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<SEC-DOCUMENT>0000088053-08-001266.txt : 20081126
<SEC-HEADER>0000088053-08-001266.hdr.sgml : 20081126
<ACCEPTANCE-DATETIME>20081126165301
ACCESSION NUMBER:		0000088053-08-001266
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080930
FILED AS OF DATE:		20081126
DATE AS OF CHANGE:		20081126
EFFECTIVENESS DATE:		20081126

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-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04632
		FILM NUMBER:		081218613

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq093008eef.htm
<DESCRIPTION>N-Q FILING - THE EUROPEAN EQUITY FUND, INC.
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><font SIZE=2>UNITED STATES</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>Washington, DC 20549</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><B><font SIZE=2>FORM N-Q</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><B><font SIZE=2>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><B><font SIZE=2>MANAGEMENT INVESTMENT COMPANY</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><b><font size=2>_______________________________ </font></b></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Investment Company Act file number  811-4632</font></font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>(Exact name of registrant as specified in charter)</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>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 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:12pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>Paul Schubert</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>345 Park Avenue</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><u><font size=2>New York, NY  10154-0004</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>(Name and address of agent for service)</font></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Registrant's telephone number, including area code:  </font></font><u><font size=2>(212) 454-7190</font></u></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Date of fiscal year end:  </font><u><font size=2>12/31</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Date of reporting period:</font><u><font size=2> 09/30/08</font></u></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>ITEM 1.  SCHEDULE OF INVESTMENTS</font></p>

