder Account Information (800) 294-4366
DWS Closed-End Funds (800) 349-4281