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<SEC-DOCUMENT>0000088053-07-001086.txt : 20070831
<SEC-HEADER>0000088053-07-001086.hdr.sgml : 20070831
<ACCEPTANCE-DATETIME>20070831125705
ACCESSION NUMBER:		0000088053-07-001086
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20070630
FILED AS OF DATE:		20070831
DATE AS OF CHANGE:		20070831
EFFECTIVENESS DATE:		20070831

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EUROPEAN EQUITY FUND, INC / MD
		CENTRAL INDEX KEY:			0000791718
		IRS NUMBER:				133354384
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04632
		FILM NUMBER:		071093755

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		800-437-6269

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>sr063007eef.htm
<DESCRIPTION>SEMIANNUAL REPORT
<TEXT>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>UNITED STATES</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>WASHINGTON, D. C. 20549</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>FORM N-CSRS</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>Investment Company Act file number  811-4632</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><u><font size=2>The European Equity Fund</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2> (Exact Name of Registrant as Specified in Charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font size=2>Two International Place</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>Boston, MA  02110</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>(Address of principal executive offices) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; (Zip code)</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Registrant&#146;s Telephone Number, including Area Code: </font><u><font size=2>(212) 454-7190</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Paul Schubert</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>345 Park Avenue</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>New York, NY 10154</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Name and Address of Agent for Service)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date of fiscal year end:</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>12/31</font></u></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date of reporting period:</font></p> </td>
        <td width="60" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>6/30/07</font></u></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>ITEM 1.</font></B><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><B><font SIZE=2>REPORT TO STOCKHOLDERS</font></B></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<p align="left"><font face="Times New Roman" size="2"><b>SUMMARY OF GENERAL INFORMATION</b></font></p>
<p align="left"><font face="Times New Roman" size="2"><b>THE FUND</b></font></p>
<p><font face="Times New Roman" size="2">The European Equity Fund, Inc. is a non-diversified, actively-managed closed-end Fund listed on the New York Stock Exchange with the symbol "EEA." The Fund seeks long-term capital appreciation primarily through investment in European equities. It is managed and advised by wholly-owned subsidiaries of the Deutsche Bank Group. </font></p>
<p align="left"><font face="Times New Roman" size="2"><b>SHAREHOLDER INFORMATION</b></font></p>
<p><font face="Times New Roman" size="2">Prices for the Fund's shares are published daily in the New York Stock Exchange Composite Transactions section of newspapers. Net asset value and market price information are published each Monday in </font><font face="Times New Roman" size="2"><i>The Wall Street Journal</i></font><font face="Times New Roman" size="2"> and </font><font face="Times New Roman" size="2"><i>The New York Times</i></font><font face="Times New Roman" size="2">, and each Saturday in </font><font face="Times New Roman" size="2"><i>Barron's</i></font><font face="Times New Roman" size="2"> and other newspapers in a table called "Closed End Funds". Daily information on the Fund's net asset value is available from NASDAQ (symbol XEEAX). It is also available by calling: 1-800-GERMANY (in the U.S.) or 212-454-6266
 (outside of the U.S.). In addition, a schedule of the Fund's largest holdings, dividend data and general shareholder information may be obtained by calling these numbers. </font></p>
<p><font face="Times New Roman" size="2">The foregoing information is also available on our Web site: www.eeafund.com</font></p>
<p align="left"><font face="Times New Roman" size="1"><b>There are three closed-end Funds investing in European equities managed by wholly-owned subsidiaries of the Deutsche Bank Group:</b></font></p>
<p><font face="Times New Roman" size="1">&#149;&nbsp;&nbsp;The European Equity Fund, Inc.&#151;investing primarily in equity or equity-linked securities of companies domiciled in European countries that utilize the Euro currency. </font></p>
<p><font face="Times New Roman" size="1">&#149;&nbsp;&nbsp;The New Germany Fund, Inc.&#151;investing primarily in the middle market German companies and up to 20% elsewhere in Western Europe (with no more than 10% in any single country). </font></p>
<p><font face="Times New Roman" size="1">&#149;&nbsp;&nbsp;The Central Europe and Russia Fund, Inc.&#151;investing primarily in Central European and Russian companies. </font></p>
<p><font face="Times New Roman" size="1">Please consult your broker for advice on any of the above or call 1-800-GERMANY (in the U.S.) or 212-454-6266 (outside of the U.S.) for shareholder reports. </font></p>
<p><font face="Times New Roman" size="1">These funds are not diversified and focus their investments in certain geographical regions, thereby increasing their vulnerability to developments in that region. Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation, political and economic changes, and market risks. This may result in greater share price volatility. </font></p>
<p><img src="j07196081_aa001.jpg"></p>
<p align="center"><font face="Times New Roman" size="3"><b>The European</b></font></p>
<p align="center"><font face="Times New Roman" size="3"><b>Equity Fund, Inc.</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>Semi-Annual Report</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>June 30, 2007</b></font></p>
<p><font face="Times New Roman" size="1">20957</font></p>
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<p align="center"><font face="Times New Roman" size="3"><b>The European<BR>Equity Fund, Inc.</b></font></p>
<p align="left"><font face="Times New Roman" size="2"><b>LETTER TO THE SHAREHOLDERS</b></font></p>
<p><font face="Times New Roman" size="2">Among the major regions globally, European equity markets continued to lead performance again in the second quarter of 2007. After an uninterrupted rise in April and May, equity markets consolidated their gains in June in more volatile trading as the debate over rising bond yields took center stage and subprime fears gained momentum. The factors that have been supportive of equities for some time remained the same: a buoyant corporate sector with positive earnings revisions, heightened merger and acquisition (M&amp;A) activity including the urgency of private equity firms to put their inflows to work and overall favorable macroeconomic data. Sector performance in the second quarter reflected the unabated dynamism of the global industrial spending cycle, of which Europe is a major beneficiary: materials, industrials and technology performed best alongside a rebounding energy sector while healthcare, financials and consumer stocks underperform
ed. In style terms, small- and mid-cap stocks lagged large-caps in the quarter, possibly signaling the break of a multi-year outperformance trend. The performance pattern of growth versus value stocks remained unclear as growth stocks underperformed in the second quarter yet still beat value stocks for the first half of this year. Within Europe, the Fund's focus markets of the European Monetary Union (EMU) were comparatively strong again. Besides Germany, France and the Netherlands were the best markets in the quarter, while Italy, Spain and Ireland underperformed. Outside the EMU, the Scandinavian markets gained above average while the more defensive United Kingdom and Swiss markets failed to catch up with the European market as a whole.</font></p>
<p><font face="Times New Roman" size="2">For the six months ended June 30, 2007, the European Equity Fund's total return was 11.22% based on net asset value and 8.70% based on share price. During the same period, the total return of the Fund's benchmark, the MSCI EMU, was 14.63%.</font><font face="Times New Roman" size="1">1</font></p>
<p><font face="Times New Roman" size="2">On a country level, there has been little change during the second quarter. Austria is still the largest overweight, followed by Greece.</font><font face="Times New Roman" size="1">2</font><font face="Times New Roman" size="2"> At 22% of total assets, the Fund's position in German equities has remained the same weight as its benchmark. The most preferred ex-benchmark country again is the UK, followed by our long-standing favorites, Switzerland, Norway and Sweden as well as Denmark now, where we added a mid-cap stock to the Fund's portfolio. Spain continues to be one of the biggest underweights together with the Netherlands and France, where we sold several stocks during the period.</font></p>
<p><font face="Times New Roman" size="2">From a sector perspective, there has been one major change in the Fund's positioning over the second quarter: the financial sector, which at the end of the last quarter was neutral versus the benchmark, has become the biggest underweight due to interest rate concerns. The consumer discretionary and staples sectors as well as utilities and telecoms are pronounced underweights, too. Industrials and information technology combined remain the largest overweight in the Fund, reflecting the corporate spending theme. Another major overweight continues to be the health care sector. The relative performance of the Fund was predominantly attributable to stock selection effects. The underweight in Spain was the largest positive contributor from a country allocation perspective while the positions in the UK detracted from performance in total. Regarding the sector positioning of the Fund, positive results were contributed by the overweight in industrial
s whereas the overweight in health care dented relative performance in the quarter. On a single-stock basis the single largest negative contributor was Banca Italease, an Italian leasing company now trading at book value following problems in its derivatives portfolio. Other major negative contributions in the quarter resulted from the positions in Anglo Irish Bank, which traded lower on property market concerns; Air Berlin, which was added during the period, declined on news that the company incurred a higher than expected loss in the first quarter; and C&amp;C Group, which suffered from weather concerns. On the other hand, our positions in Soci&eacute;t&eacute; Generale, Vallourec and Siemens delivered the largest positive contribution.</font></p>
<p align="center"><font face="Times New Roman" size="1"><b>For additional information about the Fund including performance, dividends, presentations, press releases, daily NAV and shareholder reports, please visit www.germanyfund.com</b></font></p>
<p align="center"><font size="2" face="Times New Roman"> 1</font></p>
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<p align="left"><font face="Times New Roman" size="2"><b>LETTER TO THE SHAREHOLDERS (</b><b>continued</b><b>)</b></font></p>
<p><font face="Times New Roman" size="2">We added three new stocks: German carrier Air Berlin, Italian Prysmian, a leading producer and supplier of cables for applications in the energy and telecommunications industry, and Danish stone wool producer Rockwool, which we believe could benefit from increased demand for insulation products in buildings on the back of regulation-induced measures to improve energy efficiency. We sold Zodiac, the aerospace supplier, and pipe producer Vallourec. The overweight in the technology sector is barely changed though we cut the Fund's position in SAP, the world's largest business software company, to neutral and recycled the proceeds into German United Internet for its strong DSL net addition growth prospects. In the healthcare sector the Fund's overweight was slightly reduced: we sold Merck KGaA and reduced the Fund's position in French pharmaceutical company Sanofi-Aventis following negative news regarding the US approval of Acomplia. In the ener
gy sector we sold the Fund's position in Norwegian Acergy and increased our weightings in Norwegian Statoil and French Total, which is now a neutral holding. In the financial sector, we cut the Fund's weightings in UK financials by selling Barclays, where a possible ABN Amro merger was causing uncertainties, and Prudential PLC, after break-up speculation boosted the stock price. Diminishing the Fund's risk exposure in terms of rising interest rates, we reduced the Fund's overweight in Anglo Irish Bank as well as Hypo Real Estate. After M&amp;A rumours had driven Soci&eacute;t&eacute; Generale to our price target, we took profits and reduced our overweight. On the other hand, we established a new position in Spanish BBVA as well as Bank of Ireland, as the companies offered attractive valuation levels. In the materials sector, the Fund retains an underweight position and took some profits in Belgian Umicore, the material sciences company benefiting from increased demand for clean diesel technology. Within the



underweighted consumer sectors, we invested in British Home Retail Group, an operator of home and general merchandise retail stores providing strong brands, low debt and good cash flows. In line with the Fund's tilt towards growth stocks, we continue to have an underweight stance in utilities and telecoms. We sold French telecom operator Neuf Cegetel, after reaching our price target. After the Endesa take-over bid fell through- a positive outcome for shareholders- we made our position in E.ON an overweight.</font></p>
<p><font face="Times New Roman" size="2">The Fund's discount to net asset value averaged 7.47% for the six months ending June 30, 2007, compared with 9.91% for the same period last year.</font></p>
<p><font face="Times New Roman" size="2">Following the Interview with the Lead Portfolio Manager, which was conducted at the end of June 2007, there have been some notable market developments. We will address these developments in the next reporting period.</font></p>
<p><font face="Times New Roman" size="1">1</font><font face="Times New Roman" size="1">&nbsp;&nbsp;The MSCI-EMU Index is an unmanaged capitalization weighted index that is comprised of more than 300 stocks of companies domiciled in the countries utilizing the Euro currency. MSCI indices are calculated using closing local market prices and converted to US dollars using the London close foreign exchange rates. Index returns assume reinvested dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.</font></p>
<p><font face="Times New Roman" size="1">2</font><font face="Times New Roman" size="1">&nbsp;&nbsp;"Overweight" means the Fund holds a higher weighting in a given sector or security than the benchmark. "Underweight" means the Fund holds a lower weighting.</font></p>
<p><font face="Times New Roman" size="2">Sincerely,</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="74" align="left" valign="top">
<img src="j07196081_ba003.jpg">
</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="left" valign="top">
<img src="j07196081_ba004.jpg">
</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="left" valign="top">
<img src="j07196081_ba005.jpg">
</td>
<td colspan="1">&nbsp;</td>
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<tr height="8"><td colspan="12" height="8"></td></tr>
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<td colspan="3" width="74" align="left" valign="top">
<font face="Times New Roman" size="1">Christian Strenger<BR></font><font face="Times New Roman" size="1">Chairman</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="left" valign="top">
<font face="Times New Roman" size="1">Ralf Oberbannscheidt<BR></font><font face="Times New Roman" size="1">Lead Portfolio Manager</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="left" valign="top">
<font face="Times New Roman" size="1">Michael G. Clark<BR></font><font face="Times New Roman" size="1">President and Chief<BR></font><font face="Times New Roman" size="1">Executive Officer</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman" size="1">The sources, opinions and forecasts expressed are as of the date of this report. There is no guarantee that the views, opinions and forecasts expressed herein will come to pass. This information is subject to change at any time based on market and other conditions and should not be construed as a recommendation for any specific security. Past performance does not guarantee future results.</font></p>
<p align="center"><font face="Times New Roman" size="1"><b>For additional information about the Fund including performance, dividends, presentations, press releases, daily NAV and shareholder reports, please visit www.newgermanyfund.com</b></font></p>
<p align="center"><font size="2" face="Times New Roman"> 2</font></p>
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<p align="left"><font face="Times New Roman" size="2"><b>FUND HISTORY AS OF JUNE 30, 2007</b></font></p>
<p><font face="Times New Roman" size="2"><b>All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when sold, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please visit www.germanyfund.com for the Fund's most recent performance.</b></font></p>
<p align="left"><font face="Times New Roman" size="2"><b>TOTAL RETURNS:</b></font></p>
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&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="center" valign="bottom">
