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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE JENNIE W. KLEIN
TITLE ASSISTANT TREASURER
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TYPE: EX-99
SEQUENCE:
The Emerging Germany Fund Inc.
Form N-SAR
For Period Ending 12/31/98
File Number (c) 811-6038
Attachment Per Item 77
Sub-Item 77Q.2.
Information Called for by Item 405 of Regulation S-K
Section 30(h) Beneficial Ownership Reporting Compliance
Section 30(h) of the Investment
Company Act of 1940 requires the
Company's officers, directors and
investment advisers, the affiliated
persons of such investment advisers,
and the beneficial owners of more
than ten percent of the Company's
Capital Stock to file initial reports of
ownership and reports of changes in
ownership of the Company's capital
stock with the Securities and
Exchange Commission and the
American Stock Exchange, and to
provide copies of such reports to the
Company.
Based solely on a review of the
copies of such reports received by it
and of written representations by
reporting persons that no additional
reports are due, the Company
believes that all Section 30(h) filing
requirements for 1998 were satisfied,
except as follows:
Dresdner RCM Global Investors US
Holdings LLC, which owns 100% of
Dresdner RCM Global Investors LLC,
the Company's investment manager,
failed to file on a timely basis an initial
report of ownership on Form 3. This
information was subsequently
reported, as required, on Form 5 on
February 12, 1999.
nsarexh.doc Page 1 02/26/99
N-SAR SUB-ITEM 77C
THE EMERGING GERMANY FUND INC.
STOCKHOLDER MEETINGS RESULTS
(UNAUDITED)
An annual meeting of Stockholders of The Emerging Germany Fund
Inc. (the "Fund") was held on Tuesday, January 26, 1999 (the
"Meeting"). The number of shares issued, outstanding and eligible
to vote as of December 4, 1998 was 14,008,334. The matters voted
upon by stockholders and the resulting votes for each matter are
presented below:
1. Proposal No. 1(a). Expanding the Fund's investment objective
from a predominantly German Investment Portfolio to a broader
European Investment Portfolio.
For: 11,199,176 Against: 101,134 Abstain: 24,062
2. Proposal No. 1(b). Amending the Fund's Articles of
Incorporation to change the Fund's name from "The Emerging Germany
Fund Inc." to "Dresdner RCM Europe Fund Inc."
For: 10,373,621 Against: 603,366 Abstain: 42,583
3. Proposal No. 2(a). Changing the Fund's 1940 Act
subclassification from a closed-end investment company to an open-
end investment company and amending and restating the Fund's
Articles of Incorporation.
For: 11,134,179 Against: 140,467 Abstain: 25,924
4. Proposal No. 2(b). Modification and elimination of certain of
the Fund's fundamental investment restrictions upon conversion of
the Fund to an open-end investment company.
For: 11,089,058 Against: 132,004 Abstain: 79,507
5. Proposal No. 2(c). Approval of the proposed investment
management agreement between the Fund and Dresdner RCM Global
Investors LLC upon the conversion of the Fund to an open-end
investment company.
For: 10,240,535 Against: 669,500 Abstain: 109,533
6. Proposal No. 2(d). Approval of a Rule 12b-1 distribution plan
upon conversion of the Fund to an open-end investment company.
For: 10,426,399 Against: 476,952 Abstain: 397,218
7. Proposal No. 3. Election of directors.
For
Withheld
Robert J. Birnbaum
10,920,285
723,680
Carroll Brown
10,654,962
713,603
Theodore J. Coburn
10,652,013
716,552
George N. Fugelsang
10,651,275
717,920
Ronald G. Olin
953,201
244,400
Ralph W. Bradshaw
953,201
244,400
Gary A. Bentz
993,500
204,101
William A. Clark
677,801
244,400
Messrs. James E. Dowd, Alfred W. Fiore, Siegfried A. Kessler, Rolf
Passow, Gottfried W. Perbix and Jacob Saliba continue in office as
directors.
8. Proposal No. 4. Selection of PricewaterhouseCoopers LLP as
independent accountants of the Fund for fiscal year ending
December 31, 1999.
For: 11,975,798 Against: 50,732 Abstain: 539,636
9. Proposal No. 5. Stockholder proposal seeking termination of
the investment management agreement between Dresdner RCM Global
Investors LLC and the Fund.