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


<p style='page-break-before:always'></p>
</DIV>

<P align=left><FONT face="Times New Roman"
size=2><B>THE EUROPEAN EQUITY FUND<BR>SCHEDULE OF INVESTMENTS - SEPTEMBER 30,
2008 (unaudited)</B></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=left width=190 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Shares</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=center width=163 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Description</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=center width=89 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Value</B></FONT><FONT
      face="Times New Roman"
    size=1><B>(a)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=190 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      GERMAN<BR></B></FONT><FONT
      face="Times New Roman" size=2><B>SECURITIES -
      31.0%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=260 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>CHEMICALS -
      7.9%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>52,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>BASF</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>2,465,073</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174><FONT
      face="Times New Roman" size=1>20,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><FONT
      face="Times New Roman" size=1>K + S</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>1,366,395</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>33,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Linde</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>3,498,634</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174><FONT
      face="Times New Roman" size=1>7,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><FONT
      face="Times New Roman" size=1>Wacker
      Chemie</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman" size=1>986,661</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=361 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>8,316,763</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>CONSTRUCTION
      &amp;<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>ENGINEERING -
      0.8%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>16,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Bauer</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>797,813</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>DIVERSIFIED
      FINANCIAL<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SERVICES -
      1.3%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>15,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Deutsche
      Boerse</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,345,677</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>ELECTRIC
      UTILITIES - 5.0%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>104,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>E.ON</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>5,197,470</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>ELECTRICAL
      EQUIPMENT - 3.2%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>25,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>SGL
    Carbon*</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>957,937</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174><FONT
      face="Times New Roman" size=1>38,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><FONT
      face="Times New Roman"
    size=1>Solarworld</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>1,569,753</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>10,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Vestas Wind
      Systems*</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>848,829</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=361 colSpan=7>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>3,376,519</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman"
      size=1><B>INDUSTRIAL<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>CONGLOMERATES
      - 3.5%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174><FONT
      face="Times New Roman" size=1>22,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><FONT
      face="Times New Roman"
    size=1>Rheinmetall</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>1,172,392</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>27,500</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Siemens</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>2,539,692</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=361 colSpan=7>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>3,712,084</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>INSURANCE -
      3.0%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174><FONT
      face="Times New Roman" size=1>23,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><FONT
      face="Times New Roman" size=1>Allianz</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>3,110,403</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>INTERNET
      SOFTWARE &amp;<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SERVICES -
      0.9%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174><FONT
      face="Times New Roman" size=1>85,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><FONT
      face="Times New Roman" size=1>United
      Internet</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman" size=1>904,984</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman"
      size=1><B>PHARMACEUTICALS - 2.1%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174><FONT
      face="Times New Roman" size=1>30,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><FONT
      face="Times New Roman" size=1>Bayer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>2,182,748</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>REAL ESTATE
      MANAGEMENT &amp; DEVELOPMENT - 0.5%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174><FONT
      face="Times New Roman" size=1>57,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><FONT
      face="Times New Roman" size=1>IVG
      Immobilien</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman" size=1>543,622</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>SOFTWARE -
      1.2%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174><FONT
      face="Times New Roman" size=1>22,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><FONT
      face="Times New Roman" size=1>Software
    AG</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>1,235,430</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=174 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Total Common
      Stocks<BR></FONT><FONT face="Times New Roman"
      size=1>(cost $34,927,059)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>30,723,513</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=left width=190 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Shares</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=center width=163 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Description</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=center width=89 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Value</B></FONT><FONT
      face="Times New Roman"
    size=1><B>(a)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 bgColor=#cceeff colSpan=7><FONT
      face="Times New Roman" size=1><B>PREFERRED
      STOCK - 1.6%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>HEALTHCARE
      EQUIPMENT &amp;<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SUPPLIES -
      1.6%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>24,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman"
      size=1>Fresenius<BR></FONT><FONT
      face="Times New Roman" size=1>(cost
      $783,786)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,725,635</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom width=174>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><FONT
      face="Times New Roman" size=1>Total Investments
      in German<BR></FONT><FONT
      face="Times New Roman"
      size=1>Securities<BR></FONT><FONT
      face="Times New Roman" size=1>(cost
      $35,710,845)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>32,449,148</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=190 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      FRENCH<BR></B></FONT><FONT
      face="Times New Roman" size=2><B>COMMON STOCKS
      - 21.3%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=260 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>COMMERCIAL
      BANKS - 2.7%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>30,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>BNP
    Paribas</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>2,784,479</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman"
