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<SEC-DOCUMENT>0000088053-09-000587.txt : 20090601
<SEC-HEADER>0000088053-09-000587.hdr.sgml : 20090601
<ACCEPTANCE-DATETIME>20090601091609
ACCESSION NUMBER:		0000088053-09-000587
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090331
FILED AS OF DATE:		20090601
DATE AS OF CHANGE:		20090601
EFFECTIVENESS DATE:		20090601

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:		09863677

	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>nq033109eef.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>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> 3/31/09</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>
<!-- Document name: 09-7466-1.ca-->
<p align="left"><font face="Times New Roman" size="2"><b>THE EUROPEAN EQUITY FUND<BR>SCHEDULE OF INVESTMENTS &#151; MARCH 31, 2009 (unaudited)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="200" align="left" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="132" align="center" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value(a)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN GERMAN<BR></b></font><font face="Times New Roman" size="2"><b>SECURITIES &#150; 37.9%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMON STOCKS &#150; 36.5%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>CHEMICALS &#150; 6.0%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">52,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">BASF</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,573,075</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">33,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Linde</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,241,899</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="340" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid  1pt;border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-top:solid  1pt;border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">3,814,974</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-top:solid  1pt;border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>CONSTRUCTION &amp; <BR></b></font><font face="Times New Roman" size="1"><b>ENGINEERING &#150; 0.7%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">16,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Bauer &#134;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">467,670</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>DIVERSIFIED FINANCIAL <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 1.4%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">15,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Deutsche Boerse</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">903,561</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>DIVERSIFIED TELECOMMUNICATION <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 3.1%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">160,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Deutsche Telekom</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,985,790</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>ELECTRIC UTILITIES &#150; 4.6%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">104,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">E.ON</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,886,617</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>ELECTRICAL EQUIPMENT &#150; 1.2%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">38,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Solarworld &#134;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">777,803</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>INDUSTRIAL CONGLOMERATES &#150; 3.7%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">22,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Rheinmetall</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font face="Times New Roman" size="1">747,884</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">27,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Siemens</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,570,016</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="340" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid  1pt;border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-top:solid  1pt;border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,317,900</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-top:solid  1pt;border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>INSURANCE &#150; 7.5%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">31,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Allianz</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,603,111</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">18,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Muenchener Rueckversicherungs</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,193,396</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="340" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid  1pt;border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-top:solid  1pt;border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">4,796,507</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-top:solid  1pt;border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>INTERNET SOFTWARE &amp; <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 1.5%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">110,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">United Internet</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">918,428</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>PHARMACEUTICALS &#150; 3.5%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">47,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Bayer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,245,961</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>SOFTWARE &#150; 1.7%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">15,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Software</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,068,225</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>TEXTILE, APPAREL &amp; <BR></b></font><font face="Times New Roman" size="1"><b>LUXURY GOODS &#150; 1.6%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">30,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Adidas</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">997,939</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $33,840,476)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">23,181,375</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="200" align="left" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="132" align="center" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value(a)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>PREFERRED STOCK &#150; 1.4%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>HEALTHCARE EQUIPMENT &amp; <BR></b></font><font face="Times New Roman" size="1"><b>SUPPLIES &#150; 1.4%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">20,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Fresenius<BR></font><font face="Times New Roman" size="1">(cost $805,663)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">917,499</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<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 $34,646,139)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">24,098,874</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN FRENCH<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 22.8%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMPUTERS &amp; PERIPHERALS &#150; 1.1%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">25,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Gemalto*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">713,478</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>DIVERSIFIED TELECOMMUNICATION <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 3.4%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">95,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">France Telecom</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,162,666</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>ELECTRICAL EQUIPMENT &#150; 2.0%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">24,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Alstom</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,241,969</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>FOOD PRODUCTS &#150; 1.9%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">25,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Groupe Danone</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,216,562</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>INSURANCE &#150; 3.4%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">182,100</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">AXA</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,187,562</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>MULTI-UTILITIES &#150; 1.5%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">28,623</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">GDF Suez</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">982,149</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>OIL, GAS &amp; CONSUMABLE <BR></b></font><font face="Times New Roman" size="1"><b>FUELS &#150; 7.2%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">91,600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">4,550,500</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>TEXTILE, APPAREL &amp; LUXURY <BR></b></font><font face="Times New Roman" size="1"><b>GOODS &#150; 2.3%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">23,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">LVMH Moet Hennessy <BR></font><font face="Times New Roman" size="1">Louis Vuitton</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,443,773</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in French<BR></font><font face="Times New Roman" size="1">Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $20,858,954)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">14,498,659</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN SPANISH<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 17.5%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>BIOTECHNOLOGY &#150; 1.2%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">51,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Grifols</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">734,517</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &#150; 3.8%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">350,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Banco Santander</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,411,222</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>7</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="200" align="left" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="132" align="center" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value(a)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>CONSTRUCTION &amp; ENGINEERING &#150; 