The Central and Eastern Europe Fund, Inc. (NYSE: CEE), The European Equity Fund, Inc. (NYSE: EEE) and The New Germany Fund, Inc. (NYSE: GF) (each, a “Fund” and collectively, the “Funds”) each announced today that their Board of Directors has approved an extension to the current redemption authorization allowing CEE, EEA, GF and to redeem up to to 622,066, 708,104 and 1,756,928 shares, respectively (representing approximately 10% of each Fund’s currently outstanding shares) for the twelve-month period from August 1, 2022 to July 31, 2023. Redemptions will be made from time to time. another when deemed to be in the best interests of a Fund. Redemptions will not be made when shares of a Fund are trading at a premium to net asset value, which is currently the case for shares of CEE.
In addition, each Fund announced that its Board continues to reserve its discretion to determine whether it would be appropriate to launch a tender offer during the twelve month period from August 1, 2022 to July 31, 2023. Each Board intends to continue to review this matter regularly.
For more information about each fund, including the most recent month-end performance, visit www.dwsfunds.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. 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. This fund is not diversified and may take larger positions in fewer issues, which increases its potential risk.
The European Equity Fund, Inc. is diversified and primarily focuses its investments in equity securities of issuers domiciled in Europe, thereby increasing its vulnerability to developments in that 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.
The New Germany Fund, Inc. is diversified, but primarily focuses its investments in Germany, thereby increasing its vulnerability to developments there. 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 and may continue to have a material adverse effect on the value and liquidity of the Fund’s portfolio.
The European Union, the United States and other countries have imposed sanctions on Russia in response to Russian and other military actions in recent years. These sanctions have had negative effects on Russian individuals, issuers and the economy. Russia, in turn, imposed sanctions targeting Western individuals, companies and products. The various sanctions have harmed, and may continue to harm, not only the Russian economy, but also the economies of many countries in Europe, including Central and Eastern European countries. The continuation of current sanctions or the imposition of additional sanctions may have a material adverse effect on the value of the Funds’ portfolios.
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-091235-1) (22/07)
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