NEW YORK--(BUSINESS WIRE)--The Central Europe, Russia and Turkey 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 today the results of their Annual Meetings of Stockholders held on June 30, 2016.
With respect to CEE, two of the three Class I Directors nominated by the Board of Directors, Dr. Wilhelm Bender and Mr. Richard Karl Goeltz were elected to serve for a term of three years and until his respective successor is elected and qualifies. Mr. Detlef Bierbaum did not receive sufficient votes to be elected, but will continue to serve as a director until his successor is elected and qualifies.
With respect to EEA, each of the two Class II Directors nominated by the Board of Directors, Ambassador Richard R Burt and Mr. Joachim Wagner, was elected to serve for a term of three years and until his respective successor is elected and qualifies. Stockholders did not approve the proposal to adopt Articles of Amendment to the Fund’s charter to eliminate the classification of the Board of Directors of EEA.
With respect to GF, the nominees for election as directors of the Fund had not all received sufficient votes to be elected. Therefore the meeting was adjourned to Thursday, July 21, 2016 at 2:30 p.m. at the offices of Deutsche Investment Management Americas Inc., 345 Park Avenue, New York, NY in order to allow more time to solicit proxies.
Stockholders also ratified the appointment of PricewaterhouseCoopers LLP as the independent auditors for of CEE and EEA for its respective 2016 fiscal year.
A copy of the portfolio manager’s presentation from the meeting is posted to the Funds’ website at deutschefunds.com or call (800) 349-4281 or 00-800-2287-2750 from outside the US.
The Central Europe, Russia and Turkey Fund, Inc. is a non-diversified, closed-end investment company seeking long term capital appreciation through investment primarily in equity or equity-linked securities of issuers domiciled in Central Europe, Russia and Turkey. Because the Fund is non-diversified, it can take larger positions in fewer issues, increasing its potential risk.
The European Equity Fund, Inc. is a diversified, closed-end investment company seeking long-term capital appreciation through investment primarily in equity or equity-linked securities of issuers domiciled in countries that are members of the European Union.
The New Germany Fund, Inc. is a diversified, closed-end investment company seeking capital appreciation primarily through investment in equity or equity-linked securities 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 non-German companies (with no more than 15% in any single country).
Investing 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.
The shares of most closed-end funds, including the Funds, are not continuously offered. Once issued, shares of closed-end funds are bought and sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to 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 funds involve risk. Additional risks of the Fund are associated with international investing, such as currency fluctuations, political and economic changes, market risks, government regulations and differences in liquidity, which may increase the volatility of your investment. Foreign security markets generally exhibit greater price volatility and are less liquid than the US market. Additionally, the Fund focuses its investments in certain geographical regions, thereby increasing their vulnerability to developments in that region and potentially subjecting the Funds’ shares to greater price volatility. Some funds have more risk than others. These include funds, such as the Fund, that allow exposure to or otherwise concentrate investments in certain sectors, geographic regions, security types, market capitalization, or foreign securities (e.g., political or economic instability, which can be accentuated in emerging market countries).
The European Union, the United States and other countries have imposed sanctions on Russia as a result of the Russian military intervention in the Ukraine. These sanctions have adversely affected Russian individuals, issuers and the Russian economy, and Russia, in turn, has imposed sanctions targeting Western individuals, businesses and products, including food products. The various sanctions have adversely affected, and may continue to adversely affect, not only the Russian economy, but also the economies of many countries in Europe, including Germany. Potential developments in the Ukraine, and the continuation of current sanctions or the imposition of additional sanctions may materially adversely affect the value of the Funds’ portfolios.
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.
Certain statements contained in this release may be forward-looking in nature. These include all statements relating to plans, expectations, and other statements that are not historical facts and typically use words like “expect,” “anticipate,” “believe,” “intend,” and similar expressions. Such statements represent management’s current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Management does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
NOT FDIC/ NCUA INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries. (R-047200-1 6/16)