1.2%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">25,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Tecnicas Reunidas*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">793,453</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>DIVERSIFIED TELECOMMUNICATION <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 5.2%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">167,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Telefonica*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">3,329,570</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>ELECTRIC UTILITIES &#150; 2.8%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">250,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Iberdrola</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,752,168</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>ELECTRICAL EQUIPMENT &#150; 0.9%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">45,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Gamesa Corp Tecnologica</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">577,021</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<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 &#150; 1.3%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">200,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Iberdrola Renovables</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">828,298</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>IT SERVICES &#150; 1.1%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">36,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Indra Sistemas</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">693,859</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in Spanish<BR></font><font face="Times New Roman" size="1">Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $13,345,055)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">11,120,108</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN SWISS<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 6.1%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>INSURANCE &#150; 3.5%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">4,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Helvetia Holding</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font face="Times New Roman" size="1">959,256</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">8,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Zurich Financial Services</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,266,526</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="340" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid  1pt;border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-top:solid  1pt;border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,225,782</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-top:solid  1pt;border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>LIFE SCIENCES TOOLS &amp; <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 1.4%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">9,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Lonza Group</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">890,032</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>SOFTWARE &#150; 1.2%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">70,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Temenos Group*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">756,857</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in Swiss<BR></font><font face="Times New Roman" size="1">Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $3,470,897)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">3,872,671</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN DUTCH<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 4.9%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>CONSTRUCTION &amp; <BR></b></font><font face="Times New Roman" size="1"><b>ENGINEERING &#150; 1.2%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">38,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Grontmij</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">778,308</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>ENERGY EQUIPMENT &amp; <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 1.2%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">23,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Fugro</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">731,198</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="200" align="left" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="132" align="center" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value(a)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>FOOD PRODUCTS &#150; 2.5%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">80,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Unilever</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,576,951</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in Dutch<BR></font><font face="Times New Roman" size="1">Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $5,103,279)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">3,086,457</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN ITALIAN<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 2.8%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>ENERGY EQUIPMENT &amp; <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 2.8%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">100,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Saipem<BR></font><font face="Times New Roman" size="1">(cost $2,349,507)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,778,716</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN FINNISH<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 2.3%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>ELECTRIC UTILITIES &#150; 2.3%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">78,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Fortum<BR></font><font face="Times New Roman" size="1">(cost $2,531,707)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,485,759</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN PORTUGAL<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 1.9%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>OIL, GAS &amp; CONSUMABLE <BR></b></font><font face="Times New Roman" size="1"><b>FUELS &#150; 1.9%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">100,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<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 colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,192,005</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN NORWEGIAN<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 1.1%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMUNICATIONS <BR></b></font><font face="Times New Roman" size="1"><b>EQUIPMENT &#150; 1.1%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">47,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Tandberg<BR></font><font face="Times New Roman" size="1">(cost $695,025)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">688,377</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN LUXEMBOURG<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 1.0%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>METALS &amp; MINING &#150; 1.0%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" align="right" valign="bottom">
<font face="Times New Roman" size="1">30,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Arcelormittal<BR></font><font face="Times New Roman" size="1">(cost $589,930)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">608,281</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in Common<BR></font><font face="Times New Roman" size="1">and Preferred Stocks &#150; 99.0%<BR></font><font face="Times New Roman" size="1">(cost $86,288,171)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">62,878,348</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>8</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="200" align="left" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="132" align="center" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value(a)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN DANISH <BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 0.7%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="235" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>FOOD PRODUCTS &#150; 0.7%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">15,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Danisco <BR></font><font face="Times New Roman" size="1">(cost $393,480)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">448,441</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>SECURITIES LENDING<BR></b></font><font face="Times New Roman" size="2"><b>COLLATERAL &#150; 1.9%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,207,050</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Daily Assets Fund <BR></font><font face="Times New Roman" size="1">Institutional, 0.78%</font><font face="Times New Roman" size="1">(b)(c)<BR></font><font face="Times New Roman" size="1">(cost $1,207,050)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,207,050</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>CASH EQUIVALENTS &#150; 0.2%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="235" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">150,219</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Cash Management QP <BR></font><font face="Times New Roman" size="1">Trust, 0.53%</font><font face="Times New Roman" size="1">(c)<BR></font><font face="Times New Roman" size="1">(cost $150,219)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">150,219</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments &#150; 101.1%<BR></font><font face="Times New Roman" size="1">(cost $87,645,440)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">64,235,617</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="132" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Other Assets and Liabilities,<BR></font><font face="Times New Roman" size="1">Net &#150; (1.1)%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(705,141</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="184" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>NET ASSETS&#150;100.0%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; border-bottom:double  2.25pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-bottom:double  2.25pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">63,530,476</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none; border-bottom:double  2.25pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="1">&#134;&nbsp;&nbsp;All or a portion of this security was on loan. The value of the security loaned at March 31, 2009 amounted to $1,196,367 which is 1.9% of the net assets.</font></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;Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.</font></p>
<p align="left"><font face="Times New Roman" size="1">(c)&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 size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>9</font></p>