      size=1><B>CONSTRUCTION<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>MATERIALS -
      1.0%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>10,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Lafarge</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,036,454</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>ELECTRICAL
      EQUIPMENT - 0.8%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>12,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Alstom</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>889,365</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>ENERGY
      EQUIPMENT &amp;<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SERVICES -
      0.9%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>30,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Compagnie
      Generale de<BR></FONT><FONT
      face="Times New Roman"
      size=1>Geophysique-Veritas*</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>932,935</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>FOOD PRODUCTS
      - 3.3%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>50,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Groupe
      Danone</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>3,511,500</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>INSURANCE -
      5.2%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>170,100</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>AXA</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>5,470,130</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman"
      size=1><B>MULTI-UTILITIES - 1.4%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>28,623</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Suez</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,467,441</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>OIL, GAS &amp;
      CONSUMABLE<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>FUELS -
      4.1%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>71,600</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Total</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>4,282,244</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>TEXTILE,
      APPAREL &amp; LUXURY<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>GOODS -
      1.9%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>23,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>LVMH Moet
      Hennessy<BR></FONT><FONT face="Times New Roman"
      size=1>Louis Vuitton</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,994,883</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom width=174>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><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 $25,435,736)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>22,369,431</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<P align=center><FONT face="Times New Roman"
size=2><BR>7</FONT></P>
<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=left width=190 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Shares</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=center width=163 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Description</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=center width=89 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Value</B></FONT><FONT
      face="Times New Roman"
    size=1><B>(a)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=190 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      SPANISH<BR></B></FONT><FONT
      face="Times New Roman" size=2><B>COMMON STOCKS
      - 12.6%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=260 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>BIOTECHNOLOGY
      - 1.2%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>51,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Grifols</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,289,423</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>CONSTRUCTION
      &amp;<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>ENGINEERING -
      1.0%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>24,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Tecnicas
      Reunidas</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,005,918</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><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 -
      5.8%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>260,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman"
    size=1>Telefonica</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>6,131,641</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>ELECTRIC
      UTILITIES - 2.4%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>250,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman"
    size=1>Iberdrola</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>2,507,211</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>INDEPENDENT
      POWER<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>PRODUCERS
      &amp; ENERGY<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>TRADERS -
      0.8%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>200,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Iberdrola
      Renovables*</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>859,615</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>IT SERVICES -
      1.4%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>61,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Indra
      Sistemas</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,437,721</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom width=174>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><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 $13,998,532)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>13,231,529</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=190 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      ITALIAN<BR></B></FONT><FONT
      face="Times New Roman" size=2><B>COMMON STOCKS
      - 7.6%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=260 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>COMMERCIAL
      BANKS - 3.8%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>730,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Intesa
      Sanpaolo</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>3,942,501</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>CONSTRUCTION
      &amp;<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>ENGINEERING -
      0.9%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>60,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Trevi
      Finanziaria</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>975,916</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>ENERGY
      EQUIPMENT &amp;<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SERVICES -
      0.8%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>30,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Saipem</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>881,106</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman"
      size=1><B>MULTI-UTILITIES - 2.1%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>600,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>UniCredito
      Italiano SpA</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>2,189,069</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom width=174>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><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 $12,518,779)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>7,988,592</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=left width=190 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Shares</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=center width=163 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Description</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=center width=89 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Value</B></FONT><FONT
      face="Times New Roman"
    size=1><B>(a)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=190 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      DUTCH<BR></B></FONT><FONT
      face="Times New Roman" size=2><B>COMMON STOCKS
      - 5.7%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=260 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>CONSTRUCTION
      &amp;<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>ENGINEERING -
      2.4%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>27,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Boskalis
      Westminster</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,257,567</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174><FONT
      face="Times New Roman" size=1>38,000</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><FONT
