<SEC-DOCUMENT>0000088053-17-000825.txt : 20170816
<SEC-HEADER>0000088053-17-000825.hdr.sgml : 20170816
<ACCEPTANCE-DATETIME>20170522154714
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000088053-17-000825
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170522

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EUROPEAN EQUITY FUND, INC / MD
		CENTRAL INDEX KEY:			0000791718
		IRS NUMBER:				260529973
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL EUROPE, RUSSIA & TURKEY FUND, INC.
		CENTRAL INDEX KEY:			0000860489
		IRS NUMBER:				133556099
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPE, RUSSIA & TURKEY FUND, INC.
		DATE OF NAME CHANGE:	20130429

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPE & RUSSIA FUND, INC.
		DATE OF NAME CHANGE:	20070108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPE & RUSSIA FUND INC
		DATE OF NAME CHANGE:	20030723
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<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Deutsche Investment Management Americas
Inc.</B></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">One Beacon Street</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Boston, MA 02108</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 5in; text-align: right">May 22, 2017</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0"><B>VIA EDGAR</B></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">Washington, DC 20549</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">Attn.: Ms. Alison White</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Re:</FONT></TD>
    <TD STYLE="width: 95%; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">The European Equity Fund, Inc. (the &#8220;EEA&#8221;) (File No. 811-04632) The Central Europe, Russia and Turkey Fund, Inc. (&#8220;CEE&#8221;) (File No. 811-06041) (each a &#8220;Fund&#8221; and together, the &#8220;Funds&#8221;) Joint Proxy Statement on Schedule 14A under the Securities Exchange Act of 1934 &nbsp;</TD></TR>
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<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">Dear Ms. White,</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">This letter is being submitted in response to comments of
the Staff of the Securities and Exchange Commission (&#8220;SEC&#8221;) received via a telephone call on May 12, 2017 with regard
to the above-noted Joint Proxy Statement filed with the Commission on May 5, 2017.</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">The comments of the SEC Staff are restated below followed
by the Fund&#8217;s responses.</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD><B>Comment:</B> Please include information in the proxy statement about dissenters&#8217; right of appraisal pursuant to Item
3 of Schedule 14A of the Securities Exchange Act of 1934.</TD></TR></TABLE>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>Response:</B> Additional disclosure has been
added to the third paragraph beginning on page 1 and ending on page 2 of the proxy statement in response to the Staff&#8217;s comment.</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD><B>Comment:</B> Please include a summary of all proposals in tabular form on one of the first three pages, of the proxy statement
pursuant to Item 22(a)(3)(ii) of Schedule 14A of the Securities Exchange Act of 1934.</TD></TR></TABLE>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>Response:</B> Additional disclosure has been
added to the second paragraph on page 1 of the proxy statement in response to the Staff&#8217;s comment.</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD><B>Comment:</B> Some tables included in the proxy statement are difficult to read.</TD></TR></TABLE>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>Response:</B> We will ensure that the information
in the tables is legible.</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD><B>Comment:</B> The summary of Proposal 3 indicates that the changes to CEE&#8217;s investment objective and fundamental investment
policy would provide increased transparency to a benchmark which is more readily available to investors. Please clarify what this
statement means.</TD></TR></TABLE>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>Response:</B> Additional disclosure has been
added to the third paragraph on page 23 of the proxy statement in response to the Staff&#8217;s comment.</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD><B>Comment:</B> The summaries of Proposals No. 3 and No. 4 for CEE refer to benefits of the proposed changes to the Fund&#8217;s
investment objective and fundamental policies. Please include potential drawbacks of the proposals.</TD></TR></TABLE>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>Response:</B> Additional disclosure has been
added to the second paragraph on the section with regard to the Effect of the Adoption of Proposal No. 3 on the second paragraph
of page 25 and the Effect of the Adoption of Proposal No. 4 on the fourth paragraph on page 26 in response to the Staff&#8217;s
comment.</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD><B>Comment</B>:&nbsp;&nbsp;With respect to Proposal No. 5 for EEA, the proxy statement indicates that the Fund will &#8220;invest
at least 80% of the Fund&#8217;s net assets <I>(plus any assets funded with leverage)</I> in equity or equity-linked securities.
.. .&#8221; (emphasis added).&nbsp;&nbsp;The Staff prefers the following terminology: &#8220;invest at least 80% of the Fund&#8217;s
net assets, <I>plus the amount of any borrowings for investment purposes</I> . . .&#8221;</TD></TR></TABLE>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>Response</B>:&nbsp;&nbsp;As we indicated in
our response to a similar comment on EEA&#8217;s proxy statement in 2014, the noted language in the Fund&#8217;s investment policy
is language adopted by the Fund&#8217;s Board in the past.&nbsp;&nbsp;While we believe that either version of the highlighted language
would result in the same investments being included in the 80% policy, we have chosen not to change the noted phrase as part of
the stockholder proposal.&nbsp;&nbsp;We prefer to make the fewest possible changes to the existing language in order to ensure
that stockholders can easily identify the nature of the change that has been proposed (specifically, the Fund intends to move to
a focus on securities of issuers in countries domiciled in Europe rather than countries that are part of the European Union).</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD><B>Comment</B> With respect to Proposal No. 3 for CEE and Proposal No. 5 for EEA, the proxy statement includes the following
explanation of how the Funds determines the domicile of an issuer:</TD></TR></TABLE>