<font face="Times New Roman" size="1"><b>For the six<BR></b></font><font face="Times New Roman" size="1"><b>months period<BR></b></font><font face="Times New Roman" size="1"><b>June 30,</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="418" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For the years ended December 31,</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="87" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2007</b></font><font face="Times New Roman" size="1"><b>(b)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2006</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2005</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2004</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2003</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="83" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2002</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="87" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Net Asset Value</font><font face="Times New Roman" size="1">(a)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">11.22</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">34.01</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">7.17</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">12.58</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">59.62</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">(34.43</font></td>
<td colspan="1" width="33" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="87" align="left" valign="bottom">
<font face="Times New Roman" size="2">Market Value</font><font face="Times New Roman" size="1">(a)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman" size="2">8.70</font></td>
<td colspan="1" width="30" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">42.35</font></td>
<td colspan="1" width="30" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="34" align="right" valign="bottom">
<font face="Times New Roman" size="2">9.66</font></td>
<td colspan="1" width="30" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">7.25</font></td>
<td colspan="1" width="30" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">68.81</font></td>
<td colspan="1" width="30" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman" size="2">(35.76</font></td>
<td colspan="1" width="33" align="left" valign="bottom">
<font face="Times New Roman" size="2">)%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="87" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Benchmark</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">14.63</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font><font face="Times New Roman" size="1">(1)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">36.29</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font><font face="Times New Roman" size="1">(1)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">8.41</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font><font face="Times New Roman" size="1">(2)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">15.91</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font><font face="Times New Roman" size="1">(3)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">65.16</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font><font face="Times New Roman" size="1">(3)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">(34.14</font></td>
<td colspan="1" width="33" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">)%</font><font face="Times New Roman" size="1">(3)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman" size="1">&nbsp;&nbsp;(a)</font><font face="Times New Roman" size="2">&nbsp;&nbsp;Total return based on net asset value reflects changes in the Fund's net asset value during each period. Total return based on market value reflects changes in market value. Each figure includes reinvestments of dividend and capital gain <BR>distributions, if any. These figures will differ depending upon the level of any discount from or premium to net asset value at which the Fund's shares trade during the period.</font></p>
<p><font face="Times New Roman" size="2">&nbsp;&nbsp;</font><font face="Times New Roman" size="1">(b)</font><font face="Times New Roman" size="2">&nbsp;&nbsp;Total returns shown for the six month period are not annualized.</font></p>
<p><font face="Times New Roman" size="1">&nbsp;&nbsp;(1)</font><font face="Times New Roman" size="1">&nbsp;&nbsp;Represents MSCI-EMU Index**.</font></p>
<p><font face="Times New Roman" size="1">&nbsp;&nbsp;(2)</font><font face="Times New Roman" size="1">&nbsp;&nbsp;Represents DAX Index* for 1/1/05&#150;10/31/05 and MSCI-EMU** for 11/1/05&#150;12/31/05.</font></p>
<p><font face="Times New Roman" size="1">&nbsp;&nbsp;(3)</font><font face="Times New Roman" size="1">&nbsp;&nbsp;Represents DAX Index*.</font></p>
<p><font face="Times New Roman" size="1">&nbsp;&nbsp;*&nbsp;&nbsp;DAX Index is a total rate of return index of 30 selected German blue chip stocks traded on the Frankfurt Stock Exchange.</font></p>
<p><font face="Times New Roman" size="1">&nbsp;&nbsp;**&nbsp;&nbsp;MSCI-EMU Index is an unmanaged capitalization-weighted index that is comprised of more than 300 stocks of companies domiciled in the 12 countries utilizing the Euro currency.</font></p>
<p><font face="Times New Roman" size="1">Index returns assume reinvested dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.</font></p>
<p><font face="Times New Roman" size="1"><i>On October 27, 2005, the Fund adopted its current name and investment policies. Prior to that date the Fund was known as The Germany Fund and its objective was to seek long-term capital appreciation primarily through investments in German equities.</i></font></p>
<p><font face="Times New Roman" size="2">Investments in funds involve risk including the loss of principal.</font></p>
<p><font face="Times New Roman" size="2">This Fund is not diversified and primarily focuses its investments in equity securities of issuers domiciled in European countries that utilize the Euro currency, thereby increasing its vulnerability to developments in that region. Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes and market risks. This may result in greater share price volatility.</font></p>
<p><font face="Times New Roman" size="2">Closed-end funds, unlike open-end funds, are not continuously offered. Shares, once issued, are traded 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.</font></p>
<p><font face="Times New Roman" size="2">The Fund has elected to not be subject to the statutory calculation, notification and publication requirements of the German Investment Tax Act (Investmentsteuergesetz). As a result German investors in the Fund may be subject to less favorable lump-sum taxation under German law.</font></p>
<p align="center"><font size="2" face="Times New Roman"> 3</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=4,FOLIO='3',FILE='07-19608-1.ba',USER='sgirard',CD='Aug 28 15:58 2007' -->

<p align="left"><font face="Times New Roman" size="2"><b>FUND HISTORY AS OF JUNE 30, 2007 (continued)</b></font></p>
<p align="left"><font face="Times New Roman" size="2"><b>STATISTICS:</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Net Assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">166,998,608</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman" size="2">Shares Outstanding </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman" size="2">11,821,544</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">NAV Per Share</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">14.13</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="2"><b>DIVIDEND AND CAPITAL GAIN DISTRIBUTIONS:</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="52" align="left" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Record<BR></b></font><font face="Times New Roman" size="1"><b>Date</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Payable<BR></b></font><font face="Times New Roman" size="1"><b>Date</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Ordinary<BR></b></font><font face="Times New Roman" size="1"><b>Income</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>LT Capital<BR></b></font><font face="Times New Roman" size="1"><b>Gains</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Total</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">05</font><font face="Times New Roman" size="2">/03/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">05</font><font face="Times New Roman" size="2">/15/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/21/06</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/28/06</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.290</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.290</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">05</font><font face="Times New Roman" size="2">/05/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">05</font><font face="Times New Roman" size="2">/15/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.090</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.090</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/22/05</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/30/05</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.060</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.060</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/22/04</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/31/04</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.025</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.025</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">05</font><font face="Times New Roman" size="2">/06/04</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">05</font><font face="Times New Roman" size="2">/14/04</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.039</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.039</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">11</font><font face="Times New Roman" size="2">/19/02</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">11</font><font face="Times New Roman" size="2">/29/02</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.010</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.010</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">11</font><font face="Times New Roman" size="2">/19/01</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">11</font><font face="Times New Roman" size="2">/29/01</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.060</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.060</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">09</font><font face="Times New Roman" size="2">/03/01</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">09</font><font face="Times New Roman" size="2">/17/01</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.020</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.020</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">11</font><font face="Times New Roman" size="2">/20/00</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">11</font><font face="Times New Roman" size="2">/29/00</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman" size="2">2.180</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">2.180</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">09</font><font face="Times New Roman" size="2">/01/00</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">09</font><font face="Times New Roman" size="2">/15/00</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.190</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.120</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.310</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="2"><b>OTHER INFORMATION:</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">NYSE Ticker Symbol</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">EEA</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" align="left" valign="bottom">
<font face="Times New Roman" size="2">NASDAQ Symbol</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" align="right" valign="bottom">
<font face="Times New Roman" size="2">XEEAX</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Dividend Reinvestment Plan</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">Yes</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" align="left" valign="bottom">
<font face="Times New Roman" size="2">Voluntary Cash Purchase Program</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" align="right" valign="bottom">
<font face="Times New Roman" size="2">Yes</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Annualized Expense Ratio (6/30/07)*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">1.41%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman" size="1">*&nbsp;&nbsp;Represents expense ratio before custody credits. Please see "Financial Highlights" section of this report.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>4</font></p>
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<p align="left"><font face="Times New Roman" size="2"><b>PORTFOLIO BY MARKET SECTOR AS OF JUNE 30, 2007 (As a % of Portfolio's Assets)</b></font></p>
<p><img src="j07196081_ba006.jpg" >
</p>
<p align="left"><font face="Times New Roman" size="2"><b>10 LARGEST EQUITY HOLDINGS AS OF JUNE 30, 2007 (As a % of Portfolio's Assets)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">1.</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="168" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Axa</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">4.4</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">2.</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="168" align="left" valign="bottom">
<font face="Times New Roman" size="2">Siemens</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">4.1</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">3.</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="168" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Total</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">3.5</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">4.</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="168" align="left" valign="bottom">
<font face="Times New Roman" size="2">Intesa Sanpaolo</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">3.3</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">5.</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="168" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">E.ON</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">3.2</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">6.</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="168" align="left" valign="bottom">
<font face="Times New Roman" size="2">KBC Groep</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">3.0</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">7.</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="168" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">St. Gobain</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">2.8</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">8.</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="168" align="left" valign="bottom">
<font face="Times New Roman" size="2">Banco Bilbao Vizcaya Argentaria</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">2.7</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">9.</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="168" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Telefonica</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">2.7</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">10.</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="168" align="left" valign="bottom">
<font face="Times New Roman" size="2">Vinci</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">2.5</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman" size="2">Portfolio by Market Sector and 10 Largest Equity Holdings are subject to change.</font></p>
<p><font face="Times New Roman" size="2">Following the Fund's fiscal first and third quarter-ends, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at www.sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330.</font></p>
<p align="center"><font size="2" face="Times New Roman"> 5</font></p>
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<p align="left"><font face="Times New Roman" size="2"><b>INTERVIEW WITH THE LEAD PORTFOLIO MANAGER &#151; RALF OBERBANNSCHEIDT</b></font></p>
<p><font face="Times New Roman" size="2"><b><i>Question:</i></b></font><font face="Times New Roman" size="2"><b> How has the weaker US dollar impacted companies in Europe?</b></font></p>
<p><font face="Times New Roman" size="2"><b><i>Answer:</i></b></font><font face="Times New Roman" size="2"> The euro has strengthened on the belief that the economies in Europe are turning around and that interest rates will increase further. The impact of this change is something we monitor on a company-by-company level: what is the exposure to exchange rates between the US dollar, euro and yen? Most companies in Europe are increasingly global companies. In Germany, for instance, many blue-chip companies have as much as 60% of their business (in terms of revenues and profits) outside of Europe. As part of our focused bottom-up investment approach, we talk to management to understand where the risks lie within their businesses and divisions and in terms of their competitive position. In addition, companies are becoming more savvy in currency risk management and there are more financial instruments available to hedge not just for a few months, but for a co
uple of years.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Question:</i></b></font><font face="Times New Roman" size="2"><b> The fund shifted its position in the financials sector from neutral to underweight during the first half of 2007. What is the rationale for this shift? Have there been any other shifts in the funds investments?</b></font></p>
