The European Equity Fund, Inc. Announces Temporary Fee Waiver and Strengthened Investment Resources
Published July 27th, 2009
Equity Fund, Inc. (NYSE: EEA) today announced that Deutsche Investment Management Americas Inc. (“DIMA”), its investment manager, and Deutsche Asset Management International GmbH (“DeAM”), its investment adviser, have agreed to implement temporary partial fee waivers. Effective September 1, 2009 the aggregate fees payable by the Fund to DIMA and DeAM will be reduced by 35 basis points for a one year period. As a result, the aggregate investment management and investment advisory fees payable by the Fund during the waiver period will be .65% of the first $50 million of the Fund’s average weekly net assets, .55% of the next $50 million of average weekly net assets, and .45% of average weekly net assets in excess of $100 million. The Fund further announced that DeAM has recently strengthened the investment resources supporting the Fund.
The European Equity Fund, Inc. is a diversified, closed-end investment company seeking long-term capital appreciation through investment primarily (normally at least 80% of its assets) in equity and equity-linked securities of companies domiciled in European countries utilizing the Euro currency.
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 the 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.