<p align="left"><font face="Times New Roman" size="2"><b>Fair Value Measurements</b></font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements," establishes a three-tier hierarchy for measuring fair value 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 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 and credit risk). 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="left"><font face="Times New Roman" size="1"><i>The following is a summary of the inputs used as of March 31, 2009 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 border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="76" align="left" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Valuation Inputs</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="border:none; border-bottom:solid  1pt;padding:0pt .7pt 0pt 0pt;">
<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 colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="76" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Level 1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">64,085,398</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="76" align="left" valign="bottom">
<font face="Times New Roman" size="1">Level 2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom">
<font face="Times New Roman" size="1">150,219</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="76" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Level 3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="76" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>Total</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; border-top:solid  1pt;border-bottom:double  2.25pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>$</b></font></td>
<td colspan="1" width="66" align="right" valign="bottom" style="border:none; border-top:solid  1pt;border-bottom:double  2.25pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>64,235,617</b></font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid  1pt;border-bottom:double  2.25pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman"><br>10</font></p>




<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>


<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>


<div align=left>

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


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


<div align=left>

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



<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="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=2>Date:</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>May 20, 2009</font></p> </td> </tr></table>
</div>

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

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

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

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


<div align=left>

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


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


<div align=left>

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



<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="285" style='border-collapse:collapse'>
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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>May 20, 2009</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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


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            <p style='margin-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/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;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>May 20, 2009</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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



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<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>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <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, a series of 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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        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <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>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <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>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <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>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <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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        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <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>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <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>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <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>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <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>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <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>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <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>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <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>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <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>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <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, a series of 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>May 20, 2009</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:5pt; margin-top:0pt;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>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, a series of 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>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <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>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <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, a series of 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/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>May 20, 2009</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>


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



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