<p><font face="Times New Roman" size="2"><b><i>Answer:</i></b></font><font face="Times New Roman" size="2"> On an absolute basis, the financials sector is the largest weight in both the benchmark and the fund. We believe that there are a number of interesting investment opportunities within the European financials sector. For example, many of these banks are exposed to the rapid growth of Eastern Europe. In addition, there has been merger activity, especially in Italy, which often results in synergies and is really about the restructuring of a whole industry. However, we decided to take a more cautious approach to the fund's position in this sector, which is facing higher bond yields and further interest rate concerns. While reducing our weightings in United Kingdom financials and diminishing our risk exposure in terms of rising interest rates, we established new positions in Spanish and Irish companies that offered attractive valuation levels after share
 prices fell amidst crises in the domestic real estate markets. Additional financial stocks in the fund include smaller-cap companies that exhibit particularly strong growth characteristics such as Austrian insurance companies with significant Eastern European exposure and Greek companies benefiting from the buoyant growth dynamics in the region. As far as other shifts in the fund's investments, climate change and energy efficiency is a new theme that we implemented over the last quarter. We have identified two key areas within the fairly broad climate change theme that we consider to provide the best investment opportunities: alternative energy industry and companies whose products and services improve energy efficiency. In the fund we focus on the latter for the time being as the related stocks tend to be more attractively valued and enjoy lower volatility than alternative energy stocks.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Question:</i></b></font><font face="Times New Roman" size="2"><b> What has been driving the recent pick-up in merger and acquisition (M&amp;A) activity and how is it impacting stock markets in Europe?</b></font></p>
<p><font face="Times New Roman" size="2"><b><i>Answer:</i></b></font><font face="Times New Roman" size="2"> Right now, investors are placing a premium on companies that grow via acquisition, achieving larger scale or synergies, and companies have the cash on their balance sheets to go out and find these opportunities. Germany has not seen that many large mergers and acquisitions, while there have been a sizeable number of deals in France and the UK. In other words, M&amp;A activity is yet another area (along with economics and stock market performance) where we see variations across Europe. It is not clear why M&amp;A activity has lagged in Germany, because German corporate governance would not necessarily impede any transaction. We expect to see a continuation of the M&amp;A trend in Europe and expect that Germany will also see the effects of this trend. But this is not the basis for our investment process. Portfolio management should not unduly emphasiz
e buying stocks for takeover speculation and premiums. However, there are several examples this year of how stocks can react (or over-react) to speculation about takeovers, so we cannot ignore the news flow on potential M&amp;A deals. We continue to invest in solid companies with solid balance sheets and good growth stories, but we also look at how valuations are impacted by M&amp;A speculation across the target's peer group.</font></p>
<p><font face="Times New Roman" size="1">The sources, opinions and forecasts expressed are as of the date of this report. There is no guarantee that the views, opinions and forecasts expressed herein will come to pass. This information is subject to change at any time based on market and other conditions and should not be construed as a recommendation for any specific security. Past performance does not guarantee future results.</font></p>
<p align="center"><font size="2" face="Times New Roman"> 6</font></p>
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<p align="left"><font face="Times New Roman" size="2"><b>ECONOMIC OUTLOOK</b></font></p>
<p><font face="Times New Roman" size="2">The rise in bond yields in early June added to the uncertainty about the direction of interest rates and the implication for stock markets has become the primary focus of investors right now. Arguably, it is not so much inflation fears, but rather the realization that economic growth is stronger than expected globally that drove the move. In our view, while the direction of real interest rates is relevant as a determinant for the valuation multiple of equities, the strength in earnings growth should be more important given the relative valuation cushion equities still enjoy versus other asset classes, notably bonds. On the growth prospects for earnings, however, we are not too worried as our optimistic view of a benign business environment against a globally robust economic backdrop still holds: the US economy is moving along in a moderate slow-down with a rising prospect of re-accelerating growth later in the year while Europe's growth dyna
mics continue to surprise investors.</font></p>
<p><font face="Times New Roman" size="2">That said, we would expect to see higher volatility levels in stock markets going forward as the cycle is getting more mature and uncertainties grow larger. In particular, the market continues to closely monitor developments in the subprime mortgage market for signs of any spillover to other segments of the economy. Europe and, in particular, the Eurozone</font><font face="Times New Roman" size="1">1</font><font face="Times New Roman" size="2"> should continue to lead developed equity market performance as economic data points remain benign and upward earnings revisions appear to sustain their momentum, suggesting that low double-digit earnings growth in 2007 is not unrealistic. Important risk factors we watch for European equities are the weakening trend of the US dollar and signs of inflationary pressure.</font></p>
<p><font face="Times New Roman" size="2">Eurozone consumer confidence remains at robust levels, with German and French consumers in especially good shape, whereas Italian consumer sentiment has failed to show any rebound from the 2003/2004 lows. Business confidence across the Eurozone is strong. The German IFO index is hovering in an area consistent with 7-8% annual growth in industrial output. The appreciation of the euro has been weathered well by the German business sector, while French and Italian companies have found the currency impact more challenging. The European Central Bank (ECB) raised interest rates twice during the first half of 2007, ending June at 4.0%. Inflation is stable at 1.9%, in line with the ECB's definition of price stability.</font></p>
<p><font face="Times New Roman" size="1">1</font><font face="Times New Roman" size="1"><sup>&nbsp;&nbsp;</sup>The Eurozone refers to the European Union member states that have adopted the euro currency union.</font></p>
<p><font face="Times New Roman" size="1">The sources, opinions and forecasts expressed are as of the date of this report. There is no guarantee that the views, opinions and forecasts expressed herein will come to pass. This information is subject to change at any time based on market and other conditions and should not be construed as a recommendation for any specific security. Past performance does not guarantee future results.</font></p>
<p align="center"><font size="2" face="Times New Roman"> 7</font></p>
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<p align="left"><font face="Times New Roman" size="2"><b>THE EUROPEAN EQUITY FUND, INC.<BR>SCHEDULE OF INVESTMENTS &#151; JUNE 30, 2007 (unaudited)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="218" align="left" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="140" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value</b><b><sup>(a)</sup></b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN GERMAN<BR></b></font><font face="Times New Roman" size="2"><b>SECURITIES &#150; 22.6%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="247" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="247" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMON STOCKS &#150; 21.5%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>AIRLINES &#150; 0.8%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">60,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Air Berlin*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,282,610</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>AUTOMOBILES &#150; 3.5%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">25,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Bayerische Motoren Werke<BR></font><font face="Times New Roman" size="1">(BMW)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,620,818</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">17,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Continental*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,397,608</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">20,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">DaimlerChrysler&#134;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,852,479</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="366" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">5,870,905</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="247" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>BUILDING PRODUCTS &#150; 1.6%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">40,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Demag Cranes</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,671,091</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="247" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>ELECTRIC UTILITIES &#150; 3.2%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">32,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">E.ON&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">5,370,919</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="247" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>ELECTRONIC EQUIPMENT &amp;<BR></b></font><font face="Times New Roman" size="1"><b>INSTRUMENTS &#150; 1.9%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">34,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Wincor Nixdorf&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,158,855</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="247" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>INDUSTRIAL<BR></b></font><font face="Times New Roman" size="1"><b>CONGLOMERATES &#150; 4.2%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">47,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Siemens&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">6,835,826</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="247" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>INDUSTRIAL GASES &#150; 2.1%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">29,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Linde&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,495,173</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="247" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>IT SERVICES &#150; 1.1%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">85,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">United Internet</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,775,708</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="247" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>PHARMACEUTICALS &#150; 1.1%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">30,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Stada Arzneimittel</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,913,787</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="247" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>REAL ESTATE &#150; 1.1%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">29,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Hypo Real Estate Holding&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,912,565</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="247" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>SOFTWARE &#150; 0.9%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">30,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">SAP&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,542,292</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $21,306,076)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">35,829,731</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>PREFERRED STOCKS &#150; 1.1%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="247" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>HEALTHCARE PROVIDERS &amp;<BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 1.1%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">24,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Fresenius*&#134;<BR></font><font face="Times New Roman" size="1">(Cost $783,786)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,826,281</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in<BR></font><font face="Times New Roman" size="1">German Securities<BR></font><font face="Times New Roman" size="1">(cost $22,089,862)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1">37,656,012</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="218" align="left" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="140" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value</b><b><sup>(a)</sup></b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN AUSTRIAN<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 4.8%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="247" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="247" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &#150; 0.9%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">21,750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Wiener Staedt Verssicherungen</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,550,799</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="247" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>CONSTRUCTION<BR></b></font><font face="Times New Roman" size="1"><b>MATERIALS &#150; 1.7%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">38,300</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Wienerberger</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,829,102</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="247" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>INSURANCE &#150; 1.0%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">50,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Uniqa Versicherungen&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,682,598</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="247" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>OIL, GAS &amp; CONSUMABLE<BR></b></font><font face="Times New Roman" size="1"><b>FUELS &#150; 1.2%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">30,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">OMV*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,004,939</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in Austrian<BR></font><font face="Times New Roman" size="1">Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $5,843,437)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1">8,067,438</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN DANISH<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 1.4%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="247" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="247" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>BUILDING PRODUCTS &#150; 1.4%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">7,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Rockwood International<BR></font><font face="Times New Roman" size="1">(cost $2,126,622)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,293,183</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN DUTCH<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 3.0%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="247" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>BEVERAGES &#150; 1.1%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">31,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Heineken Holdings</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,820,596</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>DIVERSIFIED FINANCIAL<BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 1.9%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">70,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">ING Groep</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,099,573</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>FOOD &amp; STAPLES <BR></b></font><font face="Times New Roman" size="1"><b>RETAILING &#150; 0.0%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">158</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Numico</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">8,218</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in Dutch<BR></font><font face="Times New Roman" size="1">Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $4,581,360)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1">4,928,387</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN FRENCH<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 23.7%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="247" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>BUILDING PRODUCTS &#150; 2.8%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">41,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">St. Gobain</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">4,615,897</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>8</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=9,FOLIO='8',FILE='07-19608-1.da',USER='sgirard',CD='Aug 28 15:58 2007' -->