      face="Times New Roman"
size=1>Grontmij</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>1,238,295</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=361 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>2,495,862</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>ENERGY
      EQUIPMENT &amp;<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SERVICES -
      1.3%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>23,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Fugro</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,339,075</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>INSURANCE -
      2.0%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>250,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Aegon</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>2,177,130</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom width=174>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><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
      $7,949,032)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>6,012,067</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=190 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      SWISS<BR></B></FONT><FONT
      face="Times New Roman" size=2><B>COMMON STOCKS
      - 4.9%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=260 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>CAPITAL
      MARKETS - 2.1%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>135,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>UBS AG*</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>2,222,708</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>INSURANCE -
      1.0%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>20,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Swiss
      Reinsurance</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,082,768</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>LIFE SCIENCES
      TOOLS &amp;<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SERVICES -
      1.8%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>15,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Lonza
    Group</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,867,642</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom width=174>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><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
      $5,640,560)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>5,173,118</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=190 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      GREEK<BR></B></FONT><FONT
      face="Times New Roman" size=2><B>COMMON STOCKS
      - 4.0%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=260 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>COMMERCIAL
      BANKS - 4.0%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>145,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Bank of Cyprus,
      Ltd.</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,124,242</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174><FONT
      face="Times New Roman" size=1>70,176</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><FONT
      face="Times New Roman" size=1>EFG
      Eurobank</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>1,251,829</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>46,800</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>National Bank of
      Greece</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,840,588</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=361 colSpan=7>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>4,216,659</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=174 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Total Investments
      in Greek<BR></FONT><FONT face="Times New Roman"
      size=1>Common Stocks<BR></FONT><FONT
      face="Times New Roman" size=1>(cost
      $6,196,650)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>4,216,659</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<P align=center><FONT face="Times New Roman"
size=2><BR>8</FONT></P>
<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=left width=190 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Shares</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=center width=163 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Description</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=center width=89 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Value</B></FONT><FONT
      face="Times New Roman"
    size=1><B>(a)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=190 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      FINNISH<BR></B></FONT><FONT
      face="Times New Roman" size=2><B>COMMON STOCKS
      - 3.2%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=260 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>AUTO
      COMPONENTS - 0.7%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>33,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Nokian
      Renkaat</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>78,710</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>ELECTRIC
      UTILITIES - 2.5%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>78,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Fortum</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>2,583,397</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom width=174>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><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 $4,239,212)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>3,362,107</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=190 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      AUSTRIAN <BR></B></FONT><FONT
      face="Times New Roman" size=2><B>COMMON STOCKS
      - 2.3%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=260 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><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 -
      1.5%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>90,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Telekom
      Austria</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,566,269</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman"
      size=1><B>TRANSPORTATION<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>INFRASTRUCTURE
      - 0.8%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>13,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Flughafen
      Wien</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>811,831</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom width=174>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><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 $4,054,731)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>2,378,100</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=190 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      NORWEGIAN<BR></B></FONT><FONT
      face="Times New Roman" size=2><B>COMMON STOCKS
      - 1.6%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=260 bgColor=#cceeff colSpan=7>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>COMMERCIAL
      BANKS - 0.7%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>100,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>DnB NOR</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>750,786</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>ENERGY
      EQUIPMENT &amp;<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>SERVICES -
      0.9%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>60,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Aker Solutions
      ASA</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>947,614</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom width=174>&nbsp;</TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><FONT
      face="Times New Roman" size=1>Total Investments
      in Norwegian<BR></FONT><FONT
      face="Times New Roman" size=1>Common
      Stocks<BR></FONT><FONT face="Times New Roman"
      size=1>(cost $3,128,549)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>1,698,400</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=left width=190 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Shares</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=center width=163 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Description</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=center width=89 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Value</B></FONT><FONT
      face="Times New Roman"
    size=1><B>(a)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=458 bgColor=#cceeff colSpan=11><FONT
      face="Times New Roman" size=2><B>INVESTMENTS IN
      PORTUGUESE<BR></B></FONT><FONT
      face="Times New Roman" size=2><B>COMMON STOCKS