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    <TD STYLE="width: 3%; font: 11pt/115% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 11pt/115% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 96%; font: 11pt/115% Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
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<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
issuer is deemed to be &#8220;domiciled&#8221; in a country or region if: (1) it is organized under the laws&nbsp;&nbsp;of that
country, or a country within that region, or maintains its principal place of business in that country or region, (2) it derives
50% or more of its annual revenues or profits from goods produced or sold, investments made or services performed in that country
or region, or has 50% or more of its assets in that country or region, in each case as determined in good faith by the Fund&#8217;s
Investment Adviser, or (3) its equity securities are traded principally in that country or region.</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 22.5pt"><BR>
&nbsp;Rule 35d-1 of the Investment Company Act of 1940 (the &#8220;names rule&#8221;) requires a fund with a name indicating a
geographic focus have a policy to invest at least 80% of assets in investments that are tied economically to the particular country
or geographic region suggested by the fund&#8217;s name.&nbsp;&nbsp;The Staff considers clause (2) in the above definition to be
sufficient to meet this test, but does not feel that the conditions in clauses (1) and (3) are sufficient.</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>Response:</B>&nbsp;&nbsp;As we indicated in
our response to a similar comment on the CEE&#8217;s proxy statement in 2013, the Funds believes that its 80% policy is in compliance
with Rule 35d-1 because all three</P>


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<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in">conditions included in the current explanation
of domicile reflect strong economic ties between an issuer and the geographic region that is the focus of the Fund.&nbsp;&nbsp;In
particular, the Funds note that the three conditions included in the proxy statement are virtually identical to the test for geographic
focus included in the Proposing Release for the names rule (62 FR 10955) and discussed in the rule&#8217;s Adopting Release&nbsp;&nbsp;(66
FR 8509-01).&nbsp;&nbsp;In Footnote 24 of the Adopting Release, the SEC set forth the relevant criteria in proposed rule 35d-1(a)(3),
stating that the investment &#8220;would have to have been in:&nbsp;&nbsp;(i) securities of issuers that are organized under the
laws of the country or of a country within the geographic region suggested by the company&#8217;s name or that maintain their principal
place of business in that country or region; (ii) securities that are traded principally in the country or region suggested by
the company&#8217;s name; or (iii) securities of issuers that, during the issuer&#8217;s most recent fiscal year, derived at least
50% of their revenues or profits from goods produced or sold, investments made, or services performed in the country or region
suggested by the company&#8217;s name or that have at least 50% of their assets in that country or region.&#8221;&nbsp;&nbsp;In
the Adopting Release the SEC noted that it was persuaded by commenters who argued that &#8220;the specific criteria would be too
restrictive because there may be additional securities that would not meet any of the criteria but would expose an investment company
to the economic fortunes and risks of the country or geographic region indicated in the company&#8217;s name.&#8221;&nbsp;&nbsp;The
SEC noted that the approach in the final rule &#8220;will allow an investment company the flexibility to invest in additional types
of investments that are not addressed by the three proposed criteria.&#8221;&nbsp;&nbsp;&nbsp;Each of (1), (2) and (3) above in
the Funds&#8217; current definition of domicile is thus specified by the SEC as an appropriate criterion for selection of investments
&#8220;that are tied economically to the particular country or geographic region suggested by [the Fund&#8217;s] name&#8221; in
accordance with Rule 35d-1.&nbsp;&nbsp;Finally, each Fund&#8217;s current policy appears consistent with industry practice.&nbsp;&nbsp;Therefore,
the Fund has retained the existing language in the proxy statement.</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">In connection with the above-referenced filing by the Funds,
each Fund acknowledges that: (1) the Fund is responsible for the adequacy and accuracy of the disclosure in the Proxy Statement;
(2) SEC staff comments or changes to disclosure in response to SEC staff comments to the Proxy Statement do not foreclose the SEC
from taking any action with respect to the Proxy Statement; and (3) the Fund may not assert SEC staff comments as a defense in
any proceeding initiated by the SEC or any person under the federal securities laws of the United States.</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">If you have any questions regarding any of the foregoing
or require additional information, please call me at (617) 295-2572.</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 3.75in">Sincerely yours,</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 3.75in">/s/John Millette</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 3.75in">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 3.75in">John Millette</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 3.75in">Director &amp; Senior Counsel</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">cc:&#9;Donald R. Crawshaw, Sullivan &amp; Cromwell LLP</P>



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