<p align="left"><font face="Times New Roman" size="2"><b>THE EUROPEAN EQUITY FUND, INC.<BR>SCHEDULE OF INVESTMENTS &#151; JUNE 30, 2007 (unaudited) (continued)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="218" align="left" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="140" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="172" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value</b><b><sup>(a)</sup></b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>CONSTRUCTION<BR></b></font><font face="Times New Roman" size="1"><b>MATERIALS &#150; 2.4%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">54,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Vinci</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">4,045,691</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>FOOD &amp; STAPLES <BR></b></font><font face="Times New Roman" size="1"><b>RETAILING &#150; 1.2%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">25,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Groupe Danone</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,026,275</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>ENERGY EQUIPMENT &amp; <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 1.2%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">8,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Generale de Geophysique*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,008,747</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>INDUSTRIAL<BR></b></font><font face="Times New Roman" size="1"><b>CONGLOMERATES &#150; 1.7%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">20,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Neopost</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,930,638</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>INSURANCE &#150; 4.4%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">170,100</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">AXA</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">7,352,794</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>NATIONAL COMMERCIAL<BR></b></font><font face="Times New Roman" size="1"><b>BANKS &#150; 1.6%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">14,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Societe Generale</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,600,087</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>OIL, GAS &amp; CONSUMABLE<BR></b></font><font face="Times New Roman" size="1"><b>FUELS &#150; 3.5%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">71,600</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">5,826,458</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>PHARMACEUTICALS &#150; 1.6%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">33,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Sanofi-Aventis</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,678,248</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>SPECIALTY RETAIL &#150; 1.5%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">20,700</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Essilor International</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,470,231</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>TEXTILES, APPAREL &amp;<BR></b></font><font face="Times New Roman" size="1"><b>LUXURY GOODS &#150; 1.8%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">26,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">LVMH Moet Hennessy Louis<BR></font><font face="Times New Roman" size="1">Vuitton</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,003,344</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in French<BR></font><font face="Times New Roman" size="1">Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $31,013,057)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1">39,558,410</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN SWEDISH<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 0.9%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMUNICATIONS<BR></b></font><font face="Times New Roman" size="1"><b>EQUIPMENT &#150; 0.9%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">390,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Ericsson<BR></font><font face="Times New Roman" size="1">(cost $1,274,447)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,561,251</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="218" align="left" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="140" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="172" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value</b><b><sup>(a)</sup></b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN ITALIAN<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 8.4%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &#150; 4.2%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">730,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Intesa Sanpaolo</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">5,451,430</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">60,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Banca Italease</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,614,808</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="366" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">7,066,238</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>DIVERSIFIED <BR></b></font><font face="Times New Roman" size="1"><b>TELECOMMUNICATION<BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 0.9%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">60,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Prysmian Spa*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,455,191</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>ENERGY EQUIPMENT &amp;<BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 0.9%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">43,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Saipem</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,472,584</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>HEALTH CARE PROVIDERS &amp;<BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 0.9%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">170,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Amplifon</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,416,435</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>INSURANCE &#150; 1.5%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">150,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Ergo Previdenza S.p.A.&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">932,282</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">190,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Mediolanum&#134;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,585,640</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="366" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,517,922</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in Italian<BR></font><font face="Times New Roman" size="1">Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $10,383,158)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1">13,928,370</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN SWISS<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 4.0%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>CHEMICALS &#150; 1.2%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">15,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Lonza GRP</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,377,876</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>DIVERSIFIED CONSUMER<BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 1.7%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,400</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">SGS</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,658,346</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>TEXTILES, APPAREL &amp;<BR></b></font><font face="Times New Roman" size="1"><b>LUXURY GOODS &#150; 1.1%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">55,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Compagnie Financiere Richemont</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,297,846</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in Swiss<BR></font><font face="Times New Roman" size="1">Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $5,192,586)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1">6,334,068</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>9</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=10,FOLIO='9',FILE='07-19608-1.da',USER='sgirard',CD='Aug 28 15:58 2007' -->

<p align="left"><font face="Times New Roman" size="2"><b>THE EUROPEAN EQUITY FUND, INC.<BR>SCHEDULE OF INVESTMENTS &#151; JUNE 30, 2007 (unaudited) (continued)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="218" align="left" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="140" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="172" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value</b><b><sup>(a)</sup></b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN FINNISH<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 3.7%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>DIVERSIFIED<BR></b></font><font face="Times New Roman" size="1"><b>TELECOMMUNICATION<BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 1.0%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">70,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Nokia</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,967,128</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>ELECTRIC UTILITIES &#150; 1.7%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">92,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Fortum*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,881,051</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>PAPER &amp; FOREST<BR></b></font><font face="Times New Roman" size="1"><b>PRODUCTS &#150; 1.0%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">31,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Metso*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,834,410</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in Finnish<BR></font><font face="Times New Roman" size="1">Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $4,857,118)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1">6,682,589</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN SPANISH<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 6.7%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &#150; 2.7%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">185,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Banco Bilbao Vizcaya Argentaria</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">4,546,797</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMUNICATIONS<BR></b></font><font face="Times New Roman" size="1"><b>EQUIPMENT &#150; 1.3%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">85,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Indra Sistemas*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,125,800</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>DIVERSIFIED<BR></b></font><font face="Times New Roman" size="1"><b>TELECOMMUNICATION<BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 2.7%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">200,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Telefonica</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">4,467,123</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in Spanish<BR></font><font face="Times New Roman" size="1">Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $9,644,672)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1">11,139,720</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN NORWEGIAN<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 1.9%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>OIL, GAS &amp; CONSUMABLE<BR></b></font><font face="Times New Roman" size="1"><b>FUELS &#150; 1.9%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">104,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Statoil<BR></font><font face="Times New Roman" size="1">(cost $2,434,724)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,229,759</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN BELGIAN<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 4.0%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &#150; 3.0%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">37,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">KBC Groep</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">4,997,479</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="218" align="left" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="140" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="172" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value</b><b><sup>(a)</sup></b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>METALS &amp; MINING &#150; 1.0%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">8,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Umicore</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,742,232</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in Belgian<BR></font><font face="Times New Roman" size="1">Common Stocks</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1"> &nbsp;<BR></font><font face="Times New Roman" size="1"> &nbsp;</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">(cost $5,265,048)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">6,739,711</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN GREEK<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 4.6%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &#150; 1.2%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">61,920</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">EFG Eurobank*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,023,526</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>DIVERSIFIED FINANCIAL<BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 1.3%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">85,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Hellenic Exchanges</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,226,809</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>DIVERSIFIED<BR></b></font><font face="Times New Roman" size="1"><b>TELECOMMUNICATION<BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 2.1%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">110,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Hellenic Telecommunications<BR></font><font face="Times New Roman" size="1">Organization*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,401,658</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in Greek<BR></font><font face="Times New Roman" size="1">Common Stocks</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1"> &nbsp;<BR></font><font face="Times New Roman" size="1"> &nbsp;</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">(cost $5,022,010)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">7,651,993</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN IRISH<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 5.0%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &#150; 3.1%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">118,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Anglo Irish Bank Corp</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,406,143</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">140,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Bank of Ireland</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,824,497</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="366" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">5,230,640</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>CONSTRUCTION<BR></b></font><font face="Times New Roman" size="1"><b>MATERIALS &#150; 1.0%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">60,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Kingspan Group PLC</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,682,058</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>FOOD &amp; STAPLES<BR></b></font><font face="Times New Roman" size="1"><b>RETAILING &#150; 0.9%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">110,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">C&amp;C Group PLC</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,527,775</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in Irish<BR></font><font face="Times New Roman" size="1">Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $7,755,811)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1">8,440,473</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN UNITED<BR></b></font><font face="Times New Roman" size="2"><b>KINGDOM COMMON STOCKS &#150; 4.0%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="320" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="320" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>BEVERAGES &#150; 1.2%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">100,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Diageo PLC</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="134" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,080,118</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>10</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=11,FOLIO='10',FILE='07-19608-1.da',USER='sgirard',CD='Aug 28 15:58 2007' -->