      - 1.6%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=260 colSpan=7><FONT
      face="Times New Roman" size=1><B>OIL, GAS &amp;
      CONSUMABLE<BR></B></FONT><FONT
      face="Times New Roman" size=1><B>FUELS -
      1.6%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>100,000</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Galp
      Energia<BR></FONT><FONT face="Times New Roman"
      size=1>(cost $2,304,198)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>1,634,954</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><FONT
      face="Times New Roman" size=1>Total Investments
      in Common<BR></FONT><FONT
      face="Times New Roman" size=1>and Preferred
      Stocks - 95.8%<BR></FONT><FONT
      face="Times New Roman" size=1>(cost
      $121,176,824)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>100,514,105</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=458 bgColor=#cceeff colSpan=11><FONT
      face="Times New Roman" size=1><B>CASH
      EQUIVALENTS - 0.0%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD vAlign=bottom align=right width=174><FONT
      face="Times New Roman" size=1>8,820</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><FONT
      face="Times New Roman" size=1>Cash Management
      QP Trust, 2.38%</FONT><FONT
      face="Times New Roman"
      size=2><SUP>(b)<BR></SUP></FONT><FONT
      face="Times New Roman" size=1>(cost
      $8,820)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman" size=1>8,820</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Total Investments
      - 95.8%<BR></FONT><FONT face="Times New Roman"
      size=1>(cost $121,185,644)</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>100,522,925</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 colSpan=3><FONT
      face="Times New Roman" size=1>Other Assets and
      Liabilities,<BR></FONT><FONT
      face="Times New Roman" size=1>Net -
    4.2%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=20>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=right width=61><FONT
      face="Times New Roman"
    size=1>4,377,315</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width=190 bgColor=#cceeff colSpan=3>&nbsp;</TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=left width=163 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1><B>NET ASSETS -
      100.0%</B></FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=61 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>104,900,240</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD 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>(a)&nbsp;&nbsp;Values stated in US dollars.</FONT></P>
<P align=left><FONT face="Times New Roman"
size=1>(b)&nbsp;&nbsp;Affiliated fund managed by Deutsche Investment Management
Americas Inc. The rate shown is the annualized seven-day yield at period
end.</FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>9</FONT></P>
<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>
<P align=left><FONT face="Times New Roman"
size=1><B>Fair Value Measurements</B></FONT></P>
<P align=left><FONT face="Times New Roman"
size=1><I>The following is a summary of the inputs used as of September 30, 2008
in valuing the Fund's investments. Please see below for information on the
Fund's policy regarding valuation inputs, and their aggregate levels used in the
table below:</I></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom align=left width=76 colSpan=3><FONT
      face="Times New Roman" size=1><B>Valuation
      Inputs</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: medium none; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 1pt solid"
    vAlign=bottom align=center width=96 colSpan=3><FONT
      face="Times New Roman" size=1><B>Investments in
      <BR></B></FONT><FONT face="Times New Roman"
      size=1><B>Securities</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=76 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Level 1</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=20 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>$</FONT></TD>
    <TD vAlign=bottom align=right width=68 bgColor=#cceeff><FONT
      face="Times New Roman"
    size=1>100,522,925</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=76 colSpan=3><FONT
      face="Times New Roman" size=1>Level 2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom width=20>&nbsp;</TD>
    <TD vAlign=bottom align=right width=68><FONT
      face="Times New Roman" size=1>-</FONT></TD>
    <TD vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=76 bgColor=#cceeff colSpan=3><FONT
      face="Times New Roman" size=1>Level 3</FONT></TD>
    <TD bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom width=20 bgColor=#cceeff>&nbsp;</TD>
    <TD vAlign=bottom align=right width=68 bgColor=#cceeff><FONT
      face="Times New Roman" size=1>-</FONT></TD>
    <TD vAlign=bottom width=8 bgColor=#cceeff>&nbsp;</TD>
    <TD width=8 bgColor=#cceeff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width=76 colSpan=3><FONT
      face="Times New Roman"
      size=1><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=20><FONT
      face="Times New Roman"
size=1><B>$</B></FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom align=right width=68><FONT
      face="Times New Roman"
      size=1><B>100,522,925</B></FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.7pt; BORDER-TOP: 1pt solid; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0pt; BORDER-BOTTOM: 2.25pt double"
    vAlign=bottom width=8>&nbsp;</TD>
    <TD width=8>&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<P align=left><FONT face="Times New Roman"
size=1><I>The Fund adopted Financial Accounting Standards Board Statement of
Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"),
effective at the beginning of the Fund's fiscal year. FAS 157 establishes a
three-tier hierarchy to maximize the use of observable market data and minimize
the use of unobservable inputs and requires additional disclosure about the
classification of fair value measurements.</I></FONT></P>
<P align=left><FONT face="Times New Roman"
size=1><I>Various inputs are used in determining the value of the Fund's
investments. These inputs are summarized in three broad levels.
Level</I></FONT><FONT size=1> </FONT><FONT
face="Times New Roman" size=1><I>1 includes quoted
prices in active markets for identical securities. Level 2 includes other
significant observable inputs (including quoted prices for similar securities,
interest rates, prepayment speeds, credit risk, etc.). Level 3 includes
significant unobservable inputs (including the Fund's own assumptions in
determining the fair value of investments). The inputs or methodology used for
valuing securities are not necessarily an indication of the risk associated with
investing in those securities.</I></FONT></P>
<P align=center><FONT face="Times New Roman"
size=2><BR>10</FONT></P>
<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>
<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="96" 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="494" 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 style='page-break-inside:avoid'>
        <td width="96" 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="494" 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 style='page-break-inside:avoid'>
        <td width="96" 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="494" 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=2>(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chief Executive and Financial Officers concluded that the Registrant&#146;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 style='page-break-inside:avoid'>
        <td width="96" 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="494" 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 style='page-break-inside:avoid'>
        <td width="96" 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="494" 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=2>(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no changes in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal controls over financial reporting.</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" 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="494" 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 style='page-break-inside:avoid'>
        <td width="96" 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="494" 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 style='page-break-inside:avoid'>
        <td width="96" 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="494" 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 style='page-break-inside:avoid'>
        <td width="96" 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="494" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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></table>
</div>