For: 1,270,997 Against: 9,430,690 Abstain: 315,880
10. Proposal No. 6(a). Floor proposal seeking resignation of
Class II and Class III directors.
For: 1,190,801 Against: 9,435,097 Abstain: 6,000
11. Proposal No. 6(b). Floor proposal seeking a tender offer at
full net asset value for Fund shares.
For: 480,301 Against: 9,679,497 Abstain: 0
12. Proposal No. 6(d). Floor proposal requesting an independent
study to determine if the Fund should seek reimbursement from any
person(s) for legal and other expenses incurred in the
cancellation of the 1998 annual meeting of stockholders and
related litigation.
For: 204,901 Against: 9,679,497 Abstain: 275,400
13. Proposal No. 6(e). Floor proposal seeking repeal of Section
14 of the Fund's By-laws.
For: 480,301 Against: 9,435,097 Abstain: 0
14. Proposal No. 7. Floor proposal seeking reimbursement from
Dresdner RCM Global Investors LLC and other parties for legal and
other expenses incurred by the Fund with respect to litigation
which delayed the annual stockholders' meeting.
For: 946,401 Against: 9,679,497 Abstain: 6,000
3 3
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors of the
Emerging Germany Fund, Inc.:
In planning and performing our audit of the financial statements
and financial highlights of Emerging Germany Fund, Inc. for
the year ended December 31, 1998, we considered its internal
control, including control activities for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial
statements and financial highlights and to comply with the
requirements of Form N-SAR, not to provide assurance on internal
control.
The management of Emerging Germany Fund, Inc. is responsible
for establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgements by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements and financial highlights for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of one or more of
the internal control components does not reduce to a relatively
low level the risk that errors or fraud in amounts that would
be material in relation to the financial statements and
financial highlights being audited may occur and not be detected
within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no
matters involving internal control and its operation, including
controls over safeguarding securities, that we consider to be
material weaknesses, as defined above, at December 31, 1998.
This report is intended solely for the information and use of
management, the Board of Directors of the Emerging Germany Fund,
Inc., and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 22, 1999
On April 8, 1998, the Fund filed a lawsuit in
the United
States District Court for the Southern District
of New York against
Phillip Goldstein, Ronald Olin and three
affiliated entities
captioned The Emerging Germany Fund Inc. v.
Goldstein. The
Fund alleges violations by the defendants of the
proxy solicitation
and beneficial ownership disclosure provisions
of the federal
securities laws in connection with the Funds
annual meeting
scheduled for April 1998. With respect to that
meeting,
Opportunity Partners, L.P. filed an action in
the same court
against the Fund and its directors on April 24,
1998 styled
Opportunity Partners L.P. v. The Emerging
Germany Fund Inc.
alleging violations of the proxy antifraud rule
of the federal
securities laws and breach of fiduciary duty.
The Fund, as
nominal defendant, and each member of the Funds
Board of
Directors have been named as defendants in a
derivative and
purported class action suit captioned Steiner v.
Fugelsang filed on
May 28, 1998 in the same court. The class
action allegations
assert that the defendants violated the federal
securities laws and
Maryland corporate law and the derivative claims
assert breach of
fiduciary duty regarding the meeting. All
issues in the actions
have been resolved except as to entitlement to
legal fees by the
Goldstein and Steiner litigants, which issues
are the subject of
settlement discussions in part and further
litigation in part. The
Fund believes that a substantial portion of any
fees payable to
these litigants should be reimbursed under a
contract of
insurance which insures the Fund and its
directors.
Footnote continued from previous page
Footnote continued on next page
N-SAR Sub-Item 77E
NSAR SUB-ITEM 77Q-1
Exhibit (a)
1940 Act File No. 811-6038
U.S. SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, DC 20549
________________
FORM N-2
REGISTRATION STATEMENT
UNDER THE INVESTMENT COMPANY ACT OF
1940
AMENDMENT NO. 6
THE EMERGING GERMANY FUND, INC.
(Exact Name of Registrant as
Specified in Charter)
Four Embarcadero Center, San
Francisco, California
94111-4189
(Address of Principal Executive
Offices)
(415) 954-5400
(Registrant's Telephone Number,
including Area Code)
Robert J. Goldstein
The Emerging Germany Fund, Inc.