<p align="left"><font face="Times New Roman" size="2"><b>THE EUROPEAN EQUITY FUND, INC.<BR>SCHEDULE OF INVESTMENTS &#151; JUNE 30, 2007 (unaudited) (continued)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="218" align="left" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="140" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value</b><b><sup>(a)</sup></b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>CONSTRUCTION<BR></b></font><font face="Times New Roman" size="1"><b>MATERIALS &#150; 1.0%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">60,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">SIG PLC</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,598,301</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>MEDIA &#150; 0.8%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">500,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Aegis Group</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,379,056</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>TEXTILES, APPAREL &amp;<BR></b></font><font face="Times New Roman" size="1"><b>LUXURY GOODS &#150; 1.0%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">180,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Home Retail Group</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,657,275</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in United<BR></font><font face="Times New Roman" size="1">Kingdom Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $6,454,292)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1">6,714,750</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in<BR></font><font face="Times New Roman" size="1">Common and Preferred Stocks &#150;<BR></font><font face="Times New Roman" size="1">(cost $123,938,204)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1"><BR></font><font face="Times New Roman" size="1">164,926,113</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>SECURITIES LENDING<BR></b></font><font face="Times New Roman" size="2"><b>COLLATERAL &#150; 20.0%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="247" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" align="right" valign="bottom">
<font face="Times New Roman" size="1">33,343,267<BR></font><font face="Times New Roman" size="1"> &nbsp;<BR></font><font face="Times New Roman" size="1"> &nbsp;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Daily Assets Fund<BR></font><font face="Times New Roman" size="1">Institutional, 5.36%&#134;&#134;<BR></font><font face="Times New Roman" size="1">(cost $33,343,267)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">33,343,267</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments &#150; 118.7%<BR></font><font face="Times New Roman" size="1">(cost $157,281,471)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">198,269,380</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="140" align="left" valign="bottom">
<font face="Times New Roman" size="1">Liabilities in excess of cash and<BR></font><font face="Times New Roman" size="1">other assets &#150; (18.7%)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">(31,270,772</font></td>
<td colspan="1" width="18" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="202" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="140" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>NET ASSETS&#150;100.0%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">166,998,608</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="1">*&nbsp;&nbsp;Non-income producing security.</font></p>
<p align="left"><font face="Times New Roman" size="1">&#134;&nbsp;&nbsp;All or a portion of these securities were on loan. The value of all securities loaned at June 30, 2007 amounted to $31,933,938 which is 19.1% of the net assets.</font></p>
<p align="left"><font face="Times New Roman" size="1">&#134;&#134;&nbsp;&nbsp;Represents collateral held in connection with securities lending. Daily Assets Fund Institutional, an affiliated fund, is managed by Deutsche Investment Management America Inc. The rate shown is the annualized seven-day yield at period end.</font></p>
<p align="left"><font face="Times New Roman" size="1">(a)&nbsp;&nbsp;Values stated in US dollars.</font></p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>11</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=12,FOLIO='11',FILE='07-19608-1.da',USER='sgirard',CD='Aug 28 16:32 2007' -->




<!-- Document name: 07-19608-1.ea-->
<p align="left"><font face="Times New Roman" size="2"><b>THE EUROPEAN EQUITY FUND, INC.<BR>STATEMENT OF ASSETS AND LIABILITIES<BR>JUNE 30, 2007 (unaudited)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="489" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>ASSETS</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investments in securities, at value, (cost $123,938,204) &#151; including $31,933,938 of securities loaned</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">164,926,113</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investment in Daily Assets Fund Institutional (cost $33,343,267)*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">33,343,267</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Cash and foreign currency (cost $3,588,127)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,610,883</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Receivable for investments sold</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,284,906</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Dividends receivable </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">260,178</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Interest receivable </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">7,169</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Foreign withholding tax refund receivable </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">65,613</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Other assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">47,077</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">203,545,206</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="489" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>LIABILITIES</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Payable upon return of securities loaned</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">33,343,267</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Payable for securities purchased </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,731,062</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Management fee payable</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">77,183</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investment advisory fee payable</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">41,222</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Payable for Directors' fees and expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">23,660</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Other accrued expenses and payables</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">330,204</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total liabilities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">36,546,598</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net assets, at value</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">166,998,608</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="489" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>NET ASSETS</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="489" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net assets consist of:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Paid-in capital $.001 par (Authorized 80,000,000)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">162,120,636</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Cost of 5,027,732 shares held in Treasury</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(41,153,504</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Distribution in excess of net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">(1,572,897</font></td>
<td colspan="1" width="18" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net unrealized appreciation of investments and foreign currency transactions</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">41,006,912</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Accumulated net realized gain on investments and foreign currency transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">6,597,461</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net assets, at value</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">166,998,608</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net asset value per share ($166,998,608 &divide; 11,821,544 shares of common stock issues and outstanding)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">14.13</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="1">*Represents collateral on securities loaned.</font></p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>12</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=13,FOLIO='12',FILE='07-19608-1.ea',USER='sgirard',CD='Aug 28 15:58 2007' -->

<p align="left"><font face="Times New Roman" size="2"><b><BR>THE EUROPEAN EQUITY FUND, INC.<BR>STATEMENT OF OPERATIONS (unaudited)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="404" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="114" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For the<BR></b></font><font face="Times New Roman" size="1"><b>six months ended<BR></b></font><font face="Times New Roman" size="1"><b>June 30, 2007</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="518" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>NET INVESTMENT INCOME</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="518" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investment Income</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Dividends (net of foreign withholding taxes of $480,322)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,052,389</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" align="left" valign="bottom">
<font face="Times New Roman" size="1">Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom">
<font face="Times New Roman" size="1">204,978</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Interest</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">45,110</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">3,302,477</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="518" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Expenses:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" align="left" valign="bottom">
<font face="Times New Roman" size="1">Management fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom">
<font face="Times New Roman" size="1">461,805</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investment advisory fee</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">248,230</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" align="left" valign="bottom">
<font face="Times New Roman" size="1">Custodian fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom">
<font face="Times New Roman" size="1">55,310</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Services to shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">15,496</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" align="left" valign="bottom">
<font face="Times New Roman" size="1">Audit fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom">
<font face="Times New Roman" size="1">29,360</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Legal fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">104,580</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" align="left" valign="bottom">
<font face="Times New Roman" size="1">Directors' fees and expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom">
<font face="Times New Roman" size="1">61,505</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Reports to shareholders and shareholder meeting</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">82,485</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" align="left" valign="bottom">
<font face="Times New Roman" size="1">NYSE listing fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom">
<font face="Times New Roman" size="1">13,065</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Insurance</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">7,665</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" align="left" valign="bottom">
<font face="Times New Roman" size="1">Miscellaneous</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom">
<font face="Times New Roman" size="1">59,517</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total expenses before custody credits</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,139,018</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" align="left" valign="bottom">
<font face="Times New Roman" size="1">Less: custody credits*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom">
<font face="Times New Roman" size="1">(746</font></td>
<td colspan="1" width="18" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,138,272</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,164,205</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="518" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <BR></b></font><font face="Times New Roman" size="2"><b>AND FOREIGN CURRENCY TRANSACTIONS</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="518" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net realized gain (loss) from:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">13,424,037</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" align="left" valign="bottom">
<font face="Times New Roman" size="1">Foreign currency transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom">
<font face="Times New Roman" size="1">34,557</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="518" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net unrealized appreciation (depreciation) during the year on:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,331,614</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Translations of other assets and liabilites from foreign currency</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">13,643</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net gain (loss) on investment and foreign currency transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">14,803,851</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="404" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">16,968,056</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="1">*The custody credits are attributable to interest earned on U.S. cash balances held on deposit at the custodian.</font></p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>13</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=14,FOLIO='13',FILE='07-19608-1.ea',USER='sgirard',CD='Aug 28 15:58 2007' -->

<p align="left"><font face="Times New Roman" size="2"><b><BR>THE EUROPEAN EQUITY FUND, INC.<BR>STATEMENTS OF CHANGES IN NET ASSETS</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="278" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="114" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For the<BR></b></font><font face="Times New Roman" size="1"><b>six months ended<BR></b></font><font face="Times New Roman" size="1"><b>June 30, 2007<BR></b></font><font face="Times New Roman" size="1"><b>(unaudited)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="116" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For the<BR></b></font><font face="Times New Roman" size="1"><b>year ended<BR></b></font><font face="Times New Roman" size="1"><b>December 31, 2006</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="516" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INCREASE (DECREASE) IN NET ASSETS</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="516" align="left" valign="bottom">
<font face="Times New Roman" size="1">Operations:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="278" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net investment income (loss)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,164,205</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,215,869</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="516" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net realized gain (loss) on:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="278" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">13,424,037</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">16,412,268</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="278" align="left" valign="bottom">
<font face="Times New Roman" size="1">Foreign currency transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom">
<font face="Times New Roman" size="1">34,557</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="78" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,443,603</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="516" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net unrealized appreciation (depreciation) on</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="278" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,331,614</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="78" align="right" valign="bottom">
<font face="Times New Roman" size="1">19,797,560</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="278" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Translation of other assets and liabilities from foreign currency</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">13,643</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">12,952</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="278" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net increase (decrease) in net assets resulting from operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">16,968,056</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="78" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">39,882,252</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="516" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Distributions to shareholders:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="278" align="left" valign="bottom">
<font face="Times New Roman" size="1">From net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom">
<font face="Times New Roman" size="1">(2,955,386</font></td>
<td colspan="1" width="18" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="78" align="right" valign="bottom">
<font face="Times New Roman" size="1">(4,493,127</font></td>