<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:left;'><font size=2>&nbsp;</font></p>


<p style='page-break-before:always'></p>


<div style='width:600;'>



<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>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>DWS Global Commodities Stock Fund, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Daily Assets Fund Institutional, a series of DWS Institutional Funds</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>DWS Commodity Securities Fund, a series of DWS Institutional Funds</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The European Equity Fund, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The New Germany Fund, Inc.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Prime Series, a series of Cash Reserve Fund, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>DWS RREEF Global Real Estate Securities Fund, a series of DWS Advisor Funds</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>DWS RREEF Real Estate Securities Fund, a series of DWS Advisor Funds</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>NY Tax Free Money Fund, a series of DWS Advisor Funds</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Tax Free Money Fund Investment, a series of DWS Advisor Funds</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>DWS Communications Fund, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>DWS Equity 500 Index Portfolio</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>DWS RREEF Global Infrastructure Fund, a series of DWS Global/International Fund, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Cash Management Fund Institutional, a series of DWS Institutional Funds</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Cash Reserves Fund Institutional, a series of DWS Institutional Funds</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>DWS EAFE Equity Index Fund, a series of DWS Institutional Funds</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>DWS Equity 500 Index Fund, a series of DWS Institutional Funds</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>DWS U.S. Bond Index Fund, a series of DWS Institutional Funds</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>DWS S&amp;P 500 Index Fund, a series of DWS Investment Trust</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>DWS Equity 500 Index VIP, a series of DWS Investments VIT Funds</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>DWS Small Cap Index VIP, a series of DWS Investments VIT Funds</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>DWS Money Market Series, a series of DWS Money Market Trust</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>DWS RREEF Real Estate Fund II, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>DWS RREEF Real Estate Fund, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>DWS RREEF World Real Estate &amp; Tactical Strategies Fund, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>DWS Variable Series I</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>DWS Variable Series II</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="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>



<div align=left>

<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="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>Date:</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'><font size=2>November 14, 2008</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>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="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>



<div align=left>

<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="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>Date:</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'><font size=2>November 14, 2008</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="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>
</div>



<div align=left>

<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>
</div>

<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>

<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>Date:</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'><font size=2>November 14, 2008</font></p> </td> </tr></table>
</div>

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



</DIV>

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<FILENAME>certifications.htm
<DESCRIPTION>CERTIFICATIONS
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<p style=' margin-bottom:5pt; margin-top:5pt;text-align:center;'><font COLOR="#454545"><B><font SIZE=2>CERTIFICATIONS</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font COLOR="#454545"><font SIZE=2>I, </font></font><font size=2>Michael G. Clark</font><font color="#454545"><font size=2>, certify that:</font></font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>1.</font></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 color="#454545"><font size=2>I have reviewed this report on Form N-Q of </font></font><font size=2>The European Equity Fund, Inc.</font><font color="#454545"><font size=2>;</font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>2. </font></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 color="#454545"><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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>3. </font></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 color="#454545"><font size=2>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>4. </font></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 color="#454545"><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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>(a)</font></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 color="#454545"><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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>(b)</font></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 color="#454545"><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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>(c)</font></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 color="#454545"><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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>(d)</font></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 color="#454545"><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 quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>5. </font></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 color="#454545"><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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>(a)</font></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 color="#454545"><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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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>(b)</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>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>
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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 style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </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, Inc.</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>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</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></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;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>Michael G. Clark</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>President</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:</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>November 14, 2008</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>

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<font COLOR="#454545"><B><font SIZE=2>CERTIFICATIONS</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font COLOR="#454545"><font SIZE=2>I, </font></font><font size=2>Paul Schubert</font><font color="#454545"><font size=2>, certify that:</font></font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>1.</font></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 color="#454545"><font size=2>I have reviewed this report on Form N-Q of </font></font><font size=2>The European Equity Fund, Inc.</font><font color="#454545"><font size=2>;</font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>2.</font></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 color="#454545"><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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>3.</font></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 color="#454545"><font size=2>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>4.</font></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 color="#454545"><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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>(a)</font></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 color="#454545"><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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>(b)</font></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 color="#454545"><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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>(c)</font></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 color="#454545"><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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>(d)</font></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 color="#454545"><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 quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>5.</font></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 color="#454545"><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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><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 color="#454545"><font size=2>(a)</font></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 color="#454545"><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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</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>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>
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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 style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </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, Inc.</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>


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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/Paul Schubert</font></u></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;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>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; margin-left:2in; text-indent:-2in;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:</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>November 14, 2008</font> </p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in; text-indent:-2in;text-align:left;'><font size=2>&nbsp;</font></p>


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