Four Embarcadero Center San
Francisco, California
94111-4189
(Name and Address of Agent for
Service)
PART C
ITEM 24. FINANCIAL STATEMENTS AND
EXHIBITS
New Section 14 of Article II of the
Registrant's
Bylaws and restated
Section 2 of Article II of
Registrant's Bylaws, each
as adopted on April 6,
1998, by the Registrant's Board of
Directors, are
filed herewith as Exhibit 2.b.
SIGNATURES
Pursuant to the requirements of the
Investment
Company Act of 1940, the Registrant
has duly caused
this amendment to its registration
statement to be
signed on its behalf by the
undersigned, thereunto
duly authorized, in the City
of San Francisco and State of
California, on the 17th
day of April, 1998.
THE EMERGING
GERMANY FUND, INC.
By /s/
ROBERT J.
GOLDSTEIN
---
- ------
- ---------------
Robert J. Goldstein Secretary
EXHIBIT INDEX
Exhibit No.
Description
2.b.
Sections 2 and 14 of
Article II of
the Registrant's Bylaws
Exhibit 2.b.
Section 2. Annual Meeting.
An annual meeting of the
stockholders shall be
held at such time and
date as shall be designated by the
board of directors
for the election of
directors and the transaction of
such other business
as may properly come before
the meeting. Any business of the
Corporation may be
transacted at the annual
meeting without being specifically
designated in the
notice except as otherwise provided
by statute, by the
Articles of Incorporation or by
these Bylaws.
Section 14. Advance Notice of
Stockholder
Nominees for Director and Other
Stockholder Proposals.
(a) The matters to be considered and
brought
before any annual or special meeting
of stockholders
of the Corporation shall be limited
to only such
matters, including the nomination
and election of
directors, as shall be brought
properly before such
meeting in compliance with the
procedures set forth in
this Section 14.
(b) For any matter to be properly
before any
annual meeting of stockholders, the
matter must be (i)
specified in the notice of annual
meeting given by or
at the direction of the Board of
Directors, (ii)
otherwise brought before the annual
meeting by or at
the direction of the Board of
Directors or(iii)
brought before the annual meeting in
the manner
specified in this Section 14(b) by a
stockholder of
record or a stockholder (a "Nominee
Holder") that
holds voting securities entitled to
vote at meetings
of stockholders through a nominee or
"street name"
holder of record and can demonstrate
to the
Corporation such indirect ownership
and such Nominee
Holder's entitlement to vote such
securities. In
addition to any other requirements
under applicable
law and the Articles of
Incorporation and Bylaws of
the Corporation, persons nominated
by stockholders for
election as directors of the
Corporation and any other
proposals by stockholders shall be
properly brought
before the meeting only if notice of
any such matter
to be presented by a stockholder at
such meeting of
stockholders (the "Stockholder
Notice") shall be
delivered to the Secretary of the
Corporation at the
principal executive office of the
Corporation not less
than 60 nor more than 90 days prior
to the first
anniversary date of the annual
meeting for the
preceding year; provided, however,
if and only if the
annual meeting is not scheduled to
be held within a
period that commences 30 days before
such anniversary
date and ends 30 days after such
anniversary date (an
annual meeting date outside such
period being referred
to herein as an "Other Annual
Meeting Date"), such
Stockholder Notice shall be given in
the manner
provided herein by the later of the
close of business
on (i) the date 60 days prior to
such Other Annual
Meeting Date or (ii) the 10th day
following the date
such Other Annual Meeting Date is
first publicly
announced or disclosed; provided
further, however,
that with respect to stockholder
proposals to be
brought before the 1998 annual
meeting, such
Stockholder Notice shall be given no
later than 14
days before the date of the 1998
annual meeting. Any
stockholder desiring to nominate any
person or persons
(as the case may be) for election as
a director or
directors of the Corporation shall
deliver, as part of
such Stockholder Notice: (i) a
statement in writing
setting forth (A) the name of the
person or persons to
be nominated, (B) the number and
class of all shares
of each class of stock of the
Corporation owned of
record and beneficially by each such
person, as
reported to such stockholder by such
nominee(s), (C)
the information regarding each such
person required by
paragraphs (a), (e) and (f) of Item
401 of Regulation
S-K or paragraph (b) of Item 22 of
Rule 214a-101 under
the Securities Exchange Act of 1934,
as amended (the
"Exchange Act"), adopted by the
Securities and
Exchange Commission (or the