<td colspan="1" width="18" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="516" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Fund share transactions:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="278" align="left" valign="bottom">
<font face="Times New Roman" size="1">Cost of shares repurchased (0 and 10,450 shares, respectively)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="78" align="right" valign="bottom">
<font face="Times New Roman" size="1">(103,611</font></td>
<td colspan="1" width="18" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="278" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net increase (decrease) in net assets from capital share transactions</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(103,611</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="278" align="left" valign="bottom">
<font face="Times New Roman" size="1">Increase (decrease) in net assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">14,012,670</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="78" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">35,285,514</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="278" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Beginning of year</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">152,985,938</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">117,700,424</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="278" align="left" valign="bottom">
<font face="Times New Roman" size="1">End of year (including distribution in excess of net income of $1,572,897<BR></font><font face="Times New Roman" size="1">and $781,716, as of June 30, 2007 and December 31, 2006, respectively)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="76" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">166,998,608</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="78" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">152,985,938</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>14</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=15,FOLIO='14',FILE='07-19608-1.ea',USER='sgirard',CD='Aug 28 15:58 2007' -->

<p align="left"><font face="Times New Roman" size="2"><b>THE EUROPEAN EQUITY FUND, INC.<BR>FINANCIAL HIGHLIGHTS</b></font></p>
<p><font face="Times New Roman" size="2">Selected data for a share of common stock outstanding throughout each of the periods indicated:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="184" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="center" valign="bottom">
<font face="Times New Roman" size="1"><b>For the six months<BR></b></font><font face="Times New Roman" size="1"><b>ended June 30,</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="475" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For the years ended December 31,</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2007 (unaudited)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="88" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2006</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2005</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2004</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2003</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2002</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="809" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Per share operating performance:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="809" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net asset value:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Beginning of year</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">12.94</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">9.95</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">9.35</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">8.38</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">5.25</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">8.02</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net investment income (loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom">
<font face="Times New Roman" size="1">.18</font></td>
<td colspan="1" width="42" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman" size="1">.10</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">.06</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman" size="1">(a)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">(.01</font></td>
<td colspan="1" width="26" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font><font face="Times New Roman" size="1">(a)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">.02</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="40" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net realized and unrealized gain (loss) on <BR></font><font face="Times New Roman" size="1">investments and foreign currency transactions</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.26</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">3.27</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">.47</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.00</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">3.09</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(2.78</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman" size="1">Increase (decrease) from investment operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1.44</font></td>
<td colspan="1" width="42" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">3.37</font></td>
<td colspan="1" width="24" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">.53</font></td>
<td colspan="1" width="24" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">.99</font></td>
<td colspan="1" width="26" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">3.11</font></td>
<td colspan="1" width="24" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="40" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(2.78</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Increase resulting from share repurchases </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">.00</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">(b)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">.01</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">.04</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">.02</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">.02</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman" size="1">Distributions from net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom">
<font face="Times New Roman" size="1">(.25</font></td>
<td colspan="1" width="42" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman" size="1">(.38</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">(.06</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">(.06</font></td>
<td colspan="1" width="26" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="40" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Distributions from net realized <BR></font><font face="Times New Roman" size="1">foreign currency gains </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(.01</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total distributions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.25</font></td>
<td colspan="1" width="42" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.38</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.06</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.06</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="24" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="40" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.01</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Increase resulting from tender offer </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">.12</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman" size="1">Dilution in net asset value from <BR></font><font face="Times New Roman" size="1">dividend reinvestment </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="42" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">.00</font></td>
<td colspan="1" width="26" align="left" valign="bottom">
<font face="Times New Roman" size="1">(b)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="40" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="809" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net asset value:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman" size="1">End of year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="80" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">14.13</font></td>
<td colspan="1" width="42" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="44" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">12.94</font></td>
<td colspan="1" width="24" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">9.95</font></td>
<td colspan="1" width="24" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">9.35</font></td>
<td colspan="1" width="26" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">8.38</font></td>
<td colspan="1" width="24" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="40" align="right" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">5.25</font></td>
<td colspan="1" width="26" valign="bottom" style="border:none; padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="809" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Market value:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman" size="1">End of year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="80" align="right" valign="bottom">
<font face="Times New Roman" size="1">13.02</font></td>
<td colspan="1" width="42" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman" size="1">12.20</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">8.84</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">8.11</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">7.63</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="40" align="right" valign="bottom">
<font face="Times New Roman" size="1">4.52</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="809" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total investment return for the period<sup>&#134;</sup>:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman" size="1">Based upon market value </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom">
<font face="Times New Roman" size="1">8.70</font></td>
<td colspan="1" width="42" align="left" valign="bottom">
<font face="Times New Roman" size="1">%***</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman" size="1">42.35</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">9.66</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">7.25</font></td>
<td colspan="1" width="26" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">68.81</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="40" align="right" valign="bottom">
<font face="Times New Roman" size="1">(35.76</font></td>
<td colspan="1" width="26" align="left" valign="bottom">
<font face="Times New Roman" size="1">)%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Based upon net asset value </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">11.22</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%***</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">34.01</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">7.17</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">12.58</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">59.62</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(34.43</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="809" align="left" valign="bottom">
<font face="Times New Roman" size="1">Ratio to average net assets:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total expenses before custody credits*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.41</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%**</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.60</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.74</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.58</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.77</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.63</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net investment income (loss) </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.36</font></td>
<td colspan="1" width="42" align="left" valign="bottom">
<font face="Times New Roman" size="1">%****</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman" size="1">.89</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">.70</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">(.13</font></td>
<td colspan="1" width="26" align="left" valign="bottom">
<font face="Times New Roman" size="1">)%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">.29</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="40" align="right" valign="bottom">
<font face="Times New Roman" size="1">.03</font></td>
<td colspan="1" width="26" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Portfolio turnover</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">29.57</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%***</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">64</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">107</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">205</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">287</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">112</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net assets at end of year (000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="80" align="right" valign="bottom">
<font face="Times New Roman" size="1">166,999</font></td>
<td colspan="1" width="42" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman" size="1">152,986</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">117,700</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">140,037</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">130,442</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="40" align="right" valign="bottom">
<font face="Times New Roman" size="1">84,809</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="1">&nbsp;&nbsp;(a)&nbsp;&nbsp;Based on average shares outstanding during the period.</font></p>
<p><font face="Times New Roman" size="1">&nbsp;&nbsp;(b)&nbsp;&nbsp;Amount is less than $.005 per share.</font></p>
<p align="left"><font face="Times New Roman" size="1">&nbsp;&nbsp;&#134;&nbsp;&nbsp;Total return based on net asset value reflects changes in the Fund's net asset value during each period. Total return based on market value reflects changes in market value. Each figure includes reinvestments of dividend and capital gain distributions, if any. These figures will differ depending upon the level of any discount from or premium to net asset value at which the Fund's shares trade during the period.</font></p>
<p><font face="Times New Roman" size="1">&nbsp;&nbsp;*&nbsp;&nbsp;The custody credits are attributable to interest earned on U.S. cash balances. The ratio of total expenses after custody credits to average net assets are 1.41%, 1.59%, 1.73%, 1.57%, 1.77% and 1.63% for 2007, 2006, 2005, 2004, 2003 and 2002, respectively</font></p>
<p><font face="Times New Roman" size="1">&nbsp;&nbsp;**&nbsp;&nbsp;Annualized</font></p>
<p><font face="Times New Roman" size="1">&nbsp;&nbsp;***&nbsp;&nbsp;Not Annualized</font></p>
<p><font face="Times New Roman" size="1">&nbsp;&nbsp;****&nbsp;&nbsp;Not Annualized. The ratio for the six months ended June 30, 2007 has not been annualized since the Fund believes it would not be appropriate because the Fund's dividend income is not earned ratably throughout the fiscal year.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>15</font></p>
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<!-- Document name: 07-19608-1.fa-->
<p align="left"><font face="Times New Roman" size="2"><b>THE EUROPEAN EQUITY FUND, INC.<BR>NOTES TO FINANCIAL STATEMENTS &#151; JUNE 30, 2007 (unaudited)</b></font></p>
<p align="left"><font face="Times New Roman" size="2"><b>NOTE 1. ACCOUNTING POLICIES</b></font></p>
<p><font face="Times New Roman" size="2">The European Equity Fund, Inc. (formerly The Germany Fund, Inc.) (the "Fund") was incorporated in Delaware on April 8, 1986 as a diversified, closed-end management investment company. Investment operations commenced on July 23, 1986. The Fund reincorporated in Maryland on August 29, 1990 and on October 16, 1996 the Fund changed from a diversified to a non-diversified company.</font></p>
<p><font face="Times New Roman" size="2">The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Security Valuation:</i></b></font><font face="Times New Roman" size="2"> Investments are stated at value. All securities for which market quotations are readily available are valued at the last sales price on the primary exchange on which they are traded prior to the time of valuation. If no sales price is available at that time, and both bid and ask prices are available, the securities are valued at the mean between the last current bid and ask prices; if no quoted asked prices are available, they are valued at the last quoted bid price. All securities for which market quotations are not readily available will be valued as determined in good faith by the Board of Directors of the Fund. The Fund calculates its net asset value per share at 11:30 a.m., New York time.</font></p>
<p><font face="Times New Roman" size="2">In September 2006, The Financial Accounting Standards Board (FASB) released Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 is effective for fiscal years beginning after November 15, 2007. As of June 30, 2007, management does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements reported in the statement of operations for a fiscal period.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Securities Transactions and Investment Income:</i></b></font><font face="Times New Roman" size="2"> Securities transactions are recorded on the trade date. Cost of securities sold is calculated using the identified cost </font></p>
