The Central and Eastern Europe 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”)
each announced today that its Board of Directors has approved an
extension of the current repurchase authorization permitting CEE,
EEA, GF and to repurchase up to 622,066, 708,104 and 1,756,928
shares, respectively (representing approximately 10% of each Fund’s
current shares outstanding) for the twelve month period from August
1, 2022 through July 31, 2023. Repurchases will be made from time
to time when they are believed to be in the best interests of a
Fund. Repurchases will not be made when a Fund’s shares are trading
at a premium to net asset value, which is currently the case for
the shares of CEE.
In addition, each Fund announced that its Board continues to
reserve its discretion to determine if it would be appropriate to
initiate a tender offer during the twelve-month period from August
1, 2022 through July 31, 2023. Each Board intends to continue to
consider this matter on a regular basis.
For more information on each Fund, including the most recent
month-end performance, visit www.dwsfunds.com or call (800)
349-4281.
Important Information
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 net asset value. The price of the fund’s shares is
determined by a number of factors, several 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 non-diversified
and can take larger positions in fewer issues, increasing 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 the markets of more mature economies,
and generally have less diverse and less mature economic structures
and less stable political systems than those of developed
countries. Any fund that focuses in a particular segment of the
market or region of the world will generally be more volatile than
a fund that invests more broadly. This fund is non-diversified and
can take larger positions in fewer issues, increasing 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 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 or a
particular geographical 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 in that country. Investing in foreign
securities, particularly 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 or a particular geographical
region 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.
War, terrorism, sanctions, economic uncertainty, trade
disputes, public health crises and related geopolitical events have
led, and, in the future, may lead to significant disruptions in US
and world economies and markets, which may lead to increased market
volatility and may have significant 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 materially
adversely affected, and may continue to materially adversely
affect, 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 military
and other actions in recent years. These sanctions have adversely
affected Russian individuals, issuers and the Russian economy.
Russia, in turn, has imposed sanctions targeting Western
individuals, businesses and 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 countries in Central and Eastern Europe. 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. The following factors,
among others, could cause actual results to differ materially from
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 no guarantee of future
results.
NOT FDIC/ NCUA INSURED • MAY LOSE VALUE
• NO BANK GUARANTEE
NOT A DEPOSIT • NOT INSURED BY ANY
FEDERAL GOVERNMENT AGENCY
The brand DWS 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 L.L.C. which offer advisory services. (R-091235-1)
(07/22)
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version on businesswire.com: https://www.businesswire.com/news/home/20220729005376/en/
For additional information:
DWS Press Office (212) 454-4500 Shareholder Account
Information (800) 294-4366 Deutsche Closed-End Funds (800)
349-4281
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