corresponding provisions
of any regulation or rule
subsequently adopted by the
Securities and Exchange Commission
applicable to the
Corporation), (D) whether such
stockholder believes
any nominee will be an "interested
person" of the
Corporation (as defined in the
Investment Company Act
of 1940, as amended) and, if not an
"interested
person," information regarding each
nominee that will
be sufficient for the Corporation to
make such
determination, and (E) the number
and class of all
shares of each class of stock of the
Corporation owned
of record and beneficially by such
stockholder; (ii)
each such person's signed consent to
serve as a
director of the Corporation if
elected; (iii) such
stockholder's name and address; and,
(iv) in the case
of a Nominee Holder, evidence
establishing such
Nominee Holder's indirect ownership
of, and
entitlement to vote, securities at
the meeting of
stockholders. Any stockholder who
gives a Stockholder
Notice of any matter proposed to be
brought before the
meeting (not involving nominees for
director) shall
deliver, as part of such Stockholder
Notice, the text
of the proposal to be presented, a
brief written
statement of the reasons why such
stockholder favors
the proposal, such stockholder's
name and address, the
number and class of all shares of
each class of stock
of the Corporation owned of record
and beneficially by
such stockholder, any material
interest of such
stockholder in the matter proposed
(other than as a
stockholder) and, in the case of a
Nominee Holder,
evidence establishing such Nominee
Holder's indirect
ownership of, and entitlement to
vote, securities at
the meeting of stockholders. As used
herein, shares
"beneficially owned" shall mean all
shares which such
person is deemed to beneficially own
pursuant to Rules
13d-3 and 13d-5 under the Exchange
Act.
Notwithstanding anything in this
Section 14(b)
to the contrary, in the event that
the number of
directors to be elected to the Board
of Directors of
the Corporation at a meeting of
stockholders is
increased and either all of the
nominees for director
or the size of the increased Board
of Directors are
not publicly announced or disclosed
by the Corporation
at least 70 days prior to the first
anniversary of the
preceding year's annual meeting, a
Stockholder Notice
shall also be considered timely
hereunder, but only
with respect to nominees for any new
positions created
by such increase, if it shall be
delivered to the
Secretary of the Corporation at the
principal
executive office of the Corporation
not later than the
close of business on the 10th day
following the first
date all of such nominees or the
size of the increased
Board of Directors shall have been
publicly announced
or disclosed.
(c) Only such matters shall be
properly
brought before a special meeting of
stockholders as
shall have been brought before the
meeting pursuant to
the Corporation's notice of meeting.
In the event the
Corporation calls a special meeting
of stockholders
for the purpose of electing one or
more directors to
the Board of Directors, any
stockholder may nominate a
person or persons (as the case may
be), for election
to such position(s) as specified in
the Corporation's
notice of meeting, if the
Stockholder Notice required
by Section 14(b) hereof shall be
delivered to the
Secretary of the Corporation at the
principal
executive office of the Corporation
not later than the
close of business on the 10th day
following the day on
which the date of the special
meeting and of the
nominees proposed by the Board of
Directors to be
elected as such meeting is publicly
announced or
disclosed.
(d) For purposes of this Section 14,
a matter
shall be deemed to have been
"publicly announced or
disclosed" if such matter is
disclosed in a press
release reported by the Dow Jones 4
News Service,
Associated Press or comparable
national news service
or in a document publicly filed by
the Corporation
with the Securities and Exchange
Commission.
(e) In no event shall the
adjournment of an
annual meeting, or any announcement
thereof, commence
a new period for the giving of
notice as provided in
this Section 14. This Section 14
shall not apply to
stockholder proposals made pursuant
to Rule 14a-8
under the Exchange Act.
(f) The person presiding at any
meeting of
stockholders, in addition to making
any other
determinations that may be
appropriate to the conduct
of the meeting, shall have the power
and duty to
determine whether notice of nominees
and other matters
proposed to be brought before a
meeting has been duly
given in the manner provided in this
Section 14 and,
if not so given, shall direct and
declare at the
meeting that such nominees and other
matters shall not
be considered.
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