<p><font face="Times New Roman" size="2">method. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Such dividend income is recorded net of unrecoverable foreign withholding tax.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Securities Lending:</i></b></font><font face="Times New Roman" size="2"> The Fund may lend securities to financial institutions. The Fund retains beneficial ownership of the securities it has loaned and continues to receive interest and dividends paid by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of liquid, unencumbered assets having a value at least equal to or greater than the "Margin Percentage" to the value of the securities loaned. "Margin Percentage" shall mean (i) for collateral which is denominated in the same currency as the loaned securities, 102%, and (ii) for collateral which is denominated in a currency different from that of the loaned security, 105%. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemp
tive Orders issued by the SEC. Deutsche Investment Management Americas Inc. receives a management fee (.04% annual effective rate as of June 30, 2007) on the cash collateral invested in the affiliated money fund. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of fees paid to a lending agent, and a portion of the interest that is paid to the borrower of the securities. Either the Fund or the borrower may terminate the loan. The Fund is subject to all investment risks associated with the value of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Foreign Currency Translation:</i></b></font><font face="Times New Roman" size="2"> The books and records of the Fund are maintained in United States dollars.</font></p>
<p><font face="Times New Roman" size="2">Assets and liabilities denominated in Euros and other foreign currency amounts are translated into United States dollars at the 11:00 a.m. mid-point of the buying and selling spot rates quoted by the Federal Reserve Bank of New York. Purchases and sales of investment securities, income and expenses are reported at the rate of exchange prevailing on the respective settlement dates of such transactions. The resultant gains and losses arising from exchange rate fluctuations are identified separately in the Statement of Operations, except for such amounts attributable to </font></p>
<p align="center"><font size="2" face="Times New Roman"><br>16</font></p>
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<p align="left"><font face="Times New Roman" size="2"><b>THE EUROPEAN EQUITY FUND, INC.<BR>NOTES TO FINANCIAL STATEMENTS &#151; JUNE 30, 2007 (unaudited) (continued)</b></font></p>
<p><font face="Times New Roman" size="2">investments which are included in net realized and unrealized gains and losses on investments. </font></p>
<p><font face="Times New Roman" size="2">At June 30, 2007, the exchange rate was Euro .7405 to US $1.00.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Futures Contracts:</i></b></font><font face="Times New Roman" size="2"> A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). The Fund may enter into futures contracts as a hedge against anticipated interest rate, currency or equity market changes, and for duration management, risk management and return enhancement purposes.</font></p>
<p><font face="Times New Roman" size="2">Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary an amount ("initial margin") equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Fund dependent upon the daily fluctuations in the value of the underlying security and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When entering into a closing transaction, the Fund will realize a gain or loss equal to the difference between the value of the futures contract to sell and the futures contract to buy. Futures contracts are valued at the most recent settlement price.</font></p>
<p><font face="Times New Roman" size="2">Certain risks may arise upon entering into futures contracts, including the risk that an illiquid secondary market will limit the Fund's ability to close out a futures contract prior to the settlement date and that a change in the value of a futures contract may not correlate exactly with the changes in the value of the securities or currencies hedged. When utilizing futures contracts to hedge, the Fund gives up the opportunity to profit from favorable price movements in the hedged positions during the term of the contract.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Contingencies:</i></b></font><font face="Times New Roman" size="2"> In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Taxes:</i></b></font><font face="Times New Roman" size="2"> No provision has been made for United States Federal income tax because the Fund intends to meet the </font></p>
<p><font face="Times New Roman" size="2">requirements of the United States Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to shareholders.</font></p>
<p><font face="Times New Roman" size="2">The cost of investments at June 30, 2007 was $162,879,849 for United States Federal income tax purposes. Accordingly, as of June 30, 2007, net unrealized appreciation of investments aggregated $35,389,531, of which $39,734,352 and $4,344,821 related to unrealized appreciation and depreciation, respectively.</font></p>
<p><font face="Times New Roman" size="2">For United States Federal income tax purposes, the Fund had a capital loss carry forward at December 31, 2006 of approximately $4,928,000, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until 12/31/2010, whichever occurs first.</font></p>
<p><font face="Times New Roman" size="2">In July 2006, FASB issued Interpretation No. 48 ("FIN 48"), "Accounting for Uncertainty in Income Taxes &#151; an interpretation of FASB Statement No. 109" (the "Interpretation"). The Interpretation establishes for the Fund a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns. Management has evaluated the application of FIN 48 and has determined there is no impact on the Fund's financial statements.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Dividends and Distributions to Shareholders:</i></b></font><font face="Times New Roman" size="2"> The Fund records dividends and distributions to its shareholders on the ex-dividend date. Income and capital gain distributions are determined in accordance with United States Federal income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences, which could be temporary or permanent in nature, may result in reclassification of distributions; however, net investment income, net realized gains and net assets are not affected.</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>NOTE 2. MANAGEMENT AND INVESTMENT ADVISORY AGREEMENTS</b></font></p>
<p><font face="Times New Roman" size="2">The Fund has a Management Agreement with Deutsche Investment Management Americas Inc. (the "Manager"). The Fund has an Investment Advisory Agreement with Deutsche Asset Management International GmbH (the "Investment Adviser"). The Manager and the Investment Adviser are affiliated companies.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>17</font></p>
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<p align="left"><font face="Times New Roman" size="2"><b>THE EUROPEAN EQUITY FUND, INC.<BR>NOTES TO FINANCIAL STATEMENTS &#151; JUNE 30, 2007 (unaudited) (continued)</b></font></p>
<p><font face="Times New Roman" size="2">The Management Agreement provides the Manager with a fee, computed weekly and payable monthly, at the annual rates of .65% of the Fund's average weekly net assets up to $50 million, and .55% of such assets in excess of $50 million. The Investment Advisory Agreement provides the Investment Adviser with a fee, computed weekly and payable monthly, at the annual rates of .35% of the Fund's average weekly net assets up to $100 million and .25% of such assets in excess of $100 million. Accordingly, for the period ended June 30, 2007, the combined fee pursuant to the Management and Investment Advisory Agreements was equivalent to an annualized effective rate of .89% of the Fund's average net assets.</font></p>
<p><font face="Times New Roman" size="2">Pursuant to the Management Agreement, the Manager is the corporate manager and administrator of the Fund and, subject to the supervision of the Board of Directors and pursuant to recommendations made by the Fund's Investment Adviser, determines the suitable securities for investment by the Fund. The Manager also provides office facilities and certain administrative, clerical and bookkeeping services for the Fund. Pursuant to the Investment Advisory Agreement, the Investment Adviser, in accordance with the Fund's stated investment objectives, policies and restrictions, makes recommendations to the Manager with respect to the Fund's investments and, upon instructions given by the Manager as to suitable securities for investment by the Fund, transmits purchase and sale orders, and selects brokers and dealers to execute portfolio transactions on behalf of the Fund.</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>NOTE 3. TRANSACTIONS WITH AFFILIATES</b></font></p>
<p><font face="Times New Roman" size="2">Effective February 1, 2007, DWS Scudder Investments Service Company ("DWS-SISC"), an affiliate of the Manager, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency agreement between DWS-SISC and DST Systems, Inc. ("DST"), DWS-SISC has delegated certain transfer agent and dividend-paying agent paying functions to DST. DWS-SISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2007, the amount charged to the Fund by DWS-SISC aggregated $15,496, none of which is unpaid.</font></p>
<p><font face="Times New Roman" size="2">Deutsche Bank AG, the German parent of the Manager and Investment Adviser, and its affiliates may receive brokerage commissions as a result of executing agency transactions in portfolio securities on behalf of the Fund, </font></p>
<p><font face="Times New Roman" size="2">that the Board determined were effected in compliance with the Fund's Rule 17e-1 procedures. For the six months ended June 30, 2007, Deutsche Bank AG and its affiliates did not receive brokerage commissions.</font></p>
<p><font face="Times New Roman" size="2">Certain officers of the Fund are also officers of either the Manager or Deutsche Bank AG.</font></p>
<p><font face="Times New Roman" size="2">The Fund pays each Director not affiliated with the Manager retainer fees plus specified amounts for attended board and committee meetings.</font></p>
<p><font face="Times New Roman" size="2">On July 23, 2007, the Board approved the DWS Cash Management QP Trust (the "QP Trust") as the Fund's cash-sweep vehicle. The QP Trust is an affiliated unregistered fund managed by the Investment Manager. The QP Trust seeks to provide as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. The QP Trust does not pay the Investment Manager a management fee for the affiliated funds' investments in the QP Trust.</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>NOTE 4. PORTFOLIO SECURITIES</b></font></p>
<p><font face="Times New Roman" size="2">Purchases and sales of investment securities, other than short-term investments, for the period ended June 30, 2007 were $106,716,137 and $110,345,270, respectively.</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>NOTE 5. INVESTING IN FOREIGN MARKETS</b></font></p>
<p><font face="Times New Roman" size="2">Foreign investments may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among others, the possibility of political and economic developments and the level of governmental supervision and regulation of foreign securities markets. In addition, certain foreign markets may be substantially smaller, less developed, less liquid and more volatile than the major markets of the United States.</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>NOTE 6. CAPITAL</b></font></p>
<p><font face="Times New Roman" size="2">During the period ended June 30, 2007 and the year ended December 31, 2006, the Fund purchased 0 and 10,450 of its shares of common stock on the open market at a total cost of $0 and $103,611, respectively. The weighted average discount of these purchased shares comparing the purchased price to the net asset value at the time of purchase was 0% and 10.0% respectively. These shares are held in treasury.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>18</font></p>
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<!-- Document name: 07-19608-1.ga-->
<p align="left"><font face="Times New Roman" size="2"><b>THE EUROPEAN EQUITY FUND, INC.<BR>REPORT OF STOCKHOLDERS' MEETING (unaudited)</b></font></p>
<p><font face="Times New Roman" size="2">The Annual Meeting of Stockholders of The European Equity Fund, Inc. was held on June 25, 2007. At the Meeting, the following matters were voted upon by the stockholders. The resulting votes are presented below:</font></p>
<p><font face="Times New Roman" size="2">1. To elect three Directors to serve a term of three years until their successors are elected and qualify.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="136" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="146" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Number of Votes:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="136" align="left" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Director</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Withheld</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="136" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">John A. Bult</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">9,245,824</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">230,328</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="136" align="left" valign="bottom">
<font face="Times New Roman" size="2">Ambassador Richard R. Burt</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font face="Times New Roman" size="2">8,992,596</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman" size="2">483,557</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="136" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Robert H. Wadsworth</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">9,242,813</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">233,340</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman" size="2">2. To ratify the appointment by the Audit Committee and the Board of Directors of PricewaterhouseCoopers LLP, an independent registered public accounting firm, as independent auditors for the fiscal year ending December 31, 2007.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="11" width="209" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Number of Votes:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Against</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="border:none 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Abstain</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="19" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">9,376,557</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">71,531</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">27,237</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="2"><b>PROXY VOTING</b></font></p>
<p><font face="Times New Roman" size="2">A description of the Fund's policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies relating to its portfolio securities during the 12 month period ended June 30 is available on our web site &#151; www.eeafund.com &#151; (click on the "proxy voting record" link in the left hand tool bar) or on the SEC's web site at www.sec.gov. To obtain a written copy of the Fund's policies and procedures without charge, upon request, call us toll free at 1-800-437-6269.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>19</font></p>
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<p><font face="Times New Roman" size="1"><b>EXECUTIVE OFFICES </b></font></p>
<p align="left"><font face="Times New Roman" size="1"><i>345 Park Avenue, New York, NY 10154 </i></font></p>
<p><font face="Times New Roman" size="1"><b>MANAGER </b></font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Deutsche Investment Management Americas Inc. </i></font></p>
<p><font face="Times New Roman" size="1"><b>INVESTMENT ADVISER </b></font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Deutsche Asset Management International GmbH </i></font></p>
<p><font face="Times New Roman" size="1"><b>CUSTODIAN</b></font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Brown Brothers Harriman &amp; Co.</i></font></p>
<p><font face="Times New Roman" size="1"><b>TRANSFER </b><b>A</b><b>GENT</b></font></p>
<p align="left"><font face="Times New Roman" size="1"><i>DWS Scudder Investments Service Company</i></font></p>
<p><font face="Times New Roman" size="1"><b>LEGAL COUNSEL </b></font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Sullivan &amp; Cromwell LLP </i></font></p>
<p><font face="Times New Roman" size="1"><b>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </b></font></p>
<p align="left"><font face="Times New Roman" size="1"><i>PricewaterhouseCoopers LLP </i></font></p>
<p><font face="Times New Roman" size="1"><b>DIRECTORS AND OFFICERS </b></font></p>
<p><font face="Times New Roman" size="1">CHRISTIAN H. STRENGER </font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Chairman and Director </i></font></p>
<p><font face="Times New Roman" size="1">DETLEF BIERBAUM </font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director </i></font></p>
<p><font face="Times New Roman" size="1">KURT W. BOCK </font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director </i></font></p>
<p><font face="Times New Roman" size="1">JOHN A. BULT </font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director </i></font></p>
<p><font face="Times New Roman" size="1">RICHARD R. BURT </font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director </i></font></p>
<p><font face="Times New Roman" size="1">JOHN H. CANNON </font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director </i></font></p>
<p><font face="Times New Roman" size="1">DR. FRIEDBERT MALT* </font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director </i></font></p>
<p><font face="Times New Roman" size="1">DR. FRANK TR&Ouml;MEL </font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director </i></font></p>
<p><font face="Times New Roman" size="1">ROBERT H. WADSWORTH </font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director </i></font></p>
<p><font face="Times New Roman" size="1">WERNER WALBR&Ouml;L </font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director </i></font></p>
<p><font face="Times New Roman" size="1">MICHAEL CLARK</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>President and Chief Executive Officer </i></font></p>
<p><font face="Times New Roman" size="1">PAUL H. SCHUBERT </font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Chief Financial Officer and Treasurer </i></font></p>
<p><font face="Times New Roman" size="1">ELISA METZGER</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Chief Legal Officer </i></font></p>
<p><font face="Times New Roman" size="1">BRETT ROGERS</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Chief Compliance Officer </i></font></p>
<p><font face="Times New Roman" size="1">DAVID GOLDMAN</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Secretary</i></font></p>
<p><font face="Times New Roman" size="1">JOHN MILLETTE</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Assistant Secretary </i></font></p>
<p><font face="Times New Roman" size="1">*&nbsp;&nbsp;Dr. Malt was elected to Board on July 23, 2007.</font></p>
<p><font face="Times New Roman" size="1">49959 (8/07)</font></p>
<p align="center"><font face="Times New Roman" size="1"><b>VOLUNTARY CASH PURCHASE PROGRAM <BR>AND DIVIDEND REINVESTMENT PLAN</b></font></p>
<p><font face="Times New Roman" size="1">The Fund offers stockholders a Voluntary Cash Purchase Program and Dividend Reinvestment Plan ("Plan") which provides for optional cash purchases and for the automatic reinvestment of dividends and distributions payable by the Fund in additional Fund shares. Plan participants may invest as little as $100 in any month and may invest up to $36,000 annually. The Plan has been amended to allow current shareholders, who are not already participants in the Plan, and first time investors to enroll in the Plan by making an initial cash deposit of at least $250 with the plan agent. Share purchases are combined to receive a beneficial brokerage fee. A brochure is available by writing or telephoning the plan agent: </font></p>
<p align="center"><font face="Times New Roman" size="1">DWS Scudder Investments Service Company<BR>210 W 10th Street 6th Floor<BR>Attn Closed End Fund Area<BR>Kansas City, MO 64105<BR>Tel. 1-800-437-6269</font></p>
<p><font face="Times New Roman" size="1">This report, including the financial statements herein, is transmitted to the shareholders of The European Equity Fund, Inc. for their information. This is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report. The information contained in the letter to the shareholders, the interview with the Fund Portfolio Manager and the report from the investment adviser and manager in this report is derived from carefully selected sources believed reasonable. We do not guarantee its accuracy or completeness, and nothing in this report shall be construed to be a representation of such guarantee. Any opinions expressed reflect the current judgment of the author, and do not necessarily reflect the opinion of Deutsche Bank AG or any of its subsidiaries and affiliates. </font></p>
<p><font face="Times New Roman" size="1">Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Fund may purchase at market prices from time to time shares of its common stock in the open market. </font></p>
<p><font face="Times New Roman" size="1">Comparisons between changes in the Fund's net asset value per share and changes in the DAX index should be considered in light of the Fund's investment policy and objectives, the characteristics and quality of the Fund's investments, the size of the Fund and variations in the foreign currency/dollar exchange rate. </font></p>
<p><font face="Times New Roman" size="1">Fund Shares are not FDIC - insured and are not deposits or other obligations of or guaranteed by any bank. Fund Shares involve investment risk, including possible loss of principal. </font></p>
<p><img src="j07196081_za007.jpg"></p>
<p align="center"><font face="Times New Roman" size="2">Copies of this report, monthly fact sheets and other information are available at: <BR>www.eeafund.com </font></p>
<p align="left"><font face="Times New Roman" size="1">For latest net asset value, schedule of the Fund's largest holdings, dividend data and shareholder inquiries, please call 1-800-GERMANY in the U.S. or 617-443-6918 outside of the U.S.</font></p>
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<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse'>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 2.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>CODE OF ETHICS</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable.</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 3.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>AUDIT COMMITTEE FINANCIAL EXPERT</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable.</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 4.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>PRINCIPAL ACCOUNTANT FEES AND SERVICES</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse'>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 5.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>AUDIT COMMITTEE OF LISTED REGISTRANTS</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not Applicable</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 6.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>SCHEDULE OF INVESTMENTS</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not Applicable</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 7.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable.</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 8.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse'>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 9.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="649" style='margin-left:4.65pt;border-collapse:collapse'>
    <tr style='height:106.25pt'>
        <td width="193" nowrap valign=bottom style='border:solid black 1.0pt; border-right:none;padding: 0in 5.4pt 0in 5.4pt;height:106.25pt'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Period</font></p> </td>
        <td width="84" nowrap valign=bottom style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:106.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Total Number of</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Shares Purchased</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in 5.4pt 0in 5.4pt;height:106.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Average Price Paid</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>per Share</font></p> </td>
        <td width="132" nowrap valign=bottom style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:106.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Total Number of</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Shares Purchased as</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Part of Publicly Announced</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Plans or Programs</font></p> </td>
        <td width="144" nowrap valign=bottom style='border:solid black 1.0pt; border-left:none;padding: 0in 5.4pt 0in 5.4pt;height:106.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Maximum Number of</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Shares that May Yet Be</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Purchased Under the</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Plans or Programs</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="193" nowrap valign=bottom style=' border-left:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="132" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="193" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>January 1 through January 31</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.0000</font></p> </td>
        <td width="132" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="193" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>February 1 through February 28</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.0000</font></p> </td>
        <td width="132" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="193" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>March 1 through March 31</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.0000</font></p> </td>
        <td width="132" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="193" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>April 1 through April 30</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.0000</font></p> </td>
        <td width="132" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="193" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>May 1 through May 31</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.0000</font></p> </td>
        <td width="132" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="193" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>June 1 through June 30</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.0000</font></p> </td>
        <td width="132" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="193" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:solid black 1.0pt; border-right:none;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="84" nowrap valign=bottom style='border:solid black 1.0pt; border-top:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="132" nowrap valign=bottom style='border:solid black 1.0pt; border-top:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="649" style='margin-left:4.65pt;border-collapse:collapse'>
    <tr style='height:15.75pt'>
        <td width="193" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:solid black 1.0pt; border-right:none;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total </font></p> </td>
        <td width="84" nowrap valign=bottom style='border:solid black 1.0pt; border-top:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.0000</font></p> </td>
        <td width="132" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="144" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse'>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 10.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</font></B></p> </td> </tr>
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        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Committee on Independent Trustees/Directors selects and nominates Independent Trustees/Directors. Fund shareholders may submit nominees that will be considered by the committee when a Board vacancy occurs. Submissions should be mailed to: c/o Dawn-Marie Driscoll, PO Box 100176, Cape Coral, FL 33910.</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 11.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>CONTROLS AND PROCEDURES</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chief Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no changes in the registrant's internal control over financial reporting that occurred during the registrant's last half-year (the registrant's second fiscal half-year in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal controls over financial reporting.</font></p> </td> </tr>
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        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 12.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>EXHIBITS</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)(1)&nbsp;&nbsp;&nbsp;Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.</font></p> </td> </tr>
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        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Form N-CSRS Item F</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The European Equity Fund</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="317" style='border-collapse:collapse; '>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="125" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr></table>
</div>



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<table border="0" cellspacing=0 cellpadding=0 width="304" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael G. Clark</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="300" style='border-collapse:collapse'>
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        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="108" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 24, 2007</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The European Equity Fund</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="317" style='border-collapse:collapse; '>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="125" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr></table>
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<table border="0" cellspacing=0 cellpadding=0 width="304" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael G. Clark</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="300" style='border-collapse:collapse'>
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        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="108" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 24, 2007</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="300" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="108" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr></table>
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<table border="0" cellspacing=0 cellpadding=0 width="285" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>Chief Financial Officer and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

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        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="108" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 24, 2007</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>9
<FILENAME>cert_eef.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'><img src="img1.gif"><br> <b><font face="Arial" size=2></font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>President</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Form N-CSRS Certification under Sarbanes Oxley Act</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Michael G. Clark, certify that: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of The European Equity Fund, on Form N-CSRS;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 24, 2007</font></p> </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Michael G. Clark</font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>President</font></font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The European Equity Fund</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'>
<img src="img2.gif"><br> <b><font face="Arial" size=2></font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>Chief Financial Officer and Treasurer</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Form N-CSRS Certification under Sarbanes Oxley Act</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Paul Schubert, certify that: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of The European Equity Fund, on Form N-CSRS;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="564" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 24, 2007</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Paul Schubert </font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>Chief Financial Officer and Treasurer</font></font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The European Equity Fund</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>12
<FILENAME>cert906_eef.htm
<DESCRIPTION>906 CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'><img src="img1.gif"><br> <b><font face="Arial" size=2></font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>President</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Section 906 Certification under Sarbanes Oxley Act</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Michael G. Clark, certify that: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of The European Equity Fund, on Form N-CSRS;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSRS (the &#147;Report&#148;) fully complies with the requirements of &sect; 13 (a) or &sect;15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 24, 2007</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Michael G. Clark </font></p>  </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>President</font></font></p>  </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The European Equity Fund</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'>
<img src="img2.gif"><br> </p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>Chief Financial Officer and Treasurer</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Section 906 Certification under Sarbanes Oxley Act</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Paul Schubert, certify that: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of The European Equity Fund, on Form N-CSRS;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSRS (the &#147;Report&#148;) fully complies with the requirements of &sect; 13 (a) or &sect;&nbsp;15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 24, 2007</font></p> </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Paul Schubert </font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>Chief Financial Officer and Treasurer</font></font></p>  </td> </tr>
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        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The European Equity